DUBAI, UAE, June 21,
2024 /PRNewswire/ -- Bybit, one of the world's top
three crypto exchanges by volume, has released a new
study showing institutional investors have increased their
ETH holdings ahead of the launch of the spot
ETH ETF in the US. Analysts predict this ETF will
capture between $8 and $12 billion from US and global markets, driving
Ethereum to new all-time highs by year-end.
According to recent data, Bybit's institutional investors'
exposure to ETH has almost tripled since the ETF
announcement on May 24, 2024—moving
from 6.54% to a current weighting of 14.29%. This surge underscores
the growing confidence in Ethereum's future
performance and the expected positive impact of the ETF launch.
Retail investors on Bybit have also increased their
ETH allocations, although not as dramatically as
institutional investors. The allocation to ETH has
risen from 7.40% to 9.52%, reflecting a cautious but positive
response to the ETF announcement.
"Ethereum is the crypto product
favored by traditional capital such as BlackRock and Franklin Templeton, both of whom have tokenized
funds on the platform," said Hao Yang, head of financial products
at Bybit. "Given this, the chain seems poised to become the
institutional pick. With its native yield, the ETH
token allows for composability, and we are seeing protocols
building interesting derivatives based on ETH's stable
yield, leveraging this to create crypto primitives
that mimic those built on top of the US Treasury market. Finally,
because a portion of ETH is burned (sent to a wallet
from which no withdrawals are possible), the asset can become
deflationary, which means the more network effects kick in, the
scarcer the asset becomes."
#Bybit / #TheCryptoArk
About Bybit
Bybit is a top-three cryptocurrency exchange by
volume with 30 million users established in 2018. It offers a
professional platform where crypto investors and
traders can find an ultra-fast matching engine, 24/7 customer
service, and multilingual community support. Bybit is a proud
partner of Formula One's reigning Constructors' and Drivers'
champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
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SOURCE Bybit