In recent times, as web3 and blockchain technology gain mainstream adoption, the Ethereum (ETH) network has become a magnet for institutional investors. A significant player has emerged in the crypto arena, purchasing a whopping $10 million worth of Ether in the past 24 hours, amassing 31,149 ETH since September 19, 2023.
The asset management giant BlackRock Inc., boasting over $9 trillion in assets under management (AUM), has made waves in the digital asset sphere by filing its second crypto spot exchange-traded fund (ETF), known as the iShares Ethereum Trust, with the United States Securities and Exchange Commission (SEC). BlackRock has an impressive track record with ETF applications, as the US SEC has given the green light to 575 out of 576 applications.
Why Betting on Ether?
The Ethereum network, led by co-founder Vitalik Buterin, has undergone significant changes in recent years, making it an attractive investment option. The transition from proof-of-work (PoW) to proof-of-stake (PoS) through the merge event has removed a substantial amount of Ether from circulation, with validators staking their holdings to secure the network.
Furthermore, the Ethereum network has seen multiple upgrades, including implementing EIP-1559, which facilitates real-time Ether burning. As of the latest data, approximately 3.75 million Ethers have been destroyed, creating a surge in demand.
Price Prediction
With the anticipated influx of billions of dollars into the crypto market following the approval of spot Bitcoin and Ether ETFs in the United States, experts foresee Ether’s price comfortably surging beyond the $10,000 mark during the next bullish cycle.
