Crypto News: Institutional Interest in Bitcoin and Ethereum
This past week, several Ethereum whales and experts have discussed the increasing institutional interest in crypto. Arthur Hayes, the former CEO of BitMEX, cautioned that the rising institutional interest in Bitcoin (BTC) undermines the original premise of cryptocurrencies like Bitcoin just before BlackRock reportedly registered an Ethereum Trust on Friday.
Hayes Sermonizes From Bitcoin Holy Writ
With an almost religious fervor, Hayes described why institutions pose a threat to the existence of Bitcoin. He warned that if these behemoths introduce crypto mining ETFs, they could become “agents of the state” designed to keep citizens inside the traditional money system for tax reasons. By hoarding the asset, big companies would keep Bitcoin stagnant and not circulating like a currency. Institutions raising Bitcoin’s price do so at the expense of its soul, Hayes argued.
It doesn’t seem like institutions are listening, though. On Thursday, BlackRock appeared to have registered a new Ethereum Trust in Delaware following its spot Bitcoin exchange-traded fund (ETF) application in June.
Bitcoin Whales Feed Passively
Meanwhile, crypto investors at the top of the Bitcoin food chain are cashing in. Wallets holding a whopping $9.1 billion were examined using data from blockchain explorers. It turns out that 80% of the whales investigated have been dormant since their initial purchase.
Only one wallet, with an initial deposit of $1.9 billion, was active in the last few months, with its owner withdrawing $1,000 in September. The rest are earning passive income through regular automatic payments.
But Ethereum Whales Are Hunting
While the largest Bitcoin whales are snoozing, a crypto whale earned a cool profit of $5.41 million through carefully-timed trades. This address sent 24,495 ETH ($45 million) to Binance and used an Ethereum price increase to net themselves a profit of $5.47 million.
The success rate of this whale’s Ethereum trades is 87.5%, boasting seven out of 12 profitable transactions since February. Their activity suggests that Ethereum can be extremely lucrative for those who know how to time trades.
Can Two Whales Sit Atop the Food Chain?
Crypto investor Layah Heilpern is biding her time before the next bull run. The influencer has been buying up wads of Ethereum, which she plans to sell when markets pick up.
According to QCP Capital, “ETH’s outperformance over BTC overnight can be attributed to BlackRock’s 19b-4 filing with NASDAQ for an Ethereum Trust, which will herald BlackRock’s filing for a spot ETH ETF in the near future.”
The Hunt May Be Over for P2P Traders in Nigeria
Once a vibrant crypto hub in Africa, Nigerians are running out of options following the exit of Paxful, a popular P2P marketplace that once attracted significant volumes before its exit. Binance may be next on regulators’ radars.
Hot Take: The Future of Crypto
This week’s developments show that institutional interest in crypto is growing rapidly, particularly with major players like BlackRock entering the market. The behavior of both Bitcoin and Ethereum whales also indicates shifting dynamics within the crypto space as different players position themselves for future gains and navigate regulatory challenges.
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