Crypto market maker Cumberland said that institutional investors this week altcoin during the rally on Ethereum He said they have increased their long positions.
The Chicago-based firm tweeted that despite a slight pullback on Thursday morning, the uptrend remained intact and techniques were unaffected by macro issues.
“Altcoin Rally Happened Independent of Macroeconomic Factors”
In his message shared on Twitter, the company said the following about the rise of ETH:
“This move cryptocurrency The Sepolia testnet successfully merged with proof-of-stake on July 6, laying the groundwork for a mainnet merger in early autumn.”
Over the past week, ETH quietly rallied 55%. Prices have retraced this morning, but the broader up-trend is intact and it’s worth understanding why 🧵👇
— Cumberland (@CumberlandSays) July 21, 2022
The mainnet merger marks the transition of the Ethereum Blockchain from a proof-of-work to a proof-of-stake consensus mechanism. During a developer call last week, the merger was predicted to happen in September. It should be noted that similar estimates have undergone changes in the past.
The firm said its portfolio allocation is by no means overly demanded at the moment, so significant resource flows will not be required to “move the needle”. The company also noted that it has seen increased flows through its over-the-counter trading desk. He stated that the buying and selling rates have increased over the past week and that these buyers are institutional.
Ethereum co-founder Vitalik Buterin spoke about the merger at ETH CC in Paris on Thursday, reiterating the roadmap and the previously discussed benefits of the upgrade.
With its recent performance, ETH has managed to outperform most of the cryptocurrency market and Bitcoin.
*Not investment advice.