BitMEX CEO says institutional players continue to buy Ethereum (ETH) and crypto while selling individually. He also adds that the PoS transition of the leading altcoin project will continue to attract more institutional players in the coming years. In addition, BitMEX co-founder Arthur Hayes is also very optimistic about Ethereum.
“Individual is withdrawing, corporate is making an entrance”
cryptocoin.comAs you can follow, ETH price has come under significant selling pressure in recent weeks. However, BitMEX CEO Alexander Höptner remains optimistic, citing massive institutional interest. The BitMEX executive spoke at the Token2049 conference in Singapore on September 28. Höptner says institutional appetite for Ethereum (ETH) and crypto continues to grow despite the bear market.
In his speech, Alexander Höptner says there is not a single hint of slowdown for institutional pressure in crypto. He adds that financial sector players often see these bear markets as opportunities for innovation. He notes that a bear market gives them the luxury of time that is not possible in a bull market.
Höptner says that financial institutions are joining for a long-term horizon and therefore will buy and hold crypto assets. It also highlights the contrasting behavior between individual and institutional players in current bear market conditions. In this context, he states that while individual players are withdrawing, corporates are still buying. BitMEX CEO explains:
I think that the institutions are now ready to serve and the individual will come back and pull it up again.
“As institutions rise on the leading altcoin, a run is possible”
Earlier this month, the world’s second largest crypto platform Ethereum rolled out its biggest upgrade in crypto history, namely Merge. With Merge, the Ethereum Blockchain has fully transitioned to a Proof-of-Stake (PoS) Blockchain that makes it more scalable, efficient, cost-effective and environmentally friendly. Ethereum 2.0 Blockchain addresses Environmental, Social and Governance (ESG) concerns. Accordingly, BitMEX CEO is confident that Ethereum will attract even more institutional attention. Referring to the recently deployed Merge upgrade, Alexander Höptner says:
This is an ideal public event to create financial products for ESG compliance. Institutions can once again offer products that really appeal to a wide audience, while checking the suitability of one of their boxes.
BitMEX co-founder Arthur Hayes is also quite optimistic about Ethereum. Hayes believes that Ethereum’s price could exceed $3,000 by the end of the year. BitMEX executives think demand for Ethereum will continue to rise despite macro conditions.
What does the on-chain data show for Ethereum?
Meanwhile, on-chain data also has positive indicators for Ethereum. According to data from IntoTheBlock, the total number of ETH addresses created daily has increased this week.
In addition, data provider Santiment noted that the accumulation of ETH at whale addresses has continued to increase over the years. Santiment shares the following data on the subject:
Ethereum’s top 10 and top 10 exchange addresses collectively hold ~32M ETH. That’s double what it was 4 years ago. The top 10 non-exchange addresses now hold 23.3 million ETH compared to the top 10 exchange addresses holding 8.6 million.
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