{"id":87604,"date":"2023-07-25T23:39:48","date_gmt":"2023-07-25T23:39:48","guid":{"rendered":"https:\/\/www.techopedia.com"},"modified":"2023-07-26T08:10:10","modified_gmt":"2023-07-26T08:10:10","slug":"ethereum-may-commandeer-institutional-support-from-bitcoin","status":"publish","type":"post","link":"https:\/\/www.techopedia.com\/ethereum-may-commandeer-institutional-support-from-bitcoin","title":{"rendered":"Ethereum May Commandeer Institutional Support From Bitcoin"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">In recent years, the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/27531\/cryptocurrency\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cryptocurrency<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0market has witnessed increased interest from institutional investors. With a maturing market, increasing institutional infrastructure, and\u00a0<\/span><span data-preserver-spaces=\"true\">recognition from financial institutions<\/span><span data-preserver-spaces=\"true\">, the once niche and speculative asset class has gained credibility and attracted serious institutional attention.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, institutional interest in the crypto market as a whole is still facing significant obstacles. The U.S. <\/span><span data-preserver-spaces=\"true\">Securities and Exchange Commission&#8217;s (SEC) <a href=\"https:\/\/www.techopedia.com\/sec-continues-its-regulation-by-enforcement-is-there-a-better-way-but-are-there-better-alternatives\">aggressive stance<\/a><\/span><span data-preserver-spaces=\"true\">\u00a0on cryptocurrencies is a major concern for family offices, institutions, and wealth managers. The\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/sec-vs-binance-coinbase-lawsuits-usher-new-era-for-cryptocurrencies\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">fear of tighter regulations<\/span><\/a><span data-preserver-spaces=\"true\">, and even an outright ban, is deterring many institutional investors from fully embracing the crypto market.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Despite this, the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/blackrocks-bitcoin-etf-proposal-stirs-centralization-fears\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">entrance of BlackRock into the cryptocurrency space<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0has revitalized investor sentiment. BlackRock, the world&#8217;s largest asset manager, has filed an application to launch a spot\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/cryptocurrency\/best-crypto-etfs\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">bitcoin exchange-traded fund<\/span><\/a><span data-preserver-spaces=\"true\"> (ETF)<\/span><span data-preserver-spaces=\"true\">. In just three weeks after this announcement, $470 million flowed back into the market.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The global impact of crypto knows no bounds. Institutions are jumping aboard, igniting widespread interest. With great opportunities and global enthusiasm, the journey towards mainstream adoption is unstoppable!<br \/>Hold on tight!<a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Blackrock?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">#Blackrock<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/blockchain?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">#blockchain<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">#cryptocurrency<\/a> <a href=\"https:\/\/t.co\/QM5usgNjye\" target=\"_blank\">pic.twitter.com\/QM5usgNjye<\/a><\/p>\n<p>&mdash; Dexponent (@Dexponentx) <a href=\"https:\/\/twitter.com\/Dexponentx\/status\/1680910161312088064?ref_src=twsrc%5Etfw\" target=\"_blank\">July 17, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Still,\u00a0<\/span><span data-preserver-spaces=\"true\">concerns around custody<\/span><span data-preserver-spaces=\"true\">\u00a0and<\/span><span data-preserver-spaces=\"true\">\u00a0accessibility<\/span><span data-preserver-spaces=\"true\">\u00a0persist among institutional investors. Many are uncomfortable with the existing methods for gaining exposure to digital assets, which hinders broader institutional adoption.<\/span><\/p>\n<h2><span id=\"institutional_interest_in_crypto_continues_to_mature\">Institutional Interest in Crypto Continues to Mature<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The growing interest from institutional players has been driven by several factors. First and foremost,\u00a0<\/span><span data-preserver-spaces=\"true\">cryptocurrencies have proven to be a potentially incredibly lucrative investment<\/span><span data-preserver-spaces=\"true\">\u00a0with vast room for growth.\u00a0<\/span><\/p>\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/27193\/bitcoin-btc\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bitcoin<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0(BTC), the most well-known cryptocurrency, has experienced significant price appreciation over the years, making early adopters substantial profits. This has caught the attention of investment managers, who are constantly on the lookout for new opportunities to generate alpha for their clients.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/the-downfall-of-centralized-crypto-lending-platforms-like-celsius-blockfi\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">recent collapse of some high-profile crypto firms<\/span><\/a><span data-preserver-spaces=\"true\"> has rang an alarm bell among institutional investors, once again highlighting potential risks associated with this nascent industry. According to financial services giant Cantor Fitzgerald&#8217;s Elliot Han, this could actually benefit the crypto market.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Han, who leads the firm&#8217;s crypto and digital assets investment banking efforts, <\/span><span data-preserver-spaces=\"true\">said that <a href=\"https:\/\/www.cnbc.com\/2023\/05\/08\/institutional-interest-in-crypto-is-maturing-says-cantors-han.html\" target=\"_blank\">those remaining<\/a><\/span><span data-preserver-spaces=\"true\">\u00a0in the crypto space are exploring its various use cases. He noted that there is now more maturity in the market, attributing it to increased regulation and the entrance of more institutional players.\u00a0<\/span><\/p>\n<blockquote><p><span data-preserver-spaces=\"true\">\u201cThere are a lot of companies here that are looking at it from many different perspectives and angles. That\u2019s what we\u2019re trying to learn and understand more, is what are these other use cases that aren\u2019t necessarily obvious.\u201d<\/span><\/p><\/blockquote>\n<p><span data-preserver-spaces=\"true\">Han also mentioned that the current focus in the market is on\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/13698\/tokenization\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">tokenizing real-world assets<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/30246\/blockchain\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">blockchain<\/span><\/a><span data-preserver-spaces=\"true\">, which would provide institutions with all kinds of benefits, including vastly easier trading and verifiable ownership for client investments. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While institutional investors are still cautious due to volatility and regulatory uncertainty, Han emphasized that many are still dipping their toes into the crypto market, and this interest is expected to continue.<\/span><\/p>\n<h2><span id=\"bitcoin_sees_spike_in_institutional_interest\">Bitcoin Sees Spike in Institutional Interest\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Bitcoin has seen a sharp spike in institutional interest as of late amid <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/race-to-a-spot-bitcoin-etf-tradfi-hopes-to-take-btc-mainstream\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">excitement around spot ETF filings<\/span><\/a><span data-preserver-spaces=\"true\">. This surge in institutional interest has propelled <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/cryptocurrency\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">bitcoin to reach its highest point in a year<\/span><\/a><span data-preserver-spaces=\"true\">, surpassing $31,000 to mark a year-to-date high last month.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The excitement follows BlackRock&#8217;s application to the SEC on June 15 for a <\/span><span data-preserver-spaces=\"true\">bitcoin-based ETF<\/span><span data-preserver-spaces=\"true\">. Shortly after the filing, bitcoin&#8217;s dominance in the overall market capitalization of cryptocurrencies exceeded 50%, a level unseen in more than two years.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The SEC had previously rejected filings for spot bitcoin ETFs due to concerns about fraud and market manipulation. To address these concerns, BlackRock aims to establish a cooperative agreement with Nasdaq, where the fund would be listed.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Furthermore, last month witnessed the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.businesswire.com\/news\/home\/20230620110605\/en\/Digital-Asset-Platform-EDX-Markets-Begins-Trading-and-Completes-New-Funding-Round\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">launch of EDX Markets<\/span><\/a><span data-preserver-spaces=\"true\">, a digital asset exchange for accredited investors backed by Fidelity, Charles Schwab, and Citadel Securities. The platform aims to enable trading of bitcoin and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/32571\/ethereum-cryptocurrency\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ethereum<\/span><\/a><span data-preserver-spaces=\"true\"> (ETH), among other cryptocurrencies, while adopting the best practices of traditional exchanges.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BlackRock filed for spot <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">#BitcoinETF<\/a> and boom <\/p>\n<p>Citadel, Fidelity, and Charles Schwab launch new <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">#crypto<\/a> exchange platform, EDX Markets.<\/p>\n<p>Things are getting heated up <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">#Bitcoin<\/a> is Key <a href=\"https:\/\/t.co\/lVVzsnZJcV\" target=\"_blank\">pic.twitter.com\/lVVzsnZJcV<\/a><\/p>\n<p>&mdash; Enryvanie (@Canaryzodiac) <a href=\"https:\/\/twitter.com\/Canaryzodiac\/status\/1671400635206336517?ref_src=twsrc%5Etfw\" target=\"_blank\">June 21, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">These positive developments have led to institutional capital flowing back into the market. Bitcoin futures contract trading has gained momentum on the Chicago Mercantile Exchange (CME). In the last week of June, nearly <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/asia.nikkei.com\/Spotlight\/Cryptocurrencies\/Bitcoin-s-lead-in-crypto-market-solidified-by-institutional-interest\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">$200 million was invested<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in major Bitcoin investment products, according to data from CoinShares.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In contrast, retail investors have displayed limited enthusiasm toward Bitcoin this year. The number of active addresses on the Bitcoin network has remained relatively stagnant since late 2021, and the creation of new addresses has significantly declined.\u00a0<\/span><\/p>\n<h2><span id=\"institutional_interest_could_be_diverted_to_altcoins\">Institutional Interest Could Be Diverted to Altcoins<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Bitcoin Maximalists (also known as Bitcoin Maxis) is dedicated to 1 and only 1 cryptocurrency: bitcoin. They have long awaited a flood of institutional interest that would drive up prices and solidify bitcoin&#8217;s position as the leading cryptocurrency. However, a <\/span><span data-preserver-spaces=\"true\">recent survey by CoinShares<\/span><span data-preserver-spaces=\"true\">\u00a0has revealed that while asset managers believe bitcoin has\u00a0<\/span><span data-preserver-spaces=\"true\">the most compelling growth outlook<\/span><span data-preserver-spaces=\"true\">, they currently hold more ethereum in their portfolios.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The survey involved 51 investors with a total of $900 billion in assets under management. Of those surveyed, 43% stated that bitcoin&#8217;s potential for upside growth exceeded that of ethereum. Just under 40% responded that ETH has the most upside potential.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The survey also highlighted some concerning trends. According to CoinShares&#8217; figures, digital assets&#8217; weighting within portfolios has experienced a significant contraction, decreasing from 1.8% in April to only 0.7% by the end of June. Moreover, the first half of 2023 saw $400 million in outflows from the crypto market.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Furthermore, the survey revealed a potential willingness among asset managers to\u00a0<\/span><a href=\"https:\/\/www.techopedia.com\/cryptocurrency\/best-altcoins\"><span data-preserver-spaces=\"true\">invest in altcoins<\/span><\/a><span data-preserver-spaces=\"true\">, with 10% exploring cryptocurrencies with a smaller market capitalization. <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/34445\/polkadot-blockchain\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">polkadot<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0(DOT),\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/cardano-ada\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cardano<\/span><\/a><span data-preserver-spaces=\"true\"> (ADA), and <a href=\"https:\/\/www.techopedia.com\/definition\/what-is-ripple-xrp-everything-you-ever-wanted-to-know\">ripple<\/a> (XRP) were identified as the preferred altcoins.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On a positive note, the survey revealed that reputational damage is no longer a significant barrier for institutional investors. Despite recent high-profile failures like those of FTX and Three Arrows Capital, investors are still willing to explore digital assets. A\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/heres-how-ai-can-help-prevent-the-next-financial-crisis\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">banking crisis<\/span><\/a><span data-preserver-spaces=\"true\"> and the desire for portfolio diversification are likely driving this interest in part.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It is worth noting that the geographic distribution of survey respondents raises questions about the global sentiment toward cryptocurrencies. The majority of respondents came from Europe and the Middle East, with only about 25% from North America and approximately 5% from Asia.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This suggests that the survey may not accurately reflect sentiment within the United States, which has historically been a key driver of institutional interest in cryptocurrencies.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">All in all, the CoinShares survey indicates a dynamic and evolving\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/23367\/digital-asset\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">digital asset<\/span><\/a><span data-preserver-spaces=\"true\"> market. While BTC continues to be seen as having the greatest growth potential, the fact that asset managers hold more ETH suggests a potential shift in institutional interest.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In recent years, the\u00a0cryptocurrency\u00a0market has witnessed increased interest from institutional investors. With a maturing market, increasing institutional infrastructure, and\u00a0recognition from financial institutions, the once niche and speculative asset class has gained credibility and attracted serious institutional attention. However, institutional interest in the crypto market as a whole is still facing significant obstacles. The U.S. Securities [&hellip;]<\/p>\n","protected":false},"author":286581,"featured_media":87607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[601,602],"tags":[1107,1023,1129],"category_partsoff":[],"class_list":["post-87604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-cryptocurrency","tag-bitcoin","tag-blockchain","tag-ethereum"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum May Commandeer Institutional Support From Bitcoin<\/title>\n<meta name=\"description\" content=\"While bitcoin continues to be seen as having the greatest growth potential, asset managers hold more ethereum.\" \/>\n<meta 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