The financial details of the acquisition of Attestant protocol by Bitwise were not disclosed but the staking firm has $3.7 billion in AUM.
Bitwise Asset Management, a fast-growing San Francisco-based crypto asset manager, has acquired Attestant, a company focused on non-custodial Ethereum (ETH) staking services, for an undisclosed amount. The London-based privately held company will now join Bitwise in its journey of managing different crypto index funds.
Following the strategic acquisition, Bitwise will now manage more than $10 billion of client assets since Attestant had $3.7 billion in assets under management. According to Hunter Horsley, the Chief Executive of Bitwise Asset Management, the acquisition of Attestant will play a crucial role in steering the industry forward.
In the recent past, more institutional investors are looking at Ethereum as an alternative investment to Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B . Moreover, the Ethereum network has grown to more than $401 billion in market valuation and has the largest web3 ecosystem of over $65 billion in total value locked.
Most importantly, more than 34.6 million Ether by more than 1.08 million active validators. According to Bitwise, around 20 percent of its institutional clients are interested in staking their coins for active rewards.
Worth noting that the Bitwise Ethereum ETF (ETHW) has around 109,694 Ether in its holdings, worth over $360 million.
Impact of the Bitwise Acquisition of Attestant on the Ethereum Market
The Ethereum network has grown to a vibrant web3 ecosystem bolstered by the mainstream adoption of institutional investors. The Ethereum network has emerged as a top contender in real-world assets (RWA) tokenization.
As of this report, the Ethereum network has grown to more than $91 billion in the stablecoins market cap.
The strategic acquisition of Attestant by Bitwise will further stump the long-term prospects of the Ethereum network. Furthermore, emerging layer one networks led by Solana SOL $150.7 24h volatility: 2.6% Market cap: $78.04 B Vol. 24h: $3.80 B have threatened to dethrone the Ethereum network as the leader in web3 space and smart contract development.
The Ethereum price ETH $1 845 24h volatility: 2.6% Market cap: $222.72 B Vol. 24h: $14.22 B is expected to significantly benefit from the ongoing mainstream adoption by institutional investors. Furthermore, the crypto cash rotation is about to favor the altcoin market after Bitcoin price led the industry in a bullish outlook for the past two years.
From a technical analysis standpoint, Ether’s price is expected to follow in the footsteps of Bitcoin in price discovery. Moreover, Ether’s price successfully rebounded from a macro support level, established through a rising trend since early 2023.
In the daily time frame, Ether’s price has rallied above the 200 Moving Average (MA) for the first time since the August 5 crypto selloff. Additionally, Ethereum’s daily Relative Strength Index (RSI) has spiked above the 70 percent level for the first time since May this year.
With the high bullish sentiment, triggered by the victory of Donald Trump and other pro-crypto leaders, Ethereum price will continue to rise towards its all-time high.
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