While the crypto market is continuing its upward trajectory – with total market capitalization which briefly exceeds 3.8 billions of dollars yesterday – the institutional interest for Ethereum (ETH) has become more and more obvious. An increasing number of companies now accumulate ETH at an unprecedented rate.
Ethereum’s request showing no signs of exhaustion
According to an X post by Crypto Entrepreneur Kyle Reidhead, ETH’s current demand was “crazy”. More specifically, ten Ethereum cash companies have collectively accumulated more than 550,000 ETH – worth around 1.65 billion dollars in the last 30 days.
Reidhead stressed that this momentum accelerates, without any sign of slowdown. He noted that new ETH cash companies are launching every week, and the largest of them may not yet have entered the market.
In addition, each of these companies would have aimed to buy more eTh than the previous week. If this trend continues, ETH purchases could reach $ 2 billion next month and potentially $ 3 billion the following month.
Although this request will inevitably weaken at some point, it seems to do so in the short term. In particular, the growth in stable supply and favorable regulations for digital assets could more encourage companies to add crypto to their balance sheets.
It should be noted that the week from July 14 Marques “Crypto Week“In the United States, during which three main bills on digital assets are expected to face Congress votes.
ETH to deal with a supply shock?
Reidhead added that during the last 30 days, ETH cash companies have marked up to 0.5% of the total supply of ETH circulating. These companies have also transferred ETH to the contracts of Ethereum Decentralized Financial (DEFI) by means of stake or loans.
The entrepreneur also attracted a contrast between the Treasury buyers and the Ethereum, declaring that unlike the ETF, these cash companies do not sell. Instead, they seem determined to accumulate and keep ETH in the long term. He pointed out:
This will create a supply shock to Ethn In the coming months, there is really no way to get around this. Disappear Ethn and cash societies to your own caution.
Support this thesis, data De Sosovalue shows that the FNB Spot ETH have experienced nine consecutive weeks of positive entries, with $ 907 million added in the week ending on July 11. As of July 15, the ETH ETH ETH already received $ 259 million in entries.
Another data point that strengthens the argument for a huge etho supply shock is quickly exhaustion Exchange reserves. That said, a certain caution is guaranteed. At the time of the press, ETH is negotiated at $ 3,018, down 0.9% in the last 24 hours.
Star image of Unsplash.com, Sosovalue graphics and tradingView.com
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