Investors owned a higher percentage of Ether and Ether-linked products at the end of last week than anytime since May, backed by the successful launching of the Ethereum network’s London fork upgrade.
- Ether products account for 26% of all crypto assets under management. As of August 6th, there were 12,651 ether-linked assets under management, following $2.8 million inflows into these assets.
- Since the launch of the Ethereum London hard fork upgrade, ether has risen by 11% to around $3,150 at the time of writing.
- A series of upgrades will shift the Ethereum network from depending on proof of work to proof of stake and energy use will reduce significantly, which boosts ether’s environmental credentials.
- James Butterfill, the CoinShares investment strategist, noted that investors are starting to focus more on environmental social governance-friendly coins and Ethereum is progressing to ETH 2.0.
In the week of August 6, bitcoin rose to 7% to trade at $45,900. But bitcoin still continues to bear the wrath of outflows in the cryptocurrency market.
ETH USD up +2.90%, BTC USD up +0.73%Source: Markets Insider.