Not only Bitcoin, the second-largest cryptocurrency by market cap, Ethereum (ETH) has also begun to garner more attention. Grayscale recently noted that its Ethereum Trust has also seen a surge in net inflows. It stated that in Q3 of 2020, weekly inflows into the Grayscale Ethereum Trust averaged $15.6 million. This may suggest a growing appeal in the asset beyond the development community.
Analysts also have emphasized a growing interest across various subsectors within the ETH ecosystem. Mythos Capital co-founder Ryan Sean Adams noted that 1% of all ETH supply is now locked in ETH bonds indicating many individuals are seeking exposure to the Ethereum economy.
This isn’t farfetched as derivatives instruments continue to give Bitcoin and Ethereum a huge competitive advantage for pro investors’ money. Therefore, the likelihood of Bitcoin and Ethereum being overtaken by “killer” blockchain reduces as time goes by.
Besides their dominance in the derivatives markets, Bitcoin and Ethereum having 97% share of Grayscale Investment funds may also support this narrative.
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