Canada-based Purpose Ether ETF has breached 50,000 ETH worth almost $122.7 million in assets under management. This happens at the same time as the currency facing a 50% decline in value from its ATH.
The firm was the first to launch an Ether ETF in April 2021 and in just over a month has reached a major achievement. This hints of strong institutional interest and demand for the second-biggest crypto.
As of now, ETH is trading around $2,400 with a 1% decline over the past day. Big institutional investors taking interest in Ethereum is good news for its fans. It directly translates into a high bull season for the top blockchain. Financial giants such as JP Morgan and Goldman Sachs (NYSE:GS) have even gone as far as to comment that ETH may have the
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Source: Cryptocurrency - investing.com
