The world’s second-largest cryptocurrency Ethereum looks on an indomitable rally as the ETH price surges another 5% today approaching the $2800 milestone. At press time, ETH is trading 5.04% up at its new all-time high of $2770 with a market cap of $320 billion.
The recent ETH price surge comes on the backdrop of the news that one of the world’s biggest asset managers WisdomTree has now listed its new Ethereum ETP on Deutsche Borse’s Xetra market in Frankfurt and the Swiss Stock Exchange in Zurich.
The WisdomTree Ethereum ETP (ETHW) is currently the cheapest available Ethereum-derivative product in Europe with an expense ratio of just 0.95%. The ETHW will allow investors to gain exposure to Ether without actually holding the cryptocurrency. Besides, WisdomTree will be working along with multiple custodian solution providers to hold the digital asset. Speaking of this new development, Jason Guthrie, head of capital markets and digital assets at WisdomTree, said:
“With this increase in popularity, institutional investors are doing their due diligence on the most liquid cryptocurrencies and we expect the pace of adoption across these to ramp up as the opportunity in digital assets becomes more compelling.”
Growing Institutional Demand for Ethereum
WisdomTree’s European operations chief Alexis Marinof said that they have seen a rising institutional demand for Ethereum recently. Also, its previous digital assets ETP products have been quite popular among institutional players. He further added that the cryptocurrency asset class has been a major diversifier for institutions.
“By adding ETHW to our range, we now have the products and research capabilities to support institutional investors whether they are considering making their first allocations to digital assets or looking to diversify their exposures,” added Marinof.
Ethereum has been on a major rally since the beginning of 2021. At its current price, ETH has also registered nearly 300% gains year-to-date. Earlier this week, the CI Global Asset Management launched the world’s first Ethereum Mutual fund in the market.
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