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Due to crypto investment restrictions, ETH institutional purchases now surpass BTC.
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Standard Chartered launches spot ETH trading and BTC via UK subsidiary.
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ETH price holds above $3,800 amid 19% surge in 24H trading volume.
Standard Chartered, a banking giant, has predicted that Ethereum (ETH) could rise well beyond $4,000 due to the growing institutional interest. Geoff Kendrick is the head of digital asset research at Standard Chartered. He stated that corporate ETH purchase are now beginning to exceed those of Bitcoin.
Kendrick believes that the shift in allocation strategies is due to restrictions on direct cryptocurrency investments. JinSe Finance published the insights and highlighted Ethereum’s growing presence in institutional portfolios.
RelatedEthereum Gains Popularity as a Corporate Treasure Asset Beyond Bitcoin
Standard Chartered launches a trading desk for spot ETH
The bank has backed up its bullish outlook by launching spot trading services for Bitcoin, Ethereum and institutional clients via its UK subsidiary. This allows clients to directly buy and sell the assets, a major step up from futures-based products. Standard Chartered already has invested heavily in digital assets infrastructure through firms such as Zodia Custody.
Related: Standard Chartered Rolls out Bitcoin and Ether Spot trading for Institutional clients
The new offering was created to meet the soaring demand from institutional clients. KPMG’s recent report found that 91% hedge funds have already invested in digital assets, or plan to do so within five years. Kendrick said that the new spot desk was a direct response from hedge funds to this need for regulated access to the market.
Market Reacts to Trading Volume Surge
Ethereum was trading at $3,850.88 when this article was written, down a small 0.47% in the last 24 hours. The session saw a price range between $3,750 to $3,880. Volatility increased during late U.S. trading.
Despite a slight decline, ETH trading volume grew by 19.33% and reached $37.34 billion. The market capitalization reached $464.84 Billion, and the circulating supply was 120.71 Million ETH. The volume-to market cap ratio was 8.07%. This reflects increased activity on the market.
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