The Purpose Ethereum ETF Now Holds Over 62k ETH
- The Purpose Ethereum ETF now holds over 62,000 ETH worth roughly $133.9 million
- The Ether ETF offers investor exposure to Ethereum and is listed on the Toronto Stock Exchange
- Interest in ETH continues to grow grown as Ethereum transitions to a Proof of Stake algorithm
- Ethereum might not dump after the London Upgrade on August 4th due to fundamentals and future growth
The Purpose Ethereum ETF now holds over 62,000 ETH worth roughly $133.9 million using ETH’s current value at $2,160. This amount of Ethereum currently on the Purpose ETF was highlighted by the team at Bloqport through the following tweet.
The Purpose Ether ETF now holds over 62,000 #eth pic.twitter.com/0q39eorqPx
— Bloqport Insights (@Bloqbot) July 23, 2021
The Purpose Ether ETF Offers Investors Direct Exposure to Ethereum
The Purpose Ethereum ETF offers retail and institutional investors a chance at gaining exposure to Ethereum without worrying about security and regulatory hurdles. The Purpose Ethereum ETF is physically settled and held in cold storage. Additionally, purchasing the ETF is similar to buying shares of your favorite stock as it is listed on the Toronto Stock Exchange.
Interest in Ethereum Continues to Grow and ETH Might Not Dump After August 4th
An increment in ETH holdings of the Purpose Ethereum ETF is a sign of demand for the digital asset amongst retail and institutional investors. This is partly due to the progress being made to transition Ethereumm from Proof-of-Work to Proof-of-Stake.
To note is that the Ethereum London Upgrade is only days away as it is scheduled for launch on the 4th of August.
In a normal scenario, such an event would be a ‘sell the news’ event. However, the upgrade is one of many that will usher in the era of Proof-of-Stake (PoS) on Ethereum. The upgrade also introduces the highly anticipated EIP1559 that tames high gas fees and turns Ethereum into a deflationary asset.
As a result, the price of Ethereum might not be negatively affected by the activation of the London Upgrade as investors and traders are aware it is a hug step towards the end goal of PoS.
6.413 million ETH is Staked on the Ethereum 2.0 Deposit Contract
Evidence of investor confidence in the Ethereum Upgrade can be seen in the amount of ETH already staked on ETH2.0. At the time of writing, 6.413 million ETH, worth $13.858 Billion, is currently locked on the Ethereum 2.0 deposit contract, as highlighted in the screenshot below. This amount will only be unlocked once Ethereum completely transitions into a PoS network.