Bitwise Acquires Ethereum Staking Service Attestant, What’s Next for ETH Price?

Varinder Singh
November 13, 2024
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Highlights

  • Bitwise Asset Management has acquired Ethereum staking service Attestant.
  • Crypto ETF issuer Bitwise will now manage more than $10 billion in client's net assets.
  • ETH staking continue to increase amid rising demand.
  • ETH price is anticipated to hit a new all-time high.

Bitwise Asset Management, a crypto exchange-traded fund (ETF) issuer, on Wednesday said that it has acquired Attestant, an Ethereum staking service. The move comes as the company plans to expand further outside core businesses amid various crypt-focused ETF launches by the firm, as per people familiar with the matter. Will ETH price hit a new all-time high this bull run?

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Bitwise Deepens Crypto Push With Attestant’s Acquisition

Bitwise Asset Management has acquired Ethereum staking service Attestant as the largest crypto fund manager races to launch new ETF for various cryptocurrencies. The terms of the cash and equity transaction weren’t disclosed, reported Bloomberg on November 13.

London-based Attestant manages $3.7 billion in assets for its clients seeking to explore and earn yields with Ethereum staking. This has also helped them play a key part in validating transactions on the Ethereum blockchain.

As part of the acquisition, 11 employees from Attestant will join Bitwise. The crypto ETF issuer will now manage more than $10 billion in client’s net assets. Notably, one in five Bitwise clients want to stake their crypto to earn yields from staking. However, the company asserts the majority of its clients will want to invest with staking in a few years.

Bitwise Chief Executive Officer Hunter Horsley in an interview said:

“We are now entering a new chapter of the maturation of this space. I think in this chapter to be most useful for clients they want you to be at a certain scale and to offer broad capabilities.”

According to Staking Rewards, Ethereum staking offers 3.78% rewards. Also, nearly a third of all ETH, or $112 billion worth, has been staked. At the time of writing, 34,566,523 ETH is staked on the Beacon Chain, as per beaconcha.in data.

staked ETH

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ETH Price Rallies Amid Rise in ETF Adoption and Open Interests

Bitwise’s Bitcoin ETF (BITB) is the sixth largest of the dozen available to US investors, with about $3.8 billion in assets under management. Also, the spot Bitcoin ETF has a net inflow of $2.38 billion.

Meanwhile, Bitwise spot Ethereum ETF (ETHW) has $360.58 million in assets under management. The ETHW has a net inflow of $360.4 million. It saw $17 million in inflow on Tuesday.

ETH price today fell 6% in the past 24 hours after the recent rally, with the price currently trading at $3,163. The 24-hour low and high are $3,121 and $3,444, respectively. Furthermore, the trading volume has decreased by 10% in the last 24 hours, indicating a decline in interest among traders.

ETH futures OI
Source: Coinglass

Total ETH future open interest has climbed 1% in 4 hours and dropped 4% in 24 hours. The 5.52 million BTC futures OI are now valued at $17.46 billion, which signals support for a further upside move despite a decline from ATH.

As per an analysis by CoinGape, ETH price trends, historical patterns, and whale accumulation insights indicate Ethereum price can hit a new all-time high.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.