In a research report released on Tuesday, Geoffrey Kendrick pointed out that since June of this year, digital asset financial companies have purchased 2.6% of the total circulating Ethereum in the world, while spot ETFs have also absorbed 2.3% of Ethereum during the same period.
In other words, within just under 3 months, a total of 4.9% of the Ethereum supply has been absorbed by institutions, driving Ethereum to reach a historic high of $4,946 on August 24.
Even so, Geoffrey Kendrick still believes that Ethereum and the stock price of Ethereum Reserve Company are still "cheap." He reiterated that the holdings of such companies are expected to increase to 10% of the circulating supply of Ethereum in the future. He stated that BitMine Immersion alone plans to hold 5% of the circulating supply.
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In a research report released on Tuesday, Geoffrey Kendrick pointed out that since June of this year, digital asset financial companies have purchased 2.6% of the total circulating Ethereum in the world, while spot ETFs have also absorbed 2.3% of Ethereum during the same period.
In other words, within just under 3 months, a total of 4.9% of the Ethereum supply has been absorbed by institutions, driving Ethereum to reach a historic high of $4,946 on August 24.
Even so, Geoffrey Kendrick still believes that Ethereum and the stock price of Ethereum Reserve Company are still "cheap." He reiterated that the holdings of such companies are expected to increase to 10% of the circulating supply of Ethereum in the future. He stated that BitMine Immersion alone plans to hold 5% of the circulating supply.