Canada Based Objective Ether ETF AUM Breach 50,000 ETH

Canadian Purpose Group Ether ETF surpassed 50,000 ETH at $ 122.7 million AUM even when the price of the second largest cryptocurrency fell 50% from the top during the last market correction. The Ether ETF was launched by the company on April 20 and reached a significant milestone in just over a month, demonstrating strong institutional demand for the second largest cryptocurrency. Eth is currently trading just above $ 2,400 with a 2% price drop in the past 24 hours. Institutional demand for Ether peaked this bull season, and some major financial giants, including JP Morgan and Goldman Sachs, garnered critical acclaim for the second largest digital asset, even claiming it has the potential to use Bitcoin as a store of value. Source: BloqPort Purpose Group also launched the world's first Bitcoin ETF in February this year, which proved to be a success and currently owns over 19,000 Bitcoins. The Canadian company offers institutional investors the opportunity to invest in physically resident Bitcoin contracts held by the company in cold storage. What Feedes Ether's Demand? During this bull season, Ether overcame many short-term hurdles such as rising gas charges and network congestion, climbing more than 3 times its highs in 2017. The gas fee for March has prompted many to speculate as to whether Ether can solve the network scalability issue. it has grown not only in value but also in demand. Locked in ETH 2.o strike contracts, the rising value of Ether recently increased demand and price, along with decreasing currency supply. The approval of the EIP-1559 for the July upgrade will limit the miner fee and hopefully solve the growing problem with the gas fee on the network, also helping the second largest crypto asset gain confidence in institutional investors. While US regulators haven't yet approved a Bitcoin ETF, its North American counterpart has approved multiple Bitcoin and Ether ETFs, which was instantly successful.

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