Demand for ETH surges ahead of July hard fork
Meltem Demirors, the chief strategy officer of CoinShares, has revealed that a lot of funds are moving from Bitcoin into Ethereum.
Demirors shares her view during an appearance on CNBC’s Squawk Box. She explained that Ethereum was getting the better of Bitcoin.
Demirors drew her assertions from a data analysis conducted by CoinShares. The analysis from CoinShares suggests that the demand for Ethereum via several exchange-traded products is on the rise compared to Bitcoin.
So far, Ethereum ETPs have attracted a staggering $10 billion in assets under management. The products include the recently launched ETFs in Canada.
The CSO was also quick to remind listeners that the network’s supply scheme is set to change with the upcoming hard fork scheduled for July (EIP-1559). Following the upgrade, the amount of ETH issued daily will be lowered significantly.
Demirors also pointed out that cash flowed into Ethereum during the weekend, even though banks were closed. In her defense, she claimed that investors were transferring funds from other crypto assets into ETH. Although she did not specifically mention Bitcoin, the show host Andrew Sorkin did at the beginning of the conversation.