Bitwise Acquires Attestant, Managing Over $10 Billion in Assets
Bitwise Asset Management, a San Francisco-based crypto asset manager, has acquired Attestant, a non-custodial Ethereum (ETH) staking services provider, for an undisclosed amount. Attestant, based in London, will contribute to Bitwise's management of various crypto index funds.
With this acquisition, Bitwise will manage over $10 billion in client assets, including Attestant's $3.7 billion in assets under management. Hunter Horsley, Chief Executive of Bitwise, stated that acquiring Attestant is crucial for advancing the industry.
Institutional interest in Ethereum as an alternative investment to Bitcoin has increased. The Ethereum network now boasts a market valuation exceeding $401 billion and the largest web3 ecosystem with over $65 billion in total value locked. Over 34.6 million Ether is staked by more than 1.08 million active validators. Bitwise reports that approximately 20 percent of its institutional clients are interested in staking their coins for rewards.
The Bitwise Ethereum ETF (ETHW) holds around 109,694 Ether, valued at over $360 million.
Impact of the Bitwise Acquisition of Attestant on the Ethereum Market
The Ethereum network has developed into a robust web3 ecosystem, supported by increasing institutional adoption. It is also a leading player in real-world asset (RWA) tokenization, with a stablecoin market cap exceeding $91 billion.
The strategic acquisition of Attestant by Bitwise is expected to enhance the long-term prospects of the Ethereum network. However, emerging layer one networks such as Solana pose competitive challenges to Ethereum’s dominance in web3 and smart contract development.
Ethereum's price is anticipated to benefit from growing institutional adoption. A shift in crypto cash flow may favor altcoins after Bitcoin led the market in a bullish trend over the past two years.
From a technical analysis perspective, Ether's price is likely to follow Bitcoin's lead in price discovery. Ether recently rebounded from a macro support level established by a rising trend since early 2023. On the daily timeframe, Ether's price has surpassed the 200 Moving Average (MA) for the first time since the August 5 selloff. Additionally, Ethereum's daily Relative Strength Index (RSI) has risen above 70 percent for the first time since May.
In light of heightened bullish sentiment following the success of pro-crypto leaders, Ethereum's price is projected to continue its upward trajectory toward previous all-time highs.