Banking on Bitcoin
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Chart of the Day
The number of addresses with more than 100 ETH has quietly declined to a 19-month low, but it’s probably not time to hit the panic button yet. Numbers skyrocketed in late June last year, which overlapped with the early wave of the DeFi boom. The sharp downtrend we’re witnessing this time started this January and culminated in a vertical dive during the latest BTC bull run in early March — coincidentally also in tandem with the proliferation of NFTs.
On the flip side, retail interest in Ether is growing strong as the number of non-zero addresses has continued its ascension to new highs since 2018. The total value locked in Eth2 contracts surpassed $6.2 billion. Ether way, we’re keeping our eyes on this trend.
Talk of the Town
Banking on Bitcoin. Wall Street giant Morgan Stanley revealed in an internal memo that it is offering Bitcoin exposure to its wealth management clients through selected funds. Although not traditionally known to be at the forefront of crypto mass adoption, Morgan Stanley’s move is a significant step towards the acceptance of Bitcoin as an asset class. It also reflects that increasing demands from clients have put many traditional financial institutions under pressure to start considering Bitcoin as a viable investment instrument.