According to Genesis Global Trading, a major cryptocurrency investment firm that targets institutional investors, short interest towards Ethereum has declined substantially in the third quarter of 2018.
Since March, the firm loaned out $553 million in digital assets including Bitcoin and Ethereum to hedge funds and alternative investment companies.
The firm stated that the vast majority of hedge funds that have received Ethereum loans from Genesis Global Trading utilized the funds to short the asset.
In the past six months, the outstanding balances accounted for by Ethereum on the balance sheet of Genesis Global Trading dropped from 42 percent to 4 percent.
In September, ETH reached its yearly low of $170, a price point it has not seen since May 2017.Trading Data Suggests Ethereum Has Bottomed Out.
Data provided by trading firms, the record high stability showed by the cryptocurrency market, and technical indicators suggest that the asset class has bottomed out in a low price range, particularly Bitcoin and Ethereum.
In terms of developer activity, Ethereum has seen a continuous improvement and progress in the development of its core blockchain layer.
Most recently, GETH, or Go on Ethereum, the largest implementation of Ethereum that is currently available to the community, was recognized as the fifth largest open-source project in the world alongside Microsoft Azure, Wix, and Spyder.
In November 2017, Ethereum co-founder Joseph Lubin said that every bubble of the crypto market is followed by a surge in developer and market activity.
The rise in developer and market activity, complemented by the imposition of practical regulatory frameworks by leading markets could assist Ethereum in breaking out of the current bear market.
Has Ethereum Bottomed Out? Report From Major Trading Firm Says So
Publié le Oct 20, 2018
by Cryptoslate | Publié le Coinage
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