Grayscale’s CEO Michael Sonnenshein confirmed that it wasn’t just retail traders contributing to higher Ethereum (CRYPTO: ETH) trading volumes. According to the most recent data, the notional volume for the Grayscale Ethereum Trust (OTCQX: ETHE) even surpassed volume for the Grayscale Bitcoin Trust (OTCQX:GBTC).
“Given the importance of real uses in determining the store of value, ether has a high chance of overtaking bitcoin as a dominant store of value,” said the analysts in the report.
Why It Matters: While a bullish case for Ethereum is apparent, whether or not it will overtake Bitcoin during this cycle still remains to be seen, especially given that there hasn’t been any significant decoupling between the ETH and BTC.
In fact, the recent selloff may have undone any decoupling that took place over the past few months, as highlighted by Messari research analyst Mira Christanto on Twitter.
“Correlation with Bitcoin also increased dramatically over the week. All assets now have a correlation greater than 60%, with some reaching highs of 80%,” she said.
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