A Bullish Case for ETH; Grayscale Launches new Crypto Fund

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On Tuesday, the broader crypto market's rallying momentum picked up its pace after investment banking giant Goldman Sachs completed its first crypto OTC transaction in the form of a BTC non-deliverable option transaction. The endorsement from a top institution like Goldman seems to have imbued new confidence in investors within the crypto space. BTC, for one, leapt past the $43k handle in the early hours on Tuesday (Asian trading hours) before retracing down a descending channel. Even with this recent correction, the largest cryptocurrency by market cap is still up by 0.9% over the last 24 hours, and is currently looking for support at the $42.3k level (as of the time of writing). In a similar vein, ETH has managed to stay firmly above the $2,900 level despite experiencing a marginal loss from 24 hours ago. A bullish case for ETH seems to be building up as the ETH open interest on CME and other centralised crypto exchanges has just plunged to levels last seen only in July of 2021, constituting a possible bottom signal. A strong demand for ETH calls within the options market only serves to strengthen the bull thesis. Meanwhile, most major altcoins have also largely flipped green, with DOT and ADA leading the rallying charge. 

Finally, and on the institutional front, there has been a sustained inflow of capital into crypto startups from large venture capitalists since 2021. These VCs, who are behind some of the most prominent projects and funding rounds within the crypto space, do not appear to be stopping anytime soon. Furthermore, the number of merger and acquisition (M&A) deals within this space has also been surging at an unprecedented rate. In this month alone, 41 crypto-related deals have been already completed. 





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Cryptocurrency asset manager Grayscale recently launched a new fund to expand its product line in order to meet its investors' growing needs. The Grayscale Smart Contract Platform ex Ethereum Fund (GSCPxE) will provide investors with diversified exposure to a variety of smart contract networks and Ethereum sidechains that have been dominating the decentralized finance (DeFi) landscape for the past few months or so. According to Grayscale's product announcement, the new fund will be composed of altcoins like ADA, SOL, AVAX, DOT, MATIC, ALGO, and XLM.