According to the BitMEX boss, institutional appetite for Ethereum will increase as the network is now ESG compliant.

In a recent interview, BitMEX CEO Alexander Heptner shared his thoughts on institutional investors who he says still have an appetite for crypto and Ethereum.

Speaking at the Token2049 conference in Singapore on September 28, the crypto executive told Cointelegraph that during this bear market, “there was not one slowdown of institutional pressure on crypto.”

He added that institutions and players in the financial sector often use bear markets to innovate. A bull market requires a lot more pressure, but a bear market offers the luxury of more time.

Heptner also said that the financial industry has long-term adoption prospects, so institutions will buy and hold crypto assets, while the opposite can be said for retail at the moment.

When asked if institutions or retail would end the bear market, he said retail is still retreating while institutions are still putting pressure on him.

“I think the establishments are now ready to serve and retail will be back and up again.”
The BitMEX boss also believes that institutions will start moving back to Ethereum as they now transition to proof-of-stake and tackle environmental, social and governance (ESG) issues.

“Ethereum is the ideal protocol for development,” he commented, “and the ideal public event to create ESG-compliant financial products,” referring to the recently rolled out merger.

Saying that ESG compliance is paramount at the moment, the minister added that institutions “can once again offer products to a really broad audience by ticking one of the boxes they have for compliance.”

Related: Three-quarters of Institutions Will Use Cryptocurrency Within Three Years: Ripple

The $3,000 figure associated with ether was mentioned.

way down

prices will rise towards the end of the year, and Heptner sees this as an opportunity, especially at a time when the network has become greener and big banks are using it. ETH is currently trading at $1,336, up 3.8% in the last 24 hours, so it has a long way to go in the next three months.

Cointelegraph reported last week that liquid staking products like Lido Staked Ether (stETH) are more profitable and capital efficient than holding regular ETH. Consequently, their popularity will grow and ETH storage may become obsolete.

Source: CoinTelegraph