More than 18 million ETH—worth roughly $34 billion—is set to unlock after Shanghai. Here’s what analysts are expecting.
According to Thurman, the reason for the bullish outlook on Ethereum’s long-term price is the increased business potential for crypto custody. Thurman noted that in recent years, major banks such as JPMorgan Chase, Standard Chartered, and CACEIS have shown increasing interest in crypto custody services. This service involves securely holding and managing financial assets or securities on behalf of clients.
Thurman believes that custody services will become more competitive in the near future, as banks and other companies will be able to offer low- or no-fee custody of ETH, which will lead to more ETH being locked up. He believes that this increased demand for custody services will have a positive effect on the long-term price of Ethereum.