Crypto
Ethereum Price Volatility Continues After Morgan Stanley Lists New ETP
Ethereum's price has been volatile in recent days, dropping by 1.09% to $1,898.91 on July 29 after Morgan Stanley listed its new Ethereum ETP (Exchange-Traded Product) on NYSE Arca.
The launch of the product gives investors regulated exposure to Ethereum through a standard brokerage account, which has been seen as a significant development in the crypto market.
However, whale activity has also increased, with $430M worth of ETH moving in a single session, which could be either sales or redistributions.
Morgan Stanley's product is not alone, as BlackRock and Fidelity already offer Ethereum ETPs, but the launch of this new product is seen as a major milestone for institutional investment in cryptocurrency.