Crypto news:  This past week saw several Ethereum whales and experts weigh in on the growing institutional interest in crypto. Arthur Hayes, the former CEO of BitMEX, warned that the rising institutional interest in Bitcoin (BTC) nullifies the original premise of cryptocurrencies like Bitcoin shortly before BlackRock reportedly registered an Ethereum Trust on Friday.

Hayes said on Sunday that players like BlackRock risk turning Bitcoin into an institutional asset. Also this week, BeInCrypto examined the moves of the biggest Bitcoin and Ethereum (ETH) whales, including one whose success reveals Ethereum’s earning potential.

Hayes Sermonizes From Bitcoin Holy Writ

With an almost religious fervor, Hayes described why institutions threaten the existence of Bitcoin. If these behemoths introduce crypto mining ETFs, they could become “agents of the state” designed to keep citizens inside the traditional money system for tax reasons.

By hoarding the asset, big companies would keep Bitcoin stagnant and not circulating like a currency. Institutions raising Bitcoin’s price do so at the expense of its soul, Hayes argued.

Read more: What Is Bitcoin? A Guide to the Original Cryptocurrency

It doesn’t seem like institutions are listening, though. On Thursday, BlackRock appeared to have registered a new Ethereum Trust in Delaware following its spot Bitcoin exchange-traded fund (ETF) application in June.

And many market participants welcome the price increases that have made holders profitable again. Is Hayes right? Only time will tell.

Bitcoin Whales Feed Passively

In the meantime, crypto investors at the top of the Bitcoin food chain are cashing in. On Tuesday, BeInCrypto looked at how the biggest private wallets are investing.

Wallets holding a whopping $9.1 billion were examined using data from blockchain explorers. It turns out that 80% of the whales investigated have been dormant since their initial purchase. The following addresses receive automatic pa

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Author: David Thomas

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