The no. 2 cryptocurrency, which commands less than a fifth of the $2.7 trillion crypto market, has not done poorly. But ether is up just around 53% in the first three months of this year, compared with bitcoin's 65%.
"Ethereum is persistently dogged by its lack of name recognition among non-endemic investors," said Joseph Edwards, head of research at London crypto firm Enigma Securities. And because ether is often 'staked', or deposited, it could be deemed a security, which will entail stricter rules around disclosure that fly in the face of cryptocurrency's ethos of bypassing the traditional gatekeepers of finance, such as banks and exchanges.
Institutional demand for ether has been a fraction of that for rival bitcoin. Digital asset funds tracking ether have seen outflows of $46.4 million in the month to March 23, according to CoinShares data, versus inflows of over $4 billion for products tracking bitcoin. So far over $2 billion worth of commodities and government securities, among other traditional assets, have been tokenized on several networks, of which 80% are on the ethereum blockchain, according to Swiss cryptocurrency manager 21Shares.
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