Bitwise: Since mid-May, ETP and listed companies have purchased 2.83 million ETH, which is 32 times the new issuance of the Ethereum network.

BlockBeats news, on July 24, Bitwise tweeted that “since mid-May, ETPs (exchange-traded products) and listed companies have purchased 2.83 million ETH, while the Ethereum network has only issued 89,000 ETH. This means that demand is 32 times supply, which is exactly the reason for the surge in ETH prices.”