Since launching, the Spot Bitcoin ETFs have achieved immense success with mass adoption, which they have enjoyed among institutional investors. Thanks to this, inflows into these funds have accounted for most of the inflows that their respective issuers have recorded since the year began. Spot Bitcoin ETFs A Major Source Of Inflows For Fund Issuers […]
The winds of change are blowing through the Ethereum ecosystem. Since the long-awaited approval of spot Ether ETFs in the US on May 23rd, a quiet exodus of Ether has been underway. A massive amount of the world’s second-largest cryptocurrency, or around $3 billion, has vanished from centralized exchanges, marking the lowest level of Ether reserves in years. This flight of the digital asset has analysts buzzing with the possibility of a supply squeeze, potentially propelling Ether to new heights. Related Reading: Ethereum On Edge: Can Ether Smash Through Resistance Or Stall After Rally? Exodus To Self-Custody: A Bullish Signal? Crypto analyst Ali Martinez reported on X in a recent post that since the US legalized spot Ethereum ETF products, nearly 777,000 ETH, or almost $3 billion, have been removed from cryptocurrency exchanges. Even if the Ether ETF products haven’t formally begun trading on exchanges yet, the continuation of this trend could have a significant impact on how ETH prices behave over time. Since the @SECGov approved spot #Ethereum ETFs, approximately 777,000 $ETH — valued at about $3 billion — have been withdrawn from #crypto exchanges! pic.twitter.com/EzQVC0cw27 — Ali (@ali_charts) June 2, 2024 Traditionally, high reserves on exchanges have indicated a selling-heavy market, with investors readily offloading their holdings. The current situation, however, paints a different picture. Analysts suggest this mass exodus signifies a shift in investor sentiment. Many are moving their Ether to personal wallets, a move known as self-custody, indicating a long-term bullish outlook. The low exchange reserves suggest investors are treating Ether not just as a trading asset, but as a potential store of value, says Michael Nadeau, a DeFi report crypto analyst. This shift in mindset, coupled with the potential for increased demand from ETFs, could create a perfect storm for a price surge. The Ethereum network itself may also be contributing to the supply squeeze. Unlike Bitcoin miners who face constant operational costs, Ethereum validators, responsible for securing the network under the Proof-of-Stake model, don’t have the same financial pressure to sell their holdings. This lack of “structural sell pressure,” as Nadeau terms it, further restricts the readily available supply of Ether. Ethereum ETF Launch: A Double-Edged Sword? The upcoming launch of Ether ETFs in late June adds another layer of intrigue. The success of spot Bitcoin ETFs in January, which saw a significant price increase for Bitcoin, serves as a potential roadmap for Ether. Analysts predict a similar demand surge, pushing the price of Ether towards, or even beyond, its all-time high of $4,871 set in November 2021. However, a potential roadblock exists in the form of Grayscale’s Ethereum Trust (ETHE), a massive investment vehicle currently holding a staggering $11 billion worth of Ether. If Grayscale decides to follow suit with its Bitcoin Trust (GBTC), which experienced over $6 billion in outflows after the launch of spot Bitcoin ETFs, it could dampen the price increase. Related Reading: Worrying Signs For XRP: Price Tumbles As Demand Dries Up Buckle Up For A Bumpy Ride? While the future remains uncertain, the current market conditions present a fascinating scenario for Ether. The combination of a shrinking supply and the potential influx of demand from ETFs paints a picture of a potential bull run. However, the wildcard of Grayscale’s actions and the broader market sentiment inject a dose of caution. Featured image from Current Affairs-Adda247, chart from TradingView
The SEC is safeguarding the economy, but Roger Bayston sees a change in tone at the regulator.
The Volatility Shares 2x Ether Strategy ETF (ETHU) will become the first leveraged Ethereum ETF to trade on the Chicago Board Options Exchange (CBOE) by June 4, according to a disclosure on its website. Leveraged trading allows investors to control more significant positions than their initial deposit, magnifying their exposure to price movements. The platform […]
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Inflows to IBIT have picked up recently after a dismal few weeks at the end of April. BlackRock now holds the ETF in two of its major funds.
If Grayscale’s slated spot Ether ETF follows the same path as its Bitcoin one, there could be some short-term pressure on the price of ETH.
JP Morgan managing director and global market strategist Nikolaos Panigirtzoglou said ETFs for Solana (SOL) and other assets are unlikely to succeed. In a statement to The Block on May 27, Panigirtzoglou argued that the SEC’s recent decision to approve spot Ethereum ETFs is “already stretched.” Whether the SEC considers ETH a security or a […]
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Kaiko Research said on May 27 that spot Ethereum ETF approvals are a positive sign for the digital asset’s long-term growth despite potential short-term headwinds. According to Kaiko’s report, the approval has removed much of the regulatory uncertainty around Ethereum’s classification as an asset class. Will Cai, Head of Indices at Kaiko, said the approval […]
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Growing altcoin market cap and a decline in Bitcoin dominance have spurred renewed hopes for altseason.
ETH has come within $70 of the psychological $4,000 price level during early trading on May 27.
Farallon Capital Management, Cetera Investment Advisers, and BigSur Wealth Management have reported multi-million dollar investments in spot Bitcoin ETFs in the first quarter. Farallon Capital, a San Francisco-based hedge fund manager, disclosed an $85.2 million investment in Grayscale’s GBTC on May 24. Based on Fintel data, the company is among the 10 firms with the […]
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Bloomberg ETF analyst James Seyffart believes that spot Ethereum ETFs could see 20% to 25% of the demand experienced by spot Bitcoin ETFs. Seyffart expressed his stance in an interview hosted by Bitwise, adding that his fellow Bloomberg ETF analyst, Eric Balchunas, believes the new funds will see 15% to 20% of the demand. Seyffart […]
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The SEC approved Ethereum ETFs through delegated authority, a decision that could significantly impact the crypto market. Unlike the Bitcoin ETF approval in January, which required an SEC vote, this approval did not undergo a public voting process by commissioners. This method of approval, as noted by James Seyffart, means any commissioner, such as Crenshaw, […]
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According to a recent Bernstein report, the approval of a spot Ethereum (ETH) exchange-traded fund (ETF) in the US may establish a precedent for classifying Solana (SOL) as a commodity. The classification of cryptocurrencies as either securities or commodities holds significant implications. Commodity classification facilitates ETF applications and approvals, while security classification subjects assets to […]
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A bipartisan group of US lawmakers advised the Securities and Exchange Commission (SEC) in a May 22 letter to approve spot Ethereum exchange-traded funds (ETFs). The letter signatories included Financial Committee Vice Chairman Rep. French Hill, House Majority Whip Tom Emmer, and Representatives Josh Gottheimer, Mike Flood, and Wiley Nickel. Ethereum ETF In the letter […]
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Hong Kong’s Securities and Futures Commission (SFC) is reportedly considering allowing Ethereum ETFs under its jurisdiction to stake their tokens, a stance notably different from that of US regulators. Staking involves participants locking up digital assets to support network security and operations, earning rewards in return. Its introduction into the ETFs would explore the income-generating potential […]
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Among ETFs, Grayscale’s GBTC remains the biggest holder of bitcoin with over $20 billion worth of the asset, followed closely by BlackRock’s IBIT at $19.6 billion.
The long-awaited approval of a spot exchange-traded fund (ETF) for Ethereum in the US seems imminent, and industry insiders are already looking ahead. Solana, a high-speed blockchain network, is emerging as a potential frontrunner for the next cryptocurrency ETF. Related Reading: US House Delivers Surprise Knockout: Sweeping FIT21 Crypto Bill Passes Brian Kelly, founder and […]
On-chain analytics firm CryptoQuant warned that ETH prices could fluctuate if pending spot Ethereum ETFs encounter uncertainties. It warned that ETH could undergo a “significant price correction” if the SEC denies ETH ETF applications or delays the approval process. Furthermore, high exchange flows could produce ETH price volatility in the coming days. Amid rumors of […]
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Ether {{ETH}} is expected to experience a period of volatility this week after exchange inflows spiked to its highest level since March, according to a report by data provider CryptoQuant.
WisdomTree has received approval from the Financial Conduct Authority to list its physically-backed Bitcoin and Ethereum ETPs on the London Stock Exchange. This approval allows WisdomTree to introduce the WisdomTree Physical Bitcoin and WisdomTree Physical Ethereum ETPs, targeting the May 28 lifting of UK restrictions. These ETPs, available exclusively to professional investors, have a management […]
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Bitcoin spot ETFs in the U.S. have seen net inflows of over $1.4 billion in the past week after a timid first half of the month.
Standard Chartered reaffirmed its projection that Ethereum (ETH) will reach $8,000 by the end of the year, following heightened anticipation of ETF approvals. StanChart’s head of crypto research, Geoffrey Kendrick, said in a note shared with CryptoSlate that recent developments reflect heightened investor optimism and increased market activity. Kendrick’s statement comes after Bloomberg analyst Eric […]
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Some traders expect ether prices to reach as high as $4,000 in the coming days, with odds of an ether ETF approval raised to 75%.
Bitcoin (BTC) surged past the $70,000 mark on May 21, marking a significant milestone driven by a flood of investment into spot Bitcoin exchange-traded funds (ETFs) and a broader market rally. Bitcoin’s price climbed to $70,325, a 6% increase over 24 hours, before settling at $68,700 as of press time, based on CryptoSlate data. Ethereum […]
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Grayscale Investments, the world’s largest crypto asset manager, announced the appointment of Peter Mintzberg as its new Chief Executive Officer, effective August 15, 2024. Mintzberg will succeed Michael Sonnenshein, who stepped down from the position after a decade with the firm to pursue other interests. During his tenure as CEO, Sonnenshein guided Grayscale from $60 […]
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ETH price hit $3,100, backed by a favorable court ruling and increased network activity.
Millennium Management is the largest Bitcoin ETF investor with a $1.9 billion investment.
Ethereum (ETH), the second-largest crypto by market capitalization, has recently shown signs that suggest a potential rebound is on the horizon. Analysts have been closely monitoring various technical indicators, and one such analyst, Ali, has highlighted a key signal that points to an impending price surge. Related Reading: Ethereum Price Anticipates Upside Break To Shift Sentiment Towards Bullish TD Sequential Signals Buy As Ethereum Eyes Recovery According to Ali’s social media platform X analysis, the TD Sequential indicator on Ethereum’s daily chart has issued a strong buy signal, hinting at a possible upward movement lasting one to four candlesticks. The TD Sequential presents a buy signal on the #Ethereum daily chart! It anticipates that $ETH could see a rebound of one to four candlesticks. pic.twitter.com/Vg7FTl9X2a — Ali (@ali_charts) May 15, 2024 This positive outlook is supported by Ethereum’s recent performance, which increased the asset by 2.3% over the last 24 hours. However, Ethereum remains below the critical $3,000 mark. Despite the optimistic technical signals, external factors such as regulatory challenges could influence Ethereum’s trajectory. Specifically, the potential decline of the spot Ethereum ETF application with the US Securities and Exchange Commission (SEC) is a concern, as analysts like Eric Balchunas of Bloomberg suggest that the SEC’s view of ETH as a security could significantly lower the chances of ETF approval. TLDR: the SEC asked commenters re the Eth spot ETFs whether these filers have properly filed their ETF listing proposals as commodities. This shows the SEC is perhaps considering to Eth is a security in their denial. Our odds of approval remain the same: slim to none. Nice job of… https://t.co/g9HGPzGyOp — Eric Balchunas (@EricBalchunas) May 14, 2024 Market Sentiments And Options Trading Trends While the regulatory landscape presents challenges, market sentiment around Ethereum remains largely bullish. The options market, in particular, shows a clear preference for calls over puts, indicating that traders are betting on Ethereum’s price increase. Data from Deribit, a leading crypto options exchange, reveals that the most popular strike price among these bullish bets is an ambitious $6,500. This concentration of call options, especially those above the $3,600 mark, suggests that a significant portion of the market expects Ethereum to reach higher levels by the end of June. In contrast, According to a recent NBTC analysis, Ethereum’s failure to breach the $2,925 resistance level could trigger another price decline. Initial support is located near the $2,880 level, followed by major support at the $2,860 zone. Related Reading: Bitcoin, Ethereum, And Solana: Galaxy Digital CEO Predicts Next Market Movements Should Ethereum break below $2,810, it could potentially fall towards the $2,740 mark, and further losses might push the price down to $2,650 in the near term. Featured image from Unsplash, Chart from TradingView
The State of Wisconsin Investment Board (SWIB) and others reported investments in spot Bitcoin ETFs. In a May 14 filing, SWIB disclosed 2.5 million shares of BlackRock’s IBIT worth $99.1 million and 1.0 million shares of Grayscale’s GBTC worth $63.7 million. The investment makes SWIB the second-largest holder of IBIT after Bracebridge Capital. SWIB is […]
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