Recent events have seen the Bitcoin market show fresh vitality; the price of the coin exceeds $63,000. This spike coincides with a slew of noteworthy occurrences that both experts and investors have noticed. Related Reading: Ethereum Seen Hitting $5,000 as German Bitcoin Sell-off Shakes Market Dormant Wallet Turns Into Action The turning on of a long-dormant Bitcoin wallet is among the most interesting events. Known as “1 EhXAfST,” the wallet had been dormant for almost 12 years until abruptly sending 1,000 BTC—worth about $60 million—to two new wallets. Given the wallet’s background, this shift is very important; each BTC was only worth $12.06, hence the initial investment was $12,060. With a current worth of $60 million, Bitcoin’s price rise over the previous ten years is clearly shown as amazing. 4 hours ago, the dormant wallet “1EhXAfST” woke up after 11.8 years and moved 1,000 $BTC (~$60M) to 2 new wallets! The wallet received those $BTC on Sep 25, 2012, when the price was only $12.06 ($12.06K). Watch out for more #Bitcoin updates by following @spotonchain and setting… pic.twitter.com/0YUVUWFKdJ — Spot On Chain (@spotonchain) July 15, 2024 Although the causes of this movement are yet unknown, it has spurred debates about possible profit-taking or strategic repositioning by long-term owners. Nonetheless, experts believe that this one transaction is not expected to have a major influence on the general price of Bitcoin on the market. Raised Whale Activity And Accumulation Along with the dormant wallet’s ressurection, Bitcoin whale activity has clearly increased. As Bitcoin’s price dropped to about $53,500 during the previous week, big investors bought over 71,000 BTC, or almost $4.3 billion overall. Reported to be the quickest since April 2023, this accumulation pace points to a high positive attitude among the main market participants. The increase in whale activity corresponds with a period of price volatility, indicating that these big players might be seeing recent price declines as purchase prospects. This behaviour usually conveys assurance about the long-term future of the item. ETFs Boost Market Momentum The function of spot Bitcoin ETFs is another major determinant of the dynamics of the present market. With just the previous week acquiring $1.1 billion worth of Bitcoin, these quite young investment vehicles have showed strong success. The whole Bitcoin holdings of US ETFs have been driven to fresh all-time highs by this flood of institutional interest. The great success of Bitcoin ETFs is interpreted as a good indication of the general acceptance of the bitcoin. It offers conventional investors a controlled way to get exposure to Bitcoin without really owning the asset, hence perhaps widening the investor base and raising general market liquidity. Overview Of Bitcoin Prices With Bitcoin trading at $63,165 as per the most recent statistics, it is over a significant trend line. Market players are attentively observing this present price point as it can suggest the direction of further price fluctuations. Technical experts propose that there is possibility for a further 8% price gain should Bitcoin keep its position above the $59,500 support level. The current patterns in accumulation and growing institutional interest support this perspective. Still, the market is vulnerable to change. A dip below $56,405 might indicate a turn towards negative attitude, maybe resulting in a 7.5% price decline. This emphasises how crucial the present support levels are for deciding temporary price swings. Related Reading: Notcoin (NOT) Ignites Crypto Market, Analyst Predicts 25% Rally The Road Ahead Meanwhile, rising ETF participation, awoken dormant wallets, and more whale activity all point to a market in change. Although these advancements are usually seen as encouraging signs, the bitcoin market is notoriously erratic. In the next weeks, experts and investors will be attentively observing several aspects. They will be looking for more moves from once inactive wallets to gain understanding of long-term holder mood. Featured image from CNBC, chart from TradingView
Bitcoin saw its fifth-largest week of inflows on record, helping it recapture the $60,000 mark, while Ether inflows took second place in anticipation of the US Ether ETFs.
Expect ETH’s spot price to be more responsive to ETF inflows than BTC’s, says crypto investment manager Tom Dunleavy.
Bitwise CCO Katherine Dowling said spot Ethereum ETFs are “close to the finish line” while noting that the SEC is “quite welcoming” about discussions regarding other products. On July 9, Dowling told Bloomberg that the SEC and ETF issuers are addressing fewer issues in each S-1 amendment, pointing to a close launch. Dowling affirmed SEC […]
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DigitalX Bitcoin ETF will trade on the ASX as BTXX.
While the crypto investment sector has experienced significant outflows in recent weeks, the reverse has now been the case, with combined inflows reaching $441 million in the past week alone. This follows three consecutive weeks of net outflows ramping up concerns over investor confidence. As reported by CoinShares head of research James Butterfill, the inflow […]
According to a recent report, South Korea has taken a significant stride towards “enhancing the security and “integrity” of its cryptocurrency market. On July 4, the nation’s financial watchdog, the Financial Supervisory Service (FSS), officially announced the launch of a 24-hour monitoring system aimed at detecting and addressing dubious activities within the crypto sector in […]
In Cointelegraph’s latest video, experts discuss the impact of the spot Bitcoin ETF approvals on the crypto markets and the potential for a spot Ethereum ETF.
The digital asset market is experiencing a wave of investor caution, with Ethereum leading the charge. CoinShares reports show a third consecutive week of outflows, with Ether sustaining the biggest damage. This negative sentiment in the top altcoin, coupled with sluggish trading volumes and regional outflows across the market, paints a picture of a market searching for direction. Related Reading: Dogwifhat (WIF) Jumps 21% As Analysts See $4.5 Price Tag Ethereum Faces Headwinds Despite Upcoming Milestone Ethereum, the world’s second-largest cryptocurrency, has seen the worst outflows of any digital asset this year, reaching a staggering $61 million last week. The dismal figure could be attributed to the delay in approving a spot Ethereum ETF, a highly anticipated event that has been in the works for nearly three years. According to CoinShares, digital asset investment products saw $30 million in outflows last week, the third consecutive week of outflows. Ethereum saw its largest outflow since August 2022, totaling $61 million, making it the worst performing digital asset investment product so… — Wu Blockchain (@WuBlockchain) July 1, 2024 The long wait for regulatory greenlight might be causing investors to hold off on commitments, creating uncertainty in the Ethereum market. However, the upcoming launch on July 4th remains a pivotal moment. Analysts are closely watching to see if this long-awaited development triggers a surge in Ethereum adoption or if it simply cannibalizes existing Bitcoin ETF investments. Mixed Signals: Regional Divergence And Altcoin Interest While the overall trend points towards caution, there are regional variations in investor sentiment. The United States, for example, defied the global trend and witnessed inflows of $43 million, suggesting continued American interest in the digital asset space. Similarly, inflows into multi-asset and Bitcoin Exchange-Traded Products (ETPs) indicate a preference for diversification and established players. This highlights the ongoing appeal of a broader exposure to the digital asset landscape, rather than a singular focus on any one cryptocurrency. Interestingly, amidst the Ethereum outflow woes, some altcoins are experiencing a resurgence. Solana and Litecoin, for instance, saw inflows, suggesting that investors are seeking opportunities beyond the top two cryptocurrencies. This diversification could be a sign of a maturing market where investors are conducting a more thorough risk assessment and exploring undervalued gems within the vast digital asset ecosystem. Related Reading: Ethereum Goes Budget-Friendly: Transaction Fees Drop To Lowest Since 2016 Navigating Uncertain Waters The current state of the digital asset market is one of cautious optimism. While outflows and Ethereum’s struggles are undeniable concerns, positive inflows in specific regions and products offer a counterpoint. The upcoming Ethereum ETF launch is a wild card, potentially acting as a catalyst for further adoption or simply reshuffling existing investments. Investors are likely to remain watchful in the near future, carefully weighing risk and reward before making significant commitments. Featured image from Parents, chart from TradingView
According to Eric Balchunas, senior ETF analyst for Bloomberg, the U.S. Securities and Exchange Commission (SEC) has asked prospective spot Ethereum exchange-traded funds (ETFs) issuers to re-file their S-1 forms by July 8. This would delay the launch of the Ethereum ETFs to mid-July or later, pushing it from its expected launch date of July […]
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Asset manager 21Shares has filed for a spot Solana exchange-traded fund (ETF), marking the second such application from a major firm this week. The proposed 21Shares Core Solana ETF is designed to track the performance of Solana (SOL) by aggregating the notional value of SOL trading activity across major spot exchanges, according to the S-1 […]
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State Street Global Advisors, a subsidiary of the third-largest ETF issuer State Street, has joined the growing trend of traditional financial institutions exploring crypto ETFs. In a June 26 statement, the firm said it was teaming up with crypto investment firm Galaxy Digital to introduce new crypto ETFs extending beyond the flagship digital asset, Bitcoin. […]
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Bitwise’s Chief Investment Officer (CIO) Matt Hougan recently discussed the inflows the US Spot Ethereum ETFs could attract. Specifically, he stated how much could flow into these funds in their first 18 months of trading. Spot Ethereum ETFs To Record $15 Billion In First 18 Months Of Trading Hougan mentioned in a note to investors that the Spot Ethereum ETFs could record $15 billion in net inflows in their first 18 months of trading. He elaborated on how he arrived at these figures to show that it wasn’t just a guess. First, Hougan highlighted the market capitalizations of Bitcoin and Ethereum and stated that he expects investors to allocate to their respective exchange-traded products (ETPs) in proportion to their market caps. Related Reading: Spot Bitcoin ETFs See 7 Consecutive Days Of Outflows, Here’s What Happened Last Time Hougan noted that US investors have, so far, invested $56 billion in Spot Bitcoin ETPs and expects that figure to reach $100 billion or more by the end of 2025, when these funds should have matured further and be approved on platforms like Morgan Stanley and Merrill Lynch. Using this as a reference, Bitwise’s CIO stated that the Spot Ethereum ETFs would need to attract $35 billion in assets to stay on par with the Bitcoin ETFs, which he believes could take about 18 months to happen. Hougan also highlighted that the Spot Ethereum ETFs will already have $10 billion in assets upon launch, thanks to the Grayscale Ethereum Trust (ETHE), which will convert to an ETF on launch day. Therefore, Hougan noted that the Spot Ethereum ETFs are now left with $25 billion in inflows to reach parity with the amount of inflows the Spot Bitcoin ETFs are expected to reach by 2025 year-end. Hougan then highlighted data from the international ETP markets to show that investors may be allocating to Bitcoin and Ethereum ETPs roughly in line with their market caps. Using The International Markets As A Point Of Reference According to Hougan, Bitcoin and Ethereum ETPs in Europe hold €4,601 and €1,305 in assets under management (AuM), which translates to 78% and 22% of the aggregate available funds in both markets. Similarly, Bitcoin and Ethereum ETPs in Canada have $4,942 CAD (77%) and $1,475 CAD (23%) respectively. Related Reading: Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here’s Why Working with Ethereum’s ETP market share in Canada, Hougan estimated that the US Spot Ethereum ETFs could also get 22% of the US market. Based on this, Hougan lowered the estimate of net inflows for the Spot Ethereum ETFs from $25 billion to $18 billion, excluding Grayscale’s assets. Hougan eventually lowered the estimated net inflows to $15 billion by factoring in the fact that a significant portion of the flows into the US Spot Bitcoin ETFs are related to carry trades. He removed $10 billion of carry trade-related AuM from the Bitcoin market, lowering his estimates for Bitcoin from $100 billion to $90 billion and for the Spot Ethereum ETFs from $18 billion to $15 billion. Featured image created with Dall.E, chart from Tradingview.com
SEC Chair Gary Gensler didn’t comment on when his agency would approve Ether ETFs for trading, but analysts predict it could be as soon as next week.
VanEck recently disclosed it would waive fees for its spot Ethereum ETF, adopting a similar strategy to its Bitcoin counterpart launched earlier this year. The firm’s head of digital assets research, Matthew Sigel, told ETF.com that the waiver is part of VanEck’s plan to become the “go-to provider for crypto ETFs.” He said: “We aim […]
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A letter from Consensys states that the SEC’s approval of spot Ether exchange-traded funds indicated that it had “updated its position to classify ETH as a commodity and not a security,” but not everyone agrees.
Two prominent crypto market experts have shed light on the future of meme coins in this market cycle, predicting the potential launch of a Dogecoin Exchange-Traded Fund (ETF) soon. Crypto Heavyweights Affirm Dogecoin ETF Is Coming Co-founder of BitMEX, Arthur Hayes and Chief Executive Officer (CEO) and co-founder of Real Vision, Raoul Pal have appeared […]
The global Exchange-Traded Fund market is poised for a meteoric rise, with analysts predicting a staggering growth by 2035. This translates to a projected asset value of a whopping $35 trillion, dwarfing the current figure of $13 trillion. Eric Balchunas, Senior ETF Analyst for Binance, believes this surge is inevitable, driven by the inherent appeal […]
Cboe Vice President and Global Head of ETF Listings Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely until the market and regulatory landscape changes. Marrocco said during an ETF Store podcast on June 11 that market expectations of a Solana (SOL) and XRP spot ETF are unrealistic in the short term since these […]
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Grayscale’s GBTC saw $40 million in outflows, the most among its counterparts, while Bitwise’s BITB led inflows at $7.6 million.
According to insights from industry leaders, Hong Kong is poised to make significant advancements in the cryptocurrency sector by potentially introducing staking options for spot Ethereum exchange-traded funds (ETFs) within the year. Ethereum Staking Innovations In Hong Kong: A New Era For Crypto ETFs? Animoca Brands’ Chairman Yat Siu recently hinted that Hong Kong could […]
Bloomberg ETF analyst James Seyffart called for freedom of information access (FOIA) requests regarding the SEC’s approval of spot Ethereum ETFs. In a June 5 KITCO interview, Seyffart said that public requests should search for “emails, calls, [and] anyone that had conversations with [SEC chair] Gary Gensler” to determine what happened during the SEC’s decision-making […]
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The saga of Ethereum ETFs in the US continues with a new twist: cautious optimism. After the US Securities and Exchange Commission’s unexpected green light for spot Ethereum ETFs in May, investors have been eagerly awaiting the launch date. But according to SEC Chair Gary Gensler, patience remains key. Related Reading: Germans In The Dark […]
Fidelity Investments believes that a modest Bitcoin (BTC) allocation could benefit investors regardless of their specific perspectives on the digital asset, CNBC reported. The asset manager’s head of digital asset strategies, Matt Horne, made the statement on June 5 during the 2024 Vision conference. Horne said that investors and advisors are diligently developing their crypto […]
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BTC price action reaches two-week highs as Bitcoin ETFs see a fresh surge of interest in the U.S. while other jurisdictions prepare to follow suit.
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.