Ethereum

Analysts predict Spot Ethereum ETF launch on July 15

Published

5 months ago

4 July, 2024

Chain Feed Staff

Analysts Predict Spot Ethereum ETF Launch on July 15 After Bitwise’s Updated S-1 Filing

Asset manager Bitwise recently updated its S-1 filing for its Ethereum spot exchange-traded fund (ETF).

The regulatory approval process for this ETF remains crucial, with industry experts closely monitoring developments.

Bitwise’s Latest Filing Signals One Step Closer Towards Ethereum Spot ETF Listing

Bitwise submitted its updated S-1 form to the U.S. Securities and Exchange Commission (SEC) on Wednesday. The company’s latest filing includes a six-month fee waiver plan of up to $500 million. The move mirrors the strategy of VanEck, another potential spot Ethereum ETF issuer, which has also introduced a fee waiver for its ETF until 2025 or until the fund reaches $1.5 billion in assets.

Learn more: Ethereum ETF Explained: What It Is and How It Works

However, Bitwise’s updated Form S-1 does not specify the exact date when the listing and trading on the New York Stock Exchange (NYSE) Arca will begin. The form only states that it will occur “as soon as practicable after the effective date” of the registration.

BeInCrypto reported that Bitwise also updated its S-1 form earlier in June. In its June update, the asset manager revealed details of the process for creating and redeeming its Ethereum ETF shares. Additionally, it revealed that the Bitwise subsidiary planned to purchase initial baskets of shares worth $2.5 million and that venture capitalist Pantera Capita was interested in buying up to $100 million worth of shares.

Analysts have been closely following developments surrounding the potential launch of the Ethereum spot ETF. James Seyffart, ETF analyst at Bloomberg Intelligence, noted that the recent changes to Bitwise’s S-1 filing were minimal. He suggested that ETFs may be ready to list in a few weeks.

“We received another amended S-1 from Bitwise for their Ethereum ETF. Expect more from other issuers throughout the remainder of the week. We believe these items could potentially list later next week or the week of June 15th at this point,” Seyffart said. wrote on his X (Twitter).

Eric Balchunas, another ETF analyst at Bloomberg Intelligence, echoed similar sentiments. He mentioned that Bitwise’s early filing could indicate a quick response to the SEC’s comments despite the overall slow approval process.

“It could be a ‘problematic’ transmitter slowing down the process or just summer laziness, or people who vacation. I’m not sure. That said, all indications are still valid for this month. More details to come next week,” Balchunas said. said.

Market watchers eagerly await final SEC approval

Industry experts believe that the introduction of an Ethereum spot ETF is set to have a huge impact on the cryptocurrency market. Ryan Lee, chief analyst at Bitget Research, highlighted the growing demand for Ethereum spot ETFs.

“Demand for spot Ethereum ETFs has increased significantly since the SEC greenlighted issuers’ Form 19b-4s. This initial greenlight serves as a positive catalyst that could validate the $5 billion inflow projection,” Lee told BeInCrypto.

The SEC approval process remains critical for these ETFs to begin trading. SEC Approves Forms 19b-4Issuers still need to have their S-1 forms approved to proceed. Unlike Forms 19b-4, the S-1 does not have a specific deadline, adding an element of uncertainty to the launch timeline.

SEC Chairman Gary Gensler recently said that Ethereum ETF likely to launch this summer. In an interview at the Bloomberg Invest Summit, he stressed the importance of rigorous review of the approval process to ensure compliance with all regulatory requirements. Gensler stressed that the process is intended to ensure that asset managers make full disclosures so that registration statements are effective.

Learn more: How to invest in Ethereum ETFs?

As the cryptocurrency market eagerly awaits the potential launch of the first Ethereum spot ETF, the strategic decisions of Bitwise and other issuers underscore the growing interest and confidence in Ethereum as a valuable investment asset. The successful listing of these ETFs could pave the way for further innovation and wider acceptance in financial markets, providing investors with new opportunities to engage with digital assets.

Disclaimer

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Ethereum

QCP sees Ethereum as a safe bet amid Bitcoin stagnation

Published

4 months ago

31 July, 2024

Chain Feed Staff

QCP, a leading trading firm, has shared key observations on the cryptocurrency market. Bitcoin’s struggle to surpass the $70,000 mark has led QCP to predict Selling pressure is still strong, with BTC likely to remain in a tight trading range. In the meantime, Ethereum (ETH) is seen as a more promising investment, with potential gains as ETH could catch up to BTC, thanks to decreasing ETHE outflows.

Read on to find out how you can benefit from it.

Bitcoin’s Struggle: The $70,000 Barrier

For the sixth time in a row, BTC has failed to break above the $70,000 mark. Bitcoin is at $66,048 after a sharp decline. Many investors sold Bitcoin to capitalize on the rising values, which caused a dramatic drop. The market is becoming increasingly skeptical about Bitcoin’s rise, with some investors lowering their expectations.

Despite the continued sell-off from Mt. Gox and the US government, the ETF market remains bullish. There is a notable trend in favor of Ethereum (ETH) ETFs as major bulls have started investing in ETFs, indicating a bullish sentiment for ETH.

QCP Telegram Update UnderlinesIncreased market volatility. The NASDAQ has fallen 10% from its peak, led by a pullback in major technology stocks. Currency carry trades are being unwound and the VIX, a measure of market volatility, has jumped to 19.50.

The main factors driving this uncertainty are Value at Risk (VaR) shocks, high stock market valuations and global risk aversion sentiment. Commodities such as oil and copper have also declined on fears of an economic slowdown.

Additionally, QCP anticipates increased market volatility ahead of the upcoming FOMC meeting, highlighting the importance of the Federal Reserve’s statement and Jerome Powell’s subsequent press conference.

A glimmer of hope

QCP notes a positive development in the crypto space with an inflow of $33.7 million into ETH spot ETFs, which is giving a much-needed boost to ETH prices. However, they anticipate continued outflows of ETHE in the coming weeks. The recent Silk Road BTC moves by the US government have added to the market uncertainty.

QCP suggests a strategic trade involving BTC, which will likely remain in its current range, while ETH offers a more promising opportunity. They propose a trade targeting a $4,000-$4,500 range for ETH, which could generate a 5.5x return by August 30, 2024.

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Ethereum

Ethereum Whale Resurfaces After 9 Years, Moves 1,111 ETH Worth $3.7 Million

Published

4 months ago

31 July, 2024

Chain Feed Staff

Ethereum records $17.9 billion in spot volume despite 3% drop

An Ethereum ICO participant has emerged from nearly a decade of inactivity.

Lookonchain, a smart on-chain money tracking tool, revealed On X, this long-inactive participant recently transferred 1,111 ETH, worth approximately $3.7 million, to a new wallet. This significant move marks a notable on-chain movement, given the participant’s prolonged dormancy.

The Ethereum account in question, identified as 0xE727E67E…B02B5bFC6, received 2,000 ETH on the Genesis block over 9 years ago.

Screenshot 2024 07 30 at 171307

This initial allocation took place during the Ethereum ICOwhere the participant invested in ETH at around $0.31 per coin. The initial investment, worth around $620 at the time, has now grown to millions of dollars.

Recent Transactions and Movements

The inactive account became active again with several notable output transactions. Specifically, the account transferred 1,000 ETH, 100 ETH, 10 ETH, 1 ETH, and 1 more ETH to address 0x7C21775C…2E9dCaE28 within a few minutes. Additionally, it moved 1 ETH to 0x2aa31476…f5aaCE9B.

Additionally, in the latest round of transactions, the address transferred 737,995 ETH, 50 ETH, and 100 ETH, for a total of 887,995 ETH. These recent activities highlight a significant movement of funds, sparking interest and speculation in the crypto community.

Why are whales reactivating?

It is also evident that apart from 0xE727E67E…B02B5bFC6, other previously dormant Ethereum whales are waking up with significant transfers.

In May, another dormant Ethereum whale made headlines when it staked 4,032 ETHvalued at $7.4 million, after more than two years of inactivity. This whale initially acquired 60,000 ETH during the Genesis block of Ethereum’s mainnet in 2015.

At the time, this activity could have been related to Ethereum’s upgrade known as “Shanghai,” which improved the network’s scalability and performance. This whale likely intended to capitalize on the price surge that occurred after the upgrade.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Ethereum

Only Bitcoin and Ethereum are viable for ETFs in the near future

Published

4 months ago

31 July, 2024

Chain Feed Staff

BlackRock: Only Bitcoin and Ethereum Are Viable for ETFs in the Near Future

Bitcoin and Ethereum will be the only cryptocurrencies traded via ETFs in the near future, according to Samara Cohen, chief investment officer of ETFs and indices at BlackRock, the world’s largest asset manager.

In an interview with Bloomberg TV, Cohen explained that while Bitcoin and Ethereum have met BlackRock’s rigorous criteria for exchange-traded funds (ETFs), no other digital asset currently comes close. “We’re really looking at the investability to see what meets the criteria, what meets the criteria that we want to achieve in an ETF,” Cohen said. “Both in terms of the investability and from what we’re hearing from our clients, Bitcoin and Ethereum definitely meet those criteria, but it’s going to be a while before we see anything else.”

Cohen noted that beyond the technical challenges of launching new ETFs, the demand for other crypto ETFs, particularly Solana, is not there yet. While Solana is being touted as the next potential ETF candidate, Cohen noted that the market appetite remains lacking.

BlackRock’s interest in Bitcoin and Ethereum ETFs comes after the successful launch of Ethereum ETFs last week, which saw weekly trading volume for the crypto fund soar to $14.8 billion, the highest level since May. The success has fueled speculation about the next possible ETF, with Solana frequently mentioned as a contender.

Solana, known as a faster and cheaper alternative to Ethereum, has been the subject of two separate ETF filings in the US by VanEck and 21Shares. However, the lack of CME Solana futures, unlike Bitcoin and Ethereum, is a significant hurdle for SEC approval of a Solana ETF.

Despite these challenges, some fund managers remain optimistic about Solana’s potential. Franklin Templeton recently described Solana as an “exciting and major development that we believe will drive the crypto space forward.” Solana currently accounts for about 3% of the overall cryptocurrency market value, with a market cap of $82 billion, according to data from CoinGecko.

Meanwhile, Bitcoin investors continue to show strong support, as evidenced by substantial inflows into BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT). On July 22, IBIT reported inflows of $526.7 million, the highest single-day total since March. This impressive haul stands in stark contrast to the collective inflow of just $6.9 million seen across the remaining 10 Bitcoin ETFs, according to data from Farside Investors. The surge in IBIT inflows coincides with Bitcoin’s significant $68,000 level, just 8% off its all-time high of $73,000.

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Ethereum

Ethereum Posts First Consecutive Monthly Losses Since August 2023 on New ETFs

Published

4 months ago

31 July, 2024

Chain Feed Staff

Ethereum sees first monthly consecutive losses since August 2023 amid new ETFs

Available exclusively via

Bitcoin ETF vs Ethereum: A Detailed Comparison of IBIT and ETHA

Andjela Radmilac · 3 days ago

CryptoSlate’s latest market report takes an in-depth look at the technical and practical differences between IBIT and BlackRock’s ETHA to explain how these products work.

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