Ethereum
“Opportunity timing”: Bitcoin and Ethereum suddenly prepare for a $4.2 trillion ETF price bomb
Bitcoin
Bitcoin
and Ethereum shot higher, climbing as meme stock traders identify surprising new target.
The price of bitcoin has soared to more than $70,000 per bitcoin, nearing its all-time high, while Ethereum has surged about 20% to nearly $4,000 per ether. as the crypto market prepares for a “crucial” vote in Washington this week.
The massive rally in Bitcoin and Ethereum comes after the US Securities and Exchange Commission (SEC) requested an urgent update from those who had filed to issue exchange-traded funds (ETFs) spot for Ethereum, with analysts predicting that imminent approval could trigger a $4.2 trillion price earthquake.
Sign up now for the free CryptoCodex—A five-minute daily newsletter for traders, investors and the crypto-curious that will keep you informed and ahead of the bitcoin and crypto market bull run.
The price of Bitcoin rose sharply along with the price of Ethereum after analysts increased the… [+] chances of an Ethereum spot ETF being approved this week.
SOPA Images/LightRocket via Getty Images
The SEC’s opening communication with potential fund managers was seen as a sign that it could approve an Ethereum spot ETF sooner than expected, potentially even this week.
Influential ETF analysts James Seyffart and Eric Balchunas of Bloomberg Intelligence increased their chances of eventual approval to 75% from 25% previously, along with Balchunas. assignment to apparent opposition to crypto compared to recent adoption by 2024 Republican candidate Donald Trump.
Meanwhile, the odds of Ethereum ETF spot approval by May 31 on Polymarket, a prediction market, increased from 13% to 73%.
“Yesterday, surprisingly, the SEC asked exchanges to update and make changes to their ethereum spot ETF filings on an expedited basis,” wrote K33 senior analyst Vetle Lunde. a report. “This is a strong indicator that Ethereum spot ETFs will be approved before VanEck’s final deadline of Thursday, May 23.”
A decision is expected this week on applications for Ethereum spot exchange-traded funds (ETFs), first from VanEck and then from Ark/21, expected on Thursday and Friday, respectively.
“The key now will be whether the SEC actually approves the Ethereum spot ETF applications on Thursday,” Standard Chartered analyst Geoffrey Kendrick wrote in an emailed note. “Remember when the same thing happened for Bitcoin ETFs (January 10). The approval came right at the close of the US cash stock market on the 10th and followed the report on the SEC X account being hacked on the 9th, also about the same time of day.”
Kendrick said he expects the arrival of Ethereum spot ETFs on Wall Street to help drive the price of Ethereum to $8,000 by the end of 2024 and $14,000 by by the end of 2025.
Sign up now for CryptoCodex—A free daily newsletter for the crypto-curious
The price of Ethereum has increased alongside the price of Bitcoin over the past year.
Forbes Digital Assets
“The Ethereum news, if correct, comes at an opportune time for Bitcoin,” Kendrick wrote, highlighting inflows into Bitcoin ETFs that hit a new all-time high of $12.9 billion.
U.S. spot bitcoin ETFs reported a sixth consecutive day of inflows yesterday, the longest positive streak the funds have seen since mid-March, according to SoSoValue data. reported by The Block. The spot Bitcoin ETF fleet has proven extremely successful since its debut in January, becoming one of the fastest-growing ETFs of all time.
“The approval of an Ethereum ETF will further legitimize the sector and therefore be positive for Bitcoin as well,” Kendrick added. “I would expect a new all-time high for Bitcoin by the weekend, up to the $73,798 level from March 14. And further out, that only adds more comfort to my forecast of $150,000 for the end of 2024 and $200,000 for the end of 2025.”
If the price of Bitcoin and Ethereum reach the levels predicted by Kendrick, they would together be worth nearly $4.2 trillion.
Ethereum
QCP sees Ethereum as a safe bet amid Bitcoin stagnation
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.
Ethereum
Ethereum Whale Resurfaces After 9 Years, Moves 1,111 ETH Worth $3.7 Million
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.
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.
-Advertisement-
Ethereum
Only Bitcoin and Ethereum are viable for ETFs in the near future
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.
Ethereum
Ethereum Posts First Consecutive Monthly Losses Since August 2023 on 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.
-
Ethereum4 months ago
Ethereum Posts First Consecutive Monthly Losses Since August 2023 on New ETFs
-
Ethereum7 months ago
Scaling Ethereum with L2s damaged its Tokenomics. Is it possible to repair it?
-
Videos7 months ago
Nexus Chain – Ethereum L2 with the GREATEST Potential?
-
Videos7 months ago
Raoul Pal’s Crypto Predictions AFTER Bitcoin Halving in 2024 (The NEXT Solana)
-
Bitcoin7 months ago
‘Beyond’ $20 trillion by 2030 – Jack Dorsey’s plan to boost Bitcoin price
-
Regulation4 months ago
Think You Own Your Crypto? New UK Law Would Ensure It – DL News
-
Regulation4 months ago
Cryptocurrency Regulation in Slovenia 2024
-
Regulation4 months ago
Upbit, Coinone, Bithumb Face New Fees Under South Korea’s Cryptocurrency Law
-
News4 months ago
New bill pushes Department of Veterans Affairs to examine how blockchain can improve its work
-
Videos7 months ago
BREAKING: Coinbase wins BIG cryptocurrency legal battle [Bitcoin to $170k]
-
Ethereum7 months ago
Comment deux frères auraient dérobé 25 millions de dollars lors d’un braquage d’Ethereum de 12 secondes • The Register
-
Regulation4 months ago
A Blank Slate for Cryptocurrencies: Kamala Harris’ Regulatory Opportunity