On July 23, 2024, the U.S. Securities and Exchange Commission (SEC) approved nine Ethereum exchange-traded funds (ETFs), marking a significant milestone in the cryptocurrency market. These ETFs, which track the price of ether, the native cryptocurrency of the Ethereum blockchain, saw substantial interest from investors on their first day of trading.
The launch was met with strong inflows, totaling approximately $107 million. BlackRock’s iShares Ethereum Trust (ETHA) topped the list with $273 million in investments, while the Bitwise Ethereum ETF (ETHW) came in second with $204 million. The Fidelity Ethereum Fund (FETH) also saw significant interest, securing $71 million in assets.
This launch comes after the successful introduction of Bitcoin ETFs earlier in the year, which set a precedent for cryptocurrency-based ETFs. The approval of Ethereum ETFs is expected to make ether more accessible to traditional investors, as these funds can be bought and sold through conventional brokerage accounts.
The trading volume for these new ETFs reached nearly $1.1 billion on the first day, indicating robust market interest. Despite the strong start, the Grayscale Ethereum Trust (ETHE) experienced outflows of $484 million, highlighting a shift in investor preference towards the newly launched ETFs.
The introduction of Ethereum ETFs is seen as a pivotal moment for the cryptocurrency market, potentially driving further adoption and investment in digital assets. Analysts predict that these ETFs could attract up to $10 billion in inflows over the coming months, potentially pushing the price of ether to new highs by the end of the year.
This development underscores the growing acceptance of cryptocurrencies in mainstream finance and the increasing demand for diversified investment options in the digital asset space.
You Might also like
-
GOLDMAN SACHS IS NOW OFFERING BITCOIN DERIVATIVES!! METEORIC $150K ETHEREUM PRICE PREDICTION!!
💰 BlockFi: (Up To $250 Bitcoin Bonus) https://blockfi.com/cryptonewsalerts
Investment banking giant Goldman Sachs has reportedly opened up futures trading on Bitcoin to Wall Street executives.
In other trending Bitcoin News today: $150K Ethereum Price Prediction By 2023!
Nikhil Shamapant, a retail investor and medical resident, recently published a research report titled “Ethereum, The Triple Halving” in which he presented arguments for why he thinks ETH could see a meteoric rise in value to around $150,000 by 2023.
🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net
🔥 Subscribe on Spotify: http://spotify.cryptonewsalerts.net
🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net
🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes
🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net
🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net
🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net
🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cointelegraph.com/news/they-see-eth-rollin-why-did-ether-price-reach-3-5k-and-what-s-next
https://cointelegraph.com/news/goldman-sachs-is-now-offering-bitcoin-derivatives
Post Views: 385 -
BITCOIN (BTC) RALLIED 6,400% LAST TIME IT MADE THIS FORMATION, AND IT’S BACK AGAIN | Altcoin Rally
➡️ TEEKA TIWARI – Investment of the Decade: http://2020.cryptonewsalerts.net
Bitcoin isn’t even past $10,000 — let alone the latest all-time high of $20,000 — but analysts are already craving the crypto market’s next parabolic bull rally.
While this rally has yet to arrive, a prominent cryptocurrency chartist has indicated that it’s close.
He pointed to a crucial and rare technical formation that marked the start of Bitcoin’s last macro bull trend, which brought the BTC price from $200 to $20,000.
Depending on what chart you look at, today or within the next few days, Bitcoin will print what is known in technical analysis as a “golden cross.”
Investopedia describes a golden cross as a “candlestick pattern that is a bullish signal in which a relatively short-term moving average crosses above a long-term moving average.”
In BTC’s case, the 50-day simple moving average will cross above the 200-day simple moving average for the second time this year.
This golden cross is bullish in and of itself: golden crosses, as I analyzed, have historically led to massive gains for Bitcoin.
Yet the exact context the cross is taking place could signal even greater gains are in the works.
Analyst Nunya Bizniz recently shared the two charts below with the following comment, indicating that the last time Bitcoin’s 50 and 200-day moving averages looked as they do now, the cryptocurrency rallied 6,400%:
“Bitcoin daily chart: for the first time during the 2015 lows, there was a golden cross, death cross, golden cross sequence that occurred all within the span of about 100 days. Price then rallied 6,400%. For the 2nd time at 2020 lows, this sequence has agains occurred within about 100 days.”
It isn’t only this technical formation suggesting Bitcoin has another period of dramatic growth on its horizon.
Tuur Demeester — founding partner of Adamant Capital, a Bitcoin alpha hedge fund — recently shared that he thinks BTC is ready to rally towards the $50,000-100,000 range.
Such high prices may seem like a quixotic dream, sure, but according to the long-time industry analyst, a five-figure and six-figure BTC making more and more sense due to fundamentals.
Demeester specifically cited the ongoing macroeconomic environment as a way to back his prediction, zeroing in on the money printing by governments and central banks alike:
“I think a price target of like $50,000 is not insane at all, especially given just how crazy the money printing is. I would even say between $50,000-$100,000.”
In other trending Bitcoin News today:
Ethereum, Litecoin, Chainlink and 4 More Altcoins Poised for Major Rallies in New Market Cycle, Says Crypto Analyst DataDash
Crypto strategist Nicholas Merten is naming seven altcoins that he believes are in a good position to surge in a new bull market cycle.
On the latest episode of DataDash, the crypto analyst examines when the altcoin market may begin to turn around.
“What it looks like [Bitcoin is] doing is possibly coming up here to around $11,000, breaking out of this very long-term wedge, breaking out above resistance, and making it support for the next coming months. If [Bitcoin] can do this and start to trigger the next cycle, this is actually very good news for altcoins.”
Follow Us:
🔥 Blog/Podcast: http://CryptoNewsYes.com
🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net
🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net
🔥 Subscribe on Stitcher: http://stitcher.cryptonewsalerts.net
🔥 Subscribe on TuneIn: http://tunein.cryptonewsalerts.net
🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes
🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net
🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net
🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net
🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
BTC daily:For the 1st time during the 2015 lows there was a GC-DC-GC sequence that occurred all within the span of about 100 days.Price then rallied 6,400%.For the 2nd time at 2020 lows this GC-DC-GC pattern has again occurred within about 100 days.
Price will ……………? pic.twitter.com/8i4V1EjQiY
— Nunya Bizniz (@Pladizow) May 18, 2020
Post Views: 376 -
SQUARE DOUBLES DOWN ON BITCOIN INVESTING ANOTHER $170M!! 3 REASONS BTC PRICE IS QUICKLY RECOVERING!!
💰 BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
Financial services outfit Square just announced it has picked up more Bitcoin (BTC).
Square “has purchased approximately 3,318 bitcoin at an aggregate purchase price of $170 million,” the company said in a public statement on Tuesday, adding:
“Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.”
Bitcoin has fallen significantly this week so far, dropping below the $50,000 mark after tapping a record high past $58,000, based on TradingView.com data. Based on the $170 million sum Square swapped for about 3,318 BTC, the outfit looks to have paid an average of $51,235 per coin on its new investment.
“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future,” Square noted in the statement. “The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”
Square bought $50 million worth of Bitcoin in 2020, which it announced last fall.
Square’s statement also included an unveiling of its 2020 financial documents. Twitter CEO Jack Dorsey also serves as CEO of Square. Dorsey recently donated 1 Bitcoin to a nonprofit aimed at Bitcoin technical progress.
In other trending Bitcoin News today:
3 Reasons BTC Price Is Quickly Recovering From Its ‘Severe’ 23% Correction
The price of Bitcoin (BTC) quickly recovered from around $44,800 to over $50,000 within merely 22 hours.
Behind the rapid recovery are three major factors, including low funding rates, Square’s $170 million Bitcoin purchase, and the spot market stabilizing.
Across major futures exchanges, including Binance, Bybit and Bitfinex, the funding rate of Bitcoin has dropped to 0.01%.
The Bitcoin futures funding rate was consistently above 0.1% throughout the entirety of the rally from the $40,000s to $58,000.
When the futures funding rate is high, it means the market is overcrowded with buyers and the rally likely overextended.
This creates a major risk of a long squeeze, which can cause the price of Bitcoin to drop quickly in a short period.
With the funding rate back to 0.01%, the risk of a long squeeze is significantly lower and if a new uptrend ensues, the rally could be more sustainable.
When the price of Bitcoin was correcting, the price of Bitcoin on spot exchanges, like Coinbase, was much lower than futures exchanges
On Feb. 23, for instance, Bitcoin was trading $600 lower on Coinbase at one point when the price was near $44,800.
When the price of Bitcoin initially recovered from $44,800 to $48,000, there were signs of a bearish retest.
John Cho, the director of global expansion at GroundX, said:
“We were expecting it, but didn’t think it’d come this soon or this fast. A solid bounce from here would be ideal; but some potential retracement support regions I’m watching. My bias is towards the 40-41k region as it would fulfill a 30% correction from ATH.”
🔥 Daily Letter: http://letter.cryptonewsalerts.net
🔥 Blog/Podcast: http://CryptoNewsYes.com
🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net
🔥 Subscribe on Spotify: http://spotify.cryptonewsalerts.net
🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net
🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes
🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net
🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net
🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net
🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
worth noting https://t.co/uAwm7j9QMP from the $51k price implied, @square bought in the last 7days. either before $58k or after, or a mix of peak & dip buying average. keep that in mind before selling BTC under $50k: both institutional and retail ETF buying up for cold storage.
— Adam Back (@adam3us) February 23, 2021
Things @michael_saylor is disrupting: – Outdated beliefs about money – Gold / Gold bugs – Fiat – Mainstream financial media – Corporate governance – Central banking – Financial engineering – Banks – Elitism – BLS (govt. economic reports)
– $USD
– Fake Inflation no.’s— Max Keiser (@maxkeiser) February 23, 2021
https://cointelegraph.com/news/square-bought-more-bitcoin-almost-doubling-its-holdings
Post Views: 374