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.
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BITCOIN CAN 'EASILY' HIT $100K WITHIN 12 MONTHS SAYS SKYBRIDGE CAPITAL FOUNDER ANTHONY SCARAMUCCI!!
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Anthony Scaramucci, the former White House communications director and founder of investment firm SkyBridge Capital, has said Bitcoin could âeasilyâ hit $100,000 within the next 12 months as more companies and money managers are adopting it.
In an interview with Yahoo Finance on Wednesday, Scaramucci said he would advise investors to move the money that they do not need in the short-term to BTC. Bitcoin, he said, has a very big future.
Scaramucci has previously been critical of Bitcoin but has since become a believer. Last month, SkyBridge launched its Bitcoin Fund L.P with a $25 million capital. The fundâs minimum subscription size is $50,000 and it is about to cross $100 million in assets under management (AUM), the founder told Yahoo. The firm started investing in Bitcoin late last year. SkyBridge now has under $500 million worth of Bitcoin across all of its investments.
Scaramucci said money managers will soon be âbenchmarked off of Bitcoinâ and that a few percentage points of this will be related to digital currency. âSo if youâre not going to be an investor in Bitcoin youâre effectively short Bitcoin,â he added, noting that the dominant cryptocurrency actually lifted his fundâs performance that took a hit at the beginning of the coronavirus pandemic.
âThe SkyBridge Series G fund is up 33% since April 1, and some of that frankly has been the move in Bitcoin that we took advantage of in the fourth quarter of last year,â Scaramucci told Yahoo.
For him, Bitcoin is simply just going to work. In a previous interview, he said the GameStop fiasco is proof that Bitcoin is going to work. âHow are you going to beat the decentralized crowd? That to me is more affirmation about decentralized finance,â he added.
In other breaking Bitcoin News today:
Jack Dorsey and Jay-Z to set up 500 BTC blind Bitcoin trust in India, Africa
Twitter CEO Jack Dorsey has announced the creation of a blind Bitcoin (BTC) development trust worth 500 BTC ($23.7 million), along with rapper Jay-Z, for teams working on the project in India and Africa.
Dorsey revealed the creation of the trust on Feb. 12 while sending out a call for three board members to oversee the blind trust initially.
Dubbed the âżTrust, the application form for board members reveals the mission statement, âMake Bitcoin the internetâs currency.â
The Twitter CEOâs tweet appeared just hours after news broke concerning Indiaâs alleged plans to completely ban the use of cryptocurrencies within its borders. The worldâs second-most populated country could soon move to ban all crypto-assets, giving users a 3â6 month grace period to liquidate their holdings, according to an anonymous source who spoke to Bloomberg.
On Feb. 10, Jack Dorsey donated $1 million to the Washington D.C-based nonprofit organization Coin Center which also received a $2 million donation from asset management firm Grayscale. Dorseyâs ongoing infatuation with Bitcoin recently saw him set up a Bitcoin full-node from his Macbook, meaning he now has a hand in verifying the Bitcoin blockchain.
In other trending Crypto news today:
BITCOIN SETS NEW HIGHS AS ALL EYES WATCH REACTION TO $50,000 RESISTANCE
Bitcoin and the entire crypto market have been caught within a strong uptrend throughout the past few days and weeks, with sellers unable to gain any profound control over the aggregated market.
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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:
JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named âżtrust to fund #Bitcoin development, initially focused on teams in Africa & India. Itâll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe
â jack (@jack) February 12, 2021
#Bitcoin is also front-running the Fed Because itâs better than Gold and its market cap is still small compared to Gold, stocks, bonds, property It has the most upside >> Because itâs perfect
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BITCOIN PRICE IS UP 32% THIS MONTH – ON TRACK FOR 2,000 YEAR-END? | BTC Prediction 2020
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As Jan. 2020 comes to a close, the Bitcoin price is up 32% this month.
As one analyst points out, if this continues every month, the BTC price will reach $152,000 by the end of the year.
In a tweet that garnered thousands of likes and replies yesterday, Bitcoin (BTC) analyst and developer Cryptoâżull pointed out that Bitcoin is up 32% this month. He added:
âBitcoin is up 32% this month. If we go up 32% every month this year we will be at $152,000 in December.â
Thatâs a pretty eye-opening BTC prediction 2020 thought. Of course, thereâs absolutely no guarantee that BTC will repeat its January success every month this year.
And of course, he received several replies pointing out that 32% a month was âunrealisticâ and that âNothing goes up in a straight line.â
However, Cryptoâżull added that for those who thought that 32% a month sounded like âmadness,â they just needed to look back at 2017.
âTo those of you who think 32% monthly sounds like madness. 2017 opened at $960. It reached as high as $19,666 in Dec. That equals an average of 32% every month. Bitcoin gains are the definition of madness.â
In other Bitcoin news todayâŠ
An analyst who predicted Bitcoinâs $3,000 2018 bottom expects this next bull run to break a minimum of $14,000 highs.
âtook a much needed couple days off to clear the head from a macro POV we can see a very clear 5 wave rise from the 6k lows breaking key down trend. considering the rise from the 2018 lows was also 5 waves we would expect this next bull run to at minimum break the 14k highsâ
His Elliot Wave analysis suggests that Bitcoin has a high likelihood of breaking $14,000 â 48% above the current price point of $9,400 â by the middle of 2020, likely around or just after the time of the block reward reduction in May 2020.
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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:
To those of you who think 32% monthly sounds like madness.2017 opened at $960. It reached as high as $19,666 in Dec.That equals an average of 32% every month.
Bitcoin gains are the definition of madness.
â Cryptoâżull (@CryptoBull) January 30, 2020
took a much needed couple days off to clear the head.from a macro POV we can see a very clear 5 wave rise from the 6k lows breaking key down trend.
considering the rise from the 2018 lows was also 5 waves we would expect this next bull run to at minimum break the 14k highs đ pic.twitter.com/KtadWBqBoX
â đđČBenjamin BluntsđČđ (@SmartContracter) January 31, 2020
Bitcoin Is Up 32% This Month â On Track for $152,000 Year-End?
Analyst Who Predicted Bitcoinâs $3,000 2018 Bottom Says This is Next
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4,300% ETHEREUM RALLY WITH ETH 2.0 LAUNCH?! | Bitcoin (BTC) Will Jump 15% to ,500 in Coming Weeks
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A popular crypto analyst says he expects the value of Ethereum, the worldâs leading smart-contract blockchain, to skyrocket by over 4,300% from its current price of $225.
Bitcoin Macro gave his fearless forecast after being asked by one of his followers to provide his year-end prediction for the coin, saying ETH may climb to $10,000 in a new bull cycle.
Ethereum developers say theyâre making strides behind the scenes. In a recent Ask Me Anything session on Reddit, developers working on ETH 2.0 say that theyâre hoping to launch âphase 0â of Ethereum 2.0 by July 2020.
Researcher Danny Ryan writes,
âPhase 0 will certainly launch in 2020. Audits are out and testnets are getting stronger every week. I donât see a reality in which Phase 0 does not launch in 2020.â
Ethereum 2.0 is the next major upgrade of the second-largest cryptocurrency.
It promises key improvements such as increased transaction throughput and the implementation of a proof-of-stake model that allows holders of ETH to earn rewards in return for powering the network.
In other BTC news today, new simple analysis says the Bitcoin price will jump 15% to $11,500 in coming weeks.
In the recent edition of the Decentrader newsletter, author and cryptocurrency trader Filb Filb drew attention to the $9,550 level for Bitcoin (BTC), which shows that this price point has always been an inflection point for the market.
More specifically, when the BTC price passed above $9,550, the leading crypto asset gained even more strength, and when prices failed to break this level, rallies quickly turned into bearish reversals.
With this in mind, he wrote that if Bitcoin can close the weekly candle above $9,550, which BTC is currently far above, it could âmake its way to $11,500 quickly.âÂ
This would represent a 15% rally from current levels over the next few weeks.
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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:
Bitcoin Starts Vertical Rally To $11.5K and $12K: Uptrend Isnât Over Yet
Hereâs Why Bitcoin Price Could Explode 100% and Hit $20,000 by May
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