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
-
BITCOIN RISE TO 0K IS INEVITABLE, REAL BTC ADOPTION ‘HASN’T EVEN STARTED’ SAYS WINKLEVOSS TWINS!!
➡️ Leverage OPM (Other People’s Money): http://opm.cryptonewsalerts.net
Gemini crypto exchange founders Tyler and Cameron Winklevoss said that the Bitcoin price will eventually hit $500,000 per BTC during a recent interview with podcast host Peter McCormack.
“The question in our mind is not so much does it get to $500,000, but how quickly,” Tyler told McCormack during the Oct. 23 podcast episode.
His thesis takes the market cap of gold and theoretical central bank allocation into consideration.
“I would sort of contend that $500,000 Bitcoin is actually pretty conservative and the game hasn’t even really started,” Cameron noted.
MicroStrategy and others buying significant amounts of Bitcoin for their treasury reserves seems to indicate that the market is beginning to shift.
“What if every Fortune 100 or 500 company does that, what if central banks start doing that?” Cameron queried. “It hasn’t even started,” he added, analogizing that Bitcoin is in the bottom of the first in a nine-inning baseball game.
“Wall Street is not here yet. Institutions aren’t in Bitcoin right now. It’s been a retail phenomenon for the last decade. So Wall Street talks about it, they’re aware of Bitcoin, but they’re not really in it from our perspective, but it’s starting to happen.”
The basis for the interview was a report from Tyler and Cameron published in August 2020, titled: The Case for $500K Bitcoin.
The brothers began constructing the report in January 2020, Cameron said in the interview with McCormack.
“We started to think about what the government has been doing with the U.S. dollar for the past decade or so and traditional sort of stores of value and hedges,” Cameron explained.
The twins halted work on the report in March when COVID gained a global foothold. They resumed the paper several months later after evaluating the economic changes brought on by the virus.
Tyler said he and his brother began buying BTC in 2012. Part of the rationale for the report stemmed from evaluating the asset’s performance amid the surrounding economy over the past decade.
While a growing number of bullish predictions for Bitcoin surfaced throughout 2020, some have remained skeptical such as gold bug Peter Schiff.
In other trending Bitcoin News today:
Bitcoin Has ‘Considerable’ Upside As It Better Competes With Gold As Alternative Currency, JPMorgan Says
Bitcoin’s 2020 surge could be set to continue as the digital cryptocurrency better competes with gold as an “alternative” currency, JPMorgan said in a note on Friday.
Bitcoin has surged more than 70% year-to-date, and this week’s announcement that PayPal would allow its users to buy, sell, and exchange the asset served as another high-level endorsement for the cryptocurrency.
Earlier this month, Square purchased $50 million worth of bitcoin as it further commits to viewing the digital currency as a long-term investment.
According to JPMorgan, the physical gold market is worth $2.6 trillion, which includes assets held within gold ETFs.
For bitcoin to catch up to gold in terms of market value, the crypto currency would have to surge 10x from current levels.
“Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the bitcoin price,” JPMorgan said.
And over time, crypto could be held for other reasons then being a store of wealth as gold is, according to JPMorgan.
The technicals are also pointing to a continued surge in bitcoin. According to technical strategist Katie Stockton, the cryptocurrency could surge to $14,000 as short-term momentum improves.
Follow Us:
🔥 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:
Holy Cow
Most bullish commentary for #bitcoin that I have read from JP Morgan
“Even modest crowding out of #GOLD takes #bitcoin up multiples.”
Widespread research piece reaches all clients of the bank.
Paypal announcement “cover” for other traditional players to get involved. pic.twitter.com/lUd8oYQ77h
— Dan Tapiero (@DTAPCAP) October 23, 2020
https://cointelegraph.com/news/bitcoin-price-rise-to-500k-is-inevitable-winklevoss-twins-say
Post Views: 322 -
BITCOIN IS ‘THE NEW GOLD’ SAYS US TELEVISION CELEBRITY LA LA ANTHONY, EXPECTS BTC TO HIT $200K!!
💰 Crypto’s Next $1 Trillion Coin: http://teeka.cryptonewsalerts.net
Alani Nicole, “La La” Anthony, a famous American TV personality, is into Bitcoin and expects the flagship cryptocurrency to take over USD in the future.
La La Anthony invested 2-3% of her net worth in crypto when Bitcoin was at ~$15k. She believes bitcoin is “the new gold” and thinks the price will hit $150,000 to $200,000 per BTC.
In other trending Bitcoin News today:
Entire Crypto Market About To Double in Size According to Macro Guru Raoul Pal – Here’s When
“The market cap of the entire digital asset space feels like the break of $1.8trn is kind of a big deal. The chart pattern suggests acceleration lies ahead on that break. My guess is the whole space doubles in next 2 to 3 months. Let see!”
🔥 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:
🟠New dot .. 6th month up in a row .. like clockwork🚀March close $58,782Feb close $45,240Jan close $33,141Dec close $28,992Nov close $19,700Oct close $13,816
Sep close $10,778 pic.twitter.com/Kox6kpdEKk
— PlanB (@100trillionUSD) April 1, 2021
https://u.today/us-television-celebrity-la-la-anthony-owns-bitcoin-expects-it-to-hit-200000
https://cointelegraph.com/news/april-bulls-day-bitcoin-just-closed-its-best-march-and-q1-since-2013
Post Views: 318 -
BLOOMBERG: WHY THE BITCOIN PRICE WILL DOUBLE TO ,000 IN 2020 | BTC Fireworks Are Imminent
➡️ Teeka Tiwari – Investment of the Decade: http://2020.cryptonewsalerts.net
The Bitcoin price took a heavy beating yesterday after attempting to break past $10,000 for the first time in weeks.
BTC plunged by $1,500 in three minutes, falling as low as $8,600 on BitMEX due to a barrage of sell orders.
On spot exchanges and some other derivatives exchanges, the cryptocurrency managed to hold the low-$9,000s.
Despite the brutal sell-off, a Bloomberg analyst sees Bitcoin hitting $20,000 in 2020.
He cited a confluence of fundamental factors to back this cheery prediction.
According to senior commodities analyst at Bloomberg Mike McGlone, the leading cryptocurrency is on track to hit $20,000 by the end of 2020.
McGlone explained Bitcoin’s price action over the past few months, before and after May’s block reward halving, is looking much like the price action in 2016.
Should the historical relationship continue, BTC could hit $20,000:
“Bitcoin is mirroring the 2016 return to its previous peak. Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend.”
McGlone’s optimism boils down to a large confluence of market factors, some of which are as follows:
* BTC is outperforming the stock market, which may draw more investors into the cryptocurrency market.
* Bitcoin is gaining institutional adoption, as evidenced by the CME futures market. * The number of active BTC addresses is increasing.
* The halving should have a positive effect on the supply-demand dynamic of the crypto market.
McGlone is far from the only individual eyeing $20,000. Arthur Hayes, chief executive of BitMEX, explained in the April edition of his newsletter “Crypto Trader Digest” that the asset is on track to set a new all-time high this year.
The record amount of fiscal and monetary stimulus being spearheaded by central banks and governments around the world will back the trend,
Hayes wrote:
“Everyone knows the shift is upon us, that is why central bankers and politicians will throw all of their tools at this problem. And I will reiterate, that is inflationary because more fiat money will chase a flat to declining supply of real goods and labour. There are only two things to own during the transition to whatever the new system is and that is gold and bitcoin.”
This was echoed to a T by Dan Morehead of Pantera Capital, one of the leading crypto- and blockchain-centric funds in the world.
Morehead explained in his company’s March newsletter that by increasing the money supply, central banks are encouraging scarce assets to increase in dollar values:
“As governments increase the quantity of paper money, it takes more pieces of paper money to buy things that have fixed quantities, like stocks and real estate, above where they would settle absent an increase in the amount of money. I think they will do that. The corollary is they’ll also inflate the price of other things, like gold, bitcoin, and other cryptocurrencies.”
In other trending Bitcoin News today:
These Two Key Factors Show “Fireworks” in the Bitcoin Market Are Imminent
According to Hans Hague, a senior quantitative analyst at crypto-asset fund Ikigai Asset Management, Bitcoin is currently in ‘heavy accumulation.”
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:
Last but not least, Adjusted Binary BDD shows that we are clearly in a heavy accumulation period. Couple this with the recent halving and you’ve got fireworks. HODL on my friends. Let Bitcoin do the heavy lifting. pic.twitter.com/zXGBSkkFV8
— Hans HODL (@hansthered) June 2, 2020
These Two Key Factors Show “Fireworks” in the Bitcoin Market Are Imminent
Bloomberg Analyst: Why the Bitcoin Price Will Double to $20,000 in 2020
Post Views: 366