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 WILL HIT 0K BY 2022 MAY BE ‘TOO CONSERVATIVE’ SAYS BILLIONAIRE TIM DRAPER!!
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Two years ago, venture capitalist and noted Bitcoin investor Tim Draper publicly stated that BTC will hit $250,000 by 2022.
Yet, as Bitcoin continues to gain interest from investors, Draper revealed to Cointelegraph during an interview that a $250,000 price prediction may have been conservative:
“I think it’ll certainly hit that. But a lot of people are thinking that $250,000 was a little too conservative.”
Draper also discussed the impact of the COVID-19 pandemic on the blockchain space, noting that tokenization will play a major role in solving problems related to global shipping and real estate.
Additionally, Draper shared his thoughts on decentralized finance, or DeFi, saying he wants to “‘DeFi’ the venture capitalist business” moving forward.
CT: Right now, the world is in the midst of a crisis. Which technological breakthrough will help humanity come out stronger on the other end?
TD: Tokenization will advance. We’re seeing it in real estate, global shipping and in everything where items of value need to be moved between parties.
Now, these items can be transferred over the internet, which is so useful for industries like real estate and global shipping.
In the case of real estate, you could buy a piece of my house, or you could tokenize my real estate and own a piece of that property without having to buy the whole thing.
Tokenization and shipping is also a great way for people to own containers to keep track of the entire Iot.
I think we’re going to see some extraordinary breakthroughs in shipping and also with any kind of logistic use cases.
CT: And are you still sticking with your prediction that Bitcoin will hit $250,000 by 2022?
TD: Yes, Bitcoin will hit $250,000 by 2022 or the beginning of 2023. That $250,000 is really based on a 5% market share of currencies.
I think that’s easily achievable, especially as more women start using Bitcoin, since they control 80% of retail spending. It’s really interesting that there used to be one in 15 Bitcoin wallets that women held, and now it’s advancing.
As women start using those wallets, they’ll realize this is much easier. I moved as much of my money as I felt fair into Bitcoin. And so, yes, I think it’ll certainly hit that, but a lot of people are thinking that was a little too conservative.
In other trending Bitcoin News today:
Bitcoin Price Hits $14,000 Exactly 12 Years After Whitepaper Released
The price of Bitcoin has surpassed the critical $14,000 mark, the highest level since January 2018.
The price of Bitcoin (BTC) surpassed $14,000 on Oct. 31, the day Satoshi Nakamoto released the Bitcoin whitepaper in 2008.
Since then, the world’s biggest cryptocurrency has seen remarkable and exponential growth across various areas.
Fast forward 12 years, since the October 31, 2008 release of the whitepaper, Bitcoin is in a different growth trajectory.
An institutional craze is leading the BTC rally, major financial institutions are supporting crypto assets, and the market has become increasingly liquid.
The 12-year anniversary of the Bitcoin whitepaper is particularly special for Bitcoin because it marks the third post-halving cycle.
Every four years, Bitcoin undergoes a block reward halving, which cuts the rate at which new BTC is mined by half.
This happens because 21 million BTC can ever exist on the blockchain.
As BTC approaches its fixed supply, the rate of production gets slowed.
A halving historically has had a positive impact on the price of Bitcoin.
It reduces the pace a new BTC supply is introduced to the market.
Consequently, every four years, there is less BTC flowing into the exchange 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:
Compared to the past ($1, $10, $100, $1K, $10K), we will see a short insane mania fomo peak above $100K. It’s impossible to say how high exactly. Anything between $120K and $220K I guess, based on these previous tops.https://t.co/LxYLwAJM7o
— Bit Harington (@bitharington) October 31, 2020
$15,000 by Monday #Bitcoin
— Max Keiser (@maxkeiser) October 30, 2020
Tim Draper wants to “DeFi venture capitalism,” also noting that Bitcoin will hit $250 thousand in the coming years thanks to consumer adoption. https://t.co/lrb1zJhM1s
— Cointelegraph (@Cointelegraph) October 30, 2020
https://www.wsj.com/articles/cash-is-trash-so-lets-bet-425-million-on-bitcoin-11604070071
https://cointelegraph.com/news/tim-draper-seeks-to-defi-the-venture-capital-business-with-bitcoin
https://cointelegraph.com/news/bitcoin-price-hits-14-000-exactly-12-years-after-whitepaper-released
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ABRA CEO SAYS BITCOIN COULD SHATTER $250,000 THIS YEAR, BUT MAJOR CRYPTO CORRECTION MAY BE NEXT!!
💰 BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
The CEO of digital payment platform Abra says Bitcoin could break $250,000 before year’s end, but he also thinks that the crypto markets are overdue for a healthy correction.
On a new episode of What Bitcoin Did with Peter McCormack, Bill Barhydt says he’s looking for potential resistance at the $60,000 level before a massive BTC correction ensues.
“If I look at the tea leaves, we haven’t had a 30% pullback since we went back down to $30,000 when we first got up to $44,000, $43,000, whatever it was, so we’re due for that. If I had to guess, I would say if you look at the upward slope that we’ve been on since December, depending upon how fast we get there, if it’s in February, we could top out just below $60,000 and then easily fall 30% and that would actually wind up the rubber band to probably go to $85,000 to $90,000. That would take us probably through August which if you look at stock to flow (S2F), it’s basically said that’s around the time it should happen and it’s uncanny, I mean it really is uncanny how accurate that model has been.”
Although Barhydt is short-term bearish on Bitcoin, he predicts that the largest crypto asset has more upside potential but its bull market peak may all depend on the rate of adoption of big corporations.
“What’s interesting is once you get to that August timeframe when you start to approach $100,000, PlanB’s two models diverge. Because he’s got the one model, the original stock to flow which says we’re at $100,000 for 24 months basically. And then he’s got his cross-asset model which basically talks about the next phase which says, ‘Hey we get up to $250,000 this year…’
Last December, when I went on, I think, your show and I talked to [Anthony Pompliano] and others, I basically said I think Bitcoin is going to be at $100,000 by the end of 2021. I still think that’s right but I think that if we get a bunch of other Fortune 500 companies making announcements like Tesla, that is going to push this up to a quarter of a million very quickly.”
In other trending Bitcoin News today:
MicroStrategy Prepares To Purchase $1,030,000,000 in Bitcoin After Completing Debt Offering
Business intelligence firm MicroStrategy is gearing up to make an additional purchase of $1.03 billion worth of Bitcoin.
In a new post on the company’s website, the publicly-traded firm announces that is wrapping up its offering of convertible notes in an effort to acquire more funds to buy Bitcoin.
The offering, which closed on February 19th, allows qualified institutional investors to purchase unsecured notes from MicroStrategy which have a maturity date of February 15th, 2027.
MicroStrategy reports earning approximately $1.03 billion from the sale of its notes and plans to use the entirety of those funds to purchase more Bitcoin.
“MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $1.03 billion, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by MicroStrategy.
MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin.”
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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:
“They say #Bitcoin is the ‘Big Bang’ of money b/c you can only do it once. That’s one of the attributes of it. There’s no imitators to ever come along. You can only create absolute scarcity once, you can only create the multiverse once with the Big Bang.”-@MaxKeiser 🍊💊
— Crypto News Alerts 🔥🎙 (@CryptoNewsYes) February 21, 2021
If I were to actually buy some #Bitcoin, how would I know when to sell? If your answer is to never sell, then what is the point of buying in the first place?
— Peter Schiff (@PeterSchiff) February 21, 2021
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Bitcoin Facing One of the Best Setups in History With Bitcoin Facing One of the Best Setups in History With $1,000,000 Target | BTC Halving 2020 News,000,000 Target | BTC Halving 2020 News
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Raoul Pal of Global Macro Investor is breaking down the potential paths ahead for Bitcoin as the BTC halving approaches.
He says Bitcoin is currently in one of the best positions of any asset he’s ever seen, trading inside a “perfect wedge” that he believes is a precursor to a massive new bull run.
Pal’s first depiction of the wedge using traditional charting techniques has the Bitcoin price targeting $40,000.
But when switching to a log price scale to get a long-term perspective, Pal says the BTC price is on a trajectory to $1 million.
Using linear regression channels, which highlight the upper, lower and middle portions of a trend or price move, Pal says BTC displays a move to $400,000 to $1 million.
He says his analysis aligns with Bitcoin predictions from the anonymous strategist PlanB. “Whatever plays out, after a key technical break like today, the probability of vastly higher prices has risen dramatically. And this is confirmed by the stock to flow models by PlanB and the breakout has happened almost exactly at the halvening.”
Pal also points to a rapid increase in money printing and struggling currencies in places like Venezuela and Argentina as a sign of what’s to come.
“Add to that the entire world’s central banks are either seeing their currencies collapse to the almighty dollar (BRL, TRY, ARG, etc) or they are printing money like crazy. Huge quantitative easing fiat meets the hardest money that automatically quantitatively tightens. BTC wins.
This is the one of the best setups in any asset class I’ve ever witnessed… technical, fundamental, flow of funds and plumbing. All. Now. Again, to be clear, even if it has 90% odds, doesn’t mean its definitely going to work…I can and will be wrong…often and dramatically.”
Pal says he recently allocated 25% of his liquid net cash to Bitcoin, along with 25% to gold.
He’s reserving another 25% for trading opportunities and plans to keep the last 25% in cash.
In other trending Bitcoin News today:
THESE 4 TRENDS SUGGEST BITCOIN WILL ROCKET HIGHER TOWARDS $15,000: FUNDSTRAT
Since the $3,700 lows, Bitcoin has roared higher, crossing above resistance after resistance in succession.
Just recently, BTC tapped $10,000.
Although impressive, top analyst Tom Lee expects for the cryptocurrency to head even higher, citing three “solid” tailwinds for this market.
“There’s a confluence of four fundamental factors that indicate Bitcoin’s medium-term to long-term trend is shaping positive, analyst Thomas Lee has said. The co-founder of Fundstrat Global Advisors, a New York-based research firm, identified them as follows:
1 – Bitcoin is the best-performing “asset class” in 2020, beating U.S. Treasuries and Gold amid a global recession. Treasuries are up 21% while the precious metal is up 13% — already much better performances than the S&P 500’s 10% drop, the 5% drop in emerging market corporate bonds, and the 20% drop in the Russell 2000 index.
2 – In a similar vein, BTC was the best-performing asset class of 2019, rallying 92% while the U.S. stock market gained around 20%.
3 – The block reward reduction, known as a “halving,” is taking place in four days, estimates suggest.
4 – Paul Tudor Jones, one of the world’s biggest macro investors, just announced his fund is taking a stake in Bitcoin futures. Jones believes the cryptocurrency will act as a hedge against inflation.”
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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:
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