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 TERMINAL VALUE IS REALLY $700K PER BTC, SAYS PANTERA CAPITAL CEO!!!!!
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One early Bitcoin investor has crunched the numbers on BTC, and thinks the leading crypto is looking mighty undervalued at the moment.Â
âWe did a study showing the number of people using Bitcoin over the years and price of Bitcoin. Both of those data series went up by an order of magnitude every two years. If that kept going, that would put BTC at $700,000 when everybody with a smartphone uses it. Ten years time is a reasonable forecast,â Pantera Capital founder Dan Morehead said on Yahoo Finance Live.Â
Morehead launched his first crypto fund back in 2013. Today, the firm has $2.8 billion in assets under management that spans venture investments and early stage token investments.Â
In other trending Bitcoin News today: MicroStrategy splashes $177M on Bitcoin, now holds almost 109,000 BTC!Â
MicroStrategyâs Bitcoin holdings are now worth more than $5.3 billion at the current BTC price.Â
With its latest purchase, Michael Saylorâs firm now holds 108,992 BTC, which cost the company about $2.918 billion to acquire at an average price of approximately $26,769 per âcoin.â
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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:
https://cointelegraph.com/news/microstrategy-splashes-177m-on-bitcoin-now-holds-almost-109-000-btc
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BITCOIN IS 'STILL ON TRACK' TARGETING 8K STOCK-TO-FLOW PRICE LIKE CLOCKWORK!! K BTC NEXT?!!
âĄïž âThe Crypto Catch-Upâ â Teeka Tiwari Live Event: Register here: http://teeka.cryptonewsalerts.net
With Bitcoin closing the month of October at $13,816, this signals the highest monthly close for BTC since December of 2017.
Octoberâs monthly close also signals the highest red dot close to date via the Stock-to-flow model, a clear indication that this controversial Bitcoin price prediction model is right on track âstillâ targeting $288K by 2024.
Bitcoin briefly spiked above $14,000 again, this time perhaps on news from the US Presidential elections.
The altcoins have erased most of yesterdayâs losses, and the market capitalization has added about $10 billion.
Bitcoin broke above the coveted $14,000 mark on Saturday for the first time since January 2018.
Since then, though, the asset has primarily struggled with maintaining its high price tag.
In fact, BTC even dipped below $13,300 on two occasions in the following days.
It started recovering yesterday when it jumped above $13,500 and stayed above it for most of the past 24 hours.
Just a few hours ago, the primary cryptocurrency headed higher once more.
With a few decisive candles, Bitcoin surged to $14,050 (on Bitstamp) before retracing to its current level â $13,800.
Interestingly, the price increase coincided with surfacing reports that the current US President Donald Trump has become the betting favorite to win the 2020 Presidential elections.
Nevertheless, popular TV host Max Keiser recently highlighted that despite whoâs the US President following the elections, Bitcoin will emerge as the ultimate winner.
In other trending Bitcoin News today:
â$17K Next? Watch These 3 Key BTC Price Levelsâ
Bitcoin (BTC) has been on a tear and thereâs no escaping it.
But the majority of high-cap altcoins are seemingly suffering at the hands of this bull run, leading to the question: have we had our altseason already?
Is it over or is there more to come?
Bitcoin has been eating up multi-year resistance levels like Pacman on an amphetamine-induced rampage lately, smashing through $11,300, then $12,400 then $13,100 before being rejected around the $14,000 level. Â
After $14,400 there isnât much in the way of resistance until $17K before a new all-time high can be printed for the king of cryptos.
But the question is can Bitcoin run out of steam? Â
In other trending BTC News today:
âBitcoin Bull Cynthia Lummis Wins US Senate Seatâ
Cynthia Lummis, the Republican Party candidate for Wyoming, âpublicly saidâ on the night of November 3 âthat she wants to defend [crypto] against federal encroachment,â per a tweet from Avanti Bank & Trust CEO Caitlin Long, a Wall Street veteran and fellow crypto advocate.
Lummis is known to be a long-term bitcoin enthusiast and said she made her first purchase in 2013, in the days when one could buy BTC 1 for around $300.
Lummis has previously served in Congress, and recently told the Wyoming Blockchain Stampede in a video interview, âDuring my time in Congress, I first learned about bitcoin. I was struck by how innovative bitcoin is with its decentralized public ledger and a fixed supply. [âŠ] Knowing that there are only going to be 21 million bitcoin makes it an attractive store of value.â
This last point, she stated, was important as the USDâs status as the worldâs de facto reserve currency is now coming under threat.
âBitcoin, to me, has shown great promise and may rise as a viable alternative store of value to the US dollar, both on the institutional level and the personal level. That potentiality is something we must at least acknowledge in our conversations about the economic future of our country.â
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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:
Price of #Bitcoin at the last 3 US presidential elections: 2012: $102016: $7002020: $14,0002024: ?
Where do you think the $BTC price will be in 2024 at this time? My prediction is $288K! đđ
â Crypto News Alerts (@CryptoNewsYes) November 4, 2020
SENATOR LUMMISâŠYESSS!!!đ€ She is likely to be one of the most powerful US senators, given how divided the new senate appears to be. She LOVES what #Wyoming did in #cryptoâpublicly said tonight that she wants to defend it against federal encroachment. đCongrats Sen Lummis!đ pic.twitter.com/FVI7sBcB2t
â Caitlin Long đ (@CaitlinLong_) November 4, 2020
#Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. limited supply pic.twitter.com/w742J7bXfC
â Mike McGlone (@mikemcglone11) November 4, 2020
https://cryptonews.com/news/bitcoin-bull-cynthia-lummis-wins-us-senate-seat-8197.htm
https://cointelegraph.com/news/can-bitcoin-hit-17k-next-watch-these-3-key-btc-price-levels
https://cointelegraph.com/news/bitcoin-is-targeting-288k-stock-to-flow-price-like-clockwork-planb
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MAX KEISER SAYS BITCOIN WILL BECOME THE GLOBAL MONETARY STANDARD WITH A $100 TRILLION MARKET CAP!!
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Bitcoin pioneer Max Keiser, host of the Keiser Report and Orange Pill Podcast was among the first to insinuate the potential change of heart coming from Ray Dalio regarding BTC.Â
âThe hedge fund industry is very competitive. Whether or not Dalio believes what he is saying, the magic of Bitcoin is pulling him into its orbit as the price goes higher. Ray Dalio is now one of Bitcoinâs drones. Heâs doing Bitcoinâs bidding as BTC continues its march toward becoming the global monetary standard and a $100 trillion market cap.â
In other trending Bitcoin News today:
Bitcoin Price Drops to $52K, Liquidating Almost $10B
Fears of regulatory moves come as a brief hash rate crash from a Chinese power blackout already begins to rebound. Bitcoin (BTC) fell to sudden lows of $52,000 on April 18 in a timely reminder of how price action often follows hash rate.
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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:
Gold Has This One Advantage Over Bitcoin, Says Crypto Firebrand Max Keiser
https://cointelegraph.com/news/bitcoin-price-drops-to-52k-liquidating-almost-10b
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