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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INVESTMENT FIRM PREDICTS BITCOIN TRILLION MARKET!! XRP WILL RISE 12,900% IN NEXT BTC BULL CYCLE!!
➡️ Leverage OPM (Other People’s Money): http://opm.cryptonewsalerts.net
An investment firm that predicted Tesla’s meteoric ascent is extremely bullish on Bitcoin and says the BTC market cap could go as high as $5 trillion.
Also in today’s show, Credible Crypto predicts the Ripple XRP price will rise 12,900% in the next Bitcoin bull cycle.
In a comprehensive report, New York-based thematic investment firm ARK Invest sees massive growth potential for Bitcoin over the next few years despite its already impressive run that has defied expectations.
“Our analysis suggests Bitcoin is early on its path to monetization, with substantial appreciation potential. In our view, Bitcoin’s $200 billion market capitalization – or network value – will scale more than an order of magnitude to the trillions during the next decade.”
Specifically, ARK Invest points out that the adoption of Bitcoin as a global settlement network, as a protection against asset seizure, as digital gold, or as a catalyst for demonetization in emerging markets has the potential to fuel the growth of the crypto asset’s market cap.
Despite their high evaluation of the crypto asset, ARK Invest points out the several risks that threaten Bitcoin’s growth potential.
For one, ARK Invest says security breaches and institutional mismanagement have cost investors millions of dollars with no legal recourse.
Other risks are regulatory uncertainty and “over-institutionalization”, which the company says could cause a monopoly in Bitcoin transactions and present an “existential risk to bitcoin’s value proposition.”
Although risks are present, ARK Invest highlights the potential of BTC to print massive gains within a decade.
“Bitcoin offers one of the most compelling risk-reward profiles among assets, as our analysis suggests it should scale from roughly $200 billion today to $1-5 trillion network capitalization during the next five to ten years. In our view, capital allocators must consider the opportunity cost that will be associated with ignoring bitcoin as a new asset class.”
In other trending Bitcoin News today:
Credible Crypto Predicts XRP Will Rise 12,900% in Next Bitcoin Bull Cycle
Closely-followed trader and crypto strategist Credible Crypto sees XRP meteorically rising by over 12,900% in the next Bitcoin boom cycle.
In a new tweet, the crypto analyst tells his 68,000 followers that Ripple’s native token has the potential to massively increase one’s net worth in the coming years.
“Keep it real. XRP price IS NOT ‘pre-determined.’ XRP IS NOT ‘backed by gold.’ XRP WILL NOT reach the prices BTC has ($10,000+). XRP will NOT replace the dollar. But it doesn’t need to do ANY of these things to make you and me life-changing money over the next 3 years.”
When asked to provide his price prediction for the fourth-largest cryptocurrency, Credible explains why he believes XRP can skyrocket between $20 – $30 before the current bull market expires.
“…it’s gone 1000x+ in the last run, this would just be 100x. Regarding sell pressure, weak hands have long sold their XRP for other projects. The ones holding now won’t sell soon.”
Not all analysts share Credible’s long-term bullish attitude towards XRP. Widely-followed veteran trader Peter Brandt told his crew of 375,000 to be cautious about investing in Ripple’s native asset.
“Don’t place your faith in XRP.”
Brand notes that Ripple’s ownership of more than half of the total supply of XRP is a potential liability.
He believes the token has more downside potential as it continues to underperform relative to other major cap coins.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Keep it real.$XRP price IS NOT “pre-determined.” $XRP IS NOT “backed by gold”. $XRP WILL NOT reach the prices $BTC has ($10,000+).$XRP will NOT replace the dollar.
But it doesn’t need to do ANY of these things to make you and me life changing money over the next 3 years.
— Credible Crypto (@CredibleCrypto) October 2, 2020
It won’t need as much as it seems it would. Many people think the same. But it’s gone 1000x+ in the last run, this would just be 100x. Regarding sell pressure, weak hands have long sold their $XRP for other projects. The ones holding now won’t sell soon. https://t.co/jelsS4rTdc
— Credible Crypto (@CredibleCrypto) October 2, 2020
Don’t know about the long long term, but looking for $20-$30 over the course of this next bull run (2-3 years).
— Credible Crypto (@CredibleCrypto) October 2, 2020
Credible Crypto Predicts XRP Will Rise 12,900% in Next Bitcoin Bull Cycle
https://cointelegraph.com/news/trump-price-dots-and-covid-19-5-things-to-watch-in-bitcoin-this-week
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OMG!! BITCOIN BREAKING OUT!! K IS NEXT ONCE K ALL-TIME HIGH IS CLEARED!!
➡️ REPLAY: “The Crypto Catch-Up” – http://teeka.cryptonewsalerts.net
BITCOIN COULD HIT $50,000 IF IT SECURES ALL-TIME HIGH!!
BTC is literally skyrocketing right now above $18,000.
In the past 30 days the leading cryptocurrency has gained 60% which represents over $6,000 in gains.
Analysts are confident that further Bitcoin gains are on the horizon.
According to Mike McGlone, a senior commodity analyst or strategist at Bloomberg Intelligence, Bitcoin passing its previous all-time high at $20,000 will cause a large move higher.
McGlone went as far as to say that the cryptocurrency passing $20,000 per BTC could trigger a move to a $1 trillion market cap for all Bitcoin.
This corresponds with approximately $50,000 per Bitcoin, a price $32,000 higher than the current BTC price point of $18,000.
“$20,000 Bitcoin Is Primary Hurdle Toward $1 Trillion Market Cap — The digital version of gold but with more-limited supply and a history of adding zeros, appears to be in an early price-discovery stage and may simply continue its ascent in 2021. Mainstream adoption is rising…”
Analysts think that Bitcoin moves beyond $50,000 in this market cycle, despite how impressive a rally to $50,000 would be.
The Winklevoss Twins, the co-founders of Gemini and long-time BTC holders, recently stated that the cryptocurrency could pass $500,000 per coin in this market cycle:
“Inflation is coming. Money stored in a bank will get run over. Money invested in assets like real estate or the stock market will keep pace. Money stored in gold or BTC will outrun the scourge. And money stored in Bitcoin will run the fastest, overtaking gold…
Nonetheless, we believe that BTC will continue to cannibalize gold and that this story will play out dramatically over the next decade. The rate of technological adoption is growing exponentially. Software is eating the world and gold is on the menu.”
In other trending Bitcoin News today:
“Mexico’s Second-Richest Man Invests 10% of His Liquid Portfolio in Bitcoin”
Ricardo Salinas Pliego, the second-wealthiest man in Mexico, has revealed that 10% of his “liquid portfolio” is invested in BTC.
The billionaire shared a video captured in “a Latin country” depicting banks throwing out garbage bags filled with paper money into a dumpster.
He asserted that “paper money is worth nothing,” adding: “That is why it is always good to diversify our investment portfolio.”
The video appears to show bags of Venezuelan bolivars being thrown out, including 10,000 bolivar notes issued in 2016 and 2017 before the country redenominated its banknotes in 2018 amid an escalating inflation crisis.
Three hours later, Pliego then tweeted a recommendation for the book The Bitcoin Standard, asserting that “Bitcoin protects the citizen from government expropriation” and revealing his cryptocurrency investment:
“Today I recommend THE BITCOIN STANDARD, this book is the best and most important to understand Bitcoin. Bitcoin protects the citizen from government expropriation. Many people ask me if I have Bitcoins, YES. I have 10% of my liquid portfolio invested.”
Crypto Twitter reacted gleefully to the news that the world’s 166th-wealthiest citizen is significantly invested in Bitcoin, with Kraken’s Dan Held proclaiming , “The institutional herd is stampeding.”
Pliego responded to Held, saying that institutional adoption had manifested gradually since the launch of Grayscale’s Bitcoin Investment Trust in 2016.
Pliego was born in 1955 in Mexico City and is the founder and chairman of Grupo Salinas, which owns businesses in media, telecommunications, finance and retail.
Salinas is also the chairman of TV Azteca, the second-largest producer of Spanish-language programming worldwide, and the second-largest media company in Mexico.
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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:
Mexico’s third richest man, owner of a media conglomerate, a bank, with the ear of the Mexican President, just disclosed his 10% BTC position, shilling @saifedean‘s “The Bitcoin Standard” in the process.
“Bitcoin protects the common citizen against government expropriation.” https://t.co/DEAUcuxFki
— David Puell (@kenoshaking) November 18, 2020
Offers getting pulled, as I predicted. There’s nothing of size for sale. $20,000 will come and go in a heartbeat. Nothing but air above that. $28,000 in play. #Bitcoin
— Max Keiser (@maxkeiser) November 17, 2020
$20,000 #Bitcoin Is Primary Hurdle Toward $1 Trillion Market Cap —
The digital version of #gold but with more-limited supply and a history of adding zeros, appears to be in an early price-discovery stage and may simply continue its ascent in 2021. Mainstream adoption is rising.. pic.twitter.com/m4JSt5G09N— Mike McGlone (@mikemcglone11) November 16, 2020
#bitcoin $18K. Big difference with 2017 is that most BTC sold today will never see the daylight again, they disappear into deep cold storage. Buyers today are professionals with long term vision and staying power. pic.twitter.com/Ght9LGlfSV
— PlanB (@100trillionUSD) November 18, 2020
The Primary Hurdle Toward $50,000 Bitcoin Is the $20,000 All-Time High
https://cointelegraph.com/news/why-bitcoin-price-just-flash-crashed-6-after-rejecting-at-18-5k
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THE UPSIDE OF BUYING BITCOIN TODAY IS STILL 80X HUGE, THE RISK HAS NEVER BEEN LOWER SAYS MAX KEISER!
➡️ Leverage OPM (Other People’s Money): http://opm.cryptonewsalerts.net
“Just to be clear, the risk of buying Bitcoin today HAS NEVER BEEN LOWER and the upside is still huge, like 80x. This is why institutions are pouring in now. The risk has never been lower”, says BTC pioneer Max Keiser, host of the Keiser Report.
As Bitcoin Tina tweeted: “If you don’t understand how fast Bitcoin can be repriced you don’t understand how markets work. TSLA went from the 150 range to the 450 range from the end of May to the middle of September. Bitcoin could reprice from 20K range to 75K range between now and February.”
Max Keiser responded with: “This is true. In fact, I expect it. The risk reward ratio for Bitcoin right now is; you’re risking 1 to make 100. The risk/reward has actually NEVER BEEN BETTER.”
In other trending Bitcoin News today:
Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC
An SEC filing on Friday indicates that the next Wall Street institution to take a public position in Bitcoin may also be among the largest yet: the $275 billion financial services firm Guggenheim Partners.
The Guggenheim filing allows the Macro Opportunities fund to purchase GBTC, a publicly-traded Bitcoin investment vehicle from Grayscale, at an indeterminate point in the future.
“The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”),” the filing reads.
According to independent ratings firm Morningstar, the Guggenheim Macro Opportunities fund currently has $5.3 billion in assets under management and sports a four-star rating “based on risk-adjusted returns out of 270 Nontraditional Bond funds.”
Guggenheim describes the overall fund strategy for the institutional-grade shares (ticker: GIOIX) as a product of the investment team’s “highest-conviction ideas.” If the fund were to take the full 10% stake in GBTC, it would be worth north of $500 million.
The filing also notes a long list of potential investor risks associated with cryptocurrencies, which it refers to as “digital assets designed to act as a medium of exchange.”
Risks include lack of cryptocurrency exchange regulation, GBTC’s historical “significant premium” to net asset value, and uncertainty regarding tax laws and regulations, among others.
This preparatory move by Guggenheim appears to be part of a cascading series of investments indicating increased acceptance of Bitcoin among major financial institutions.
In August, business intelligence firm Microstrategy purchased nearly 40,000 Bitcoin, leading to a parabolic move in share price. Likewise, financial services firm Square, Inc bought $50 million in Bitcoin in October.
This rolling snowball of institution interest may quickly become an avalanche, as noted by one prominent voice in crypto journalism:
“2016: The institutions are coming! 2017: The institutions are coming! 2018: The institutions are coming! 2019: The institutions are coming! 2020: The institutions are here! 2021: Dammit, the institutions bought all the Bitcoin”
In other trending Crypto News today:
Weekend Bull Trap? Traders Remain Cautious As Bitcoin Price Rebounds to $18K
The price of Bitcoin (BTC) surged above $18,000 on Nov. 29, reaching as high as $18,209 on Binance. However, traders are turning cautious despite BTC’s weekend rally.
Bitcoin currently faces resistance at around $18,200, which is also the 10-day moving average (MA) on the daily chart. As Cointelegraph reported yesterday, some traders still anticipate BTC to see another drop in the near term before the rally can continue.
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🔥 [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:
2016: The institutions are coming!2017: The institutions are coming!2018: The institutions are coming!2019: The institutions are coming!2020: The institutions are here!
2021: Dammit, the institutions bought all the #Bitcoin
— Jon Rice (@JonRiceCrypto) October 17, 2020
Just to be clear, the risk of buying #Bitcoin today HAS NEVER BEEN LOWER and the upside is still huge, like 80x
This is why institutions are pouring in now. The risk has never been lower. https://t.co/LlPemmn4Zk
— Max Keiser (@maxkeiser) November 29, 2020
If you don’t understand how fast #bitcoin can be repriced you don’t understand how markets work. TSLA went from the 150 range to the 450 range from the end of May to the middle of September.#bitcoin could reprice from 20K range to 75K range between now and February. pic.twitter.com/kMABvU0AsJ
— BitcoinTina☣️- “TINA” #bitcoin (@BitcoinTina) November 28, 2020
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