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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Crypto Analyst: 0K BITCOIN PRICE ATH BY 2021 IS REALISTIC
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Bitcoin price may be crashing currently, but the BTC price is expected to someday reach $100,000 to as much as $1 million per BTC.
According to crypto analyst Roger Quantrillo, the first of those two numbers is a very “realistic” scenario that could occur as early as the end of the year in 2021.
In other Crypto news today:
Binance is launching a new crypto asset pegged to XRP 1:1, says Binance CEO Changpeng Zhao.
Are Altcoins ready to explode?!
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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.
News Resources From Today’s Show:
Crypto Analyst: $100K Bitcoin ATH By EOY 2021 Is A Realistic Scenario
#bitcoin stock-to-flow model predicts $100k before Dec 2021, or else the model fails.
Do you believe btc will be > $100k before Dec 2021?
— Plan₿ (@100trillionUSD) October 3, 2019
While discount brokers in traditional markets are moving towards zero trading fees, crypto exchanges increase fees. Coinbase in particular just hiked its fees for its lowest volume tier by 150%, for a 233% increase since March.
Here’s my updated exchange fees summary table. pic.twitter.com/bhbtF7J9pT
— Alex Krüger (@krugermacro) October 3, 2019
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BITCOIN WILL SOAR TO $100 TRILLION MARKET VALUE, SAYS MICROSTRATEGY CEO MICHAEL SAYLOR!!!!
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Michael Saylor , CEO of Microstrategy ($MSTR) predicts Bitcoin will continue appreciating in value to the point where BTC becomes a “stabilizing influence” for the entire global financial system. He predicted, in a bold call, that Bitcoin’s market value will skyrocket to $100 trillion.
“There’s a $500 trillion monetary planet and the outer layer is currency, then you’ve got stocks, bonds, real estate. There’s $10 trillion worth of gold in there, $1 trillion of bitcoin in there. Bitcoin is going to flip gold, and it’s going to subsume the entire gold market cap.
Then it’s going to subsume negative-yielding sovereign debt and other monetary indexes until it grows to $100 trillion. Once it gets to $10 trillion, its volatility will be dramatically less,” Saylor said. “As it marches toward $100 trillion, you’re going to see the growth rates fall, the volatility fall, and it’s going to be a stabilizing influence in the entire financial system of the 21st century.”
In other trending Bitcoin News today: Looming Bitcoin Supply Squeeze Could Trigger New Bull Cycle, According to Crypto Analytics Firm Glassnode!
Certain Bitcoin ownership metrics indicate that Bitcoin (BTC) could be teeing up for a bullish market cycle, according to the blockchain analytics platform Glassnode.
“On an absolute coin volume basis, LTHs currently own the most coins in history, hitting 12.97M BTC this week.
Peaks in LTH-owned supply typically correlate with late-stage bear markets which are historically followed by a supply squeeze and initiation of cyclical bull runs.”
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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/btc-holds-48k-as-evergrande-forms-lehman-brothers-moment-for-china
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Bitcoin: 3 Reasons Market Strategist Is ‘Increasingly Bullish’ | Institutional Demand For BTC Soars
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Strategist Lyn Alden said she switched from “uninterested to quite bullish on Bitcoin” in 2020.
Following the drop of BTC to sub-$3,600 in March, she remains optimistic on the top cryptocurrency.
Alden, who found Lyn Alden Investment Strategy, wrote:
“So, I’m neither a perma-bull on Bitcoin at any price, or someone that dismisses it outright. As an investor in many asset classes, these are the three main reasons I switched from uninterested to quite bullish on Bitcoin early this year, and remain so today.”
The three reasons Alden laid out are scarcity, halving, and the potential of Bitcoin to act as a backdrop to inflation.
Reason# 1: Scarcity of Bitcoin
Unlike traditional financial assets, even gold, the supply of Bitcoin is fixed.
No more than 21 million BTC can ever exist, which makes Bitcoin a deflationary currency.
Scarcity could give Bitcoin value, Alden explains in her paper.
There are no central entities that could alter the monetary policy of BTC.
If the demand for Bitcoin continues to increase and its supply remains the same, it could push the value upwards.
She explained:
“Bitcoin’s protocol limits it to 21 million coins in total, which gives it scarcity, and therefore potentially gives it value… if there is demand for it.”
Reason #2: The May 11 halving
On May 11, the Bitcoin blockchain network underwent its third block reward halving.
Approximately every four years, a halving gets activated, slowing down the production of BTC by half.
The purpose of a halving is to decrease the rate of BTC production gradually as Bitcoin approaches its maximum supply of 21 million.
A halving cuts block rewards miners receive by half, leading to a massive decline of miner revenues for a brief period.
Following every halving, Bitcoin historically saw extended price rallies.
The previous halvings occurred in 2012 and 2016.
At the time, BTC was hovering at $11 and $650 in 2012 and 2016 respectively.
Now, BTC remains above $9,000, after reaching a record high at $20,000 in December 2017.
Alden wrote:
“Bitcoin has historically performed extremely well during the 12-18 months after launch and after the first two halvings. The reduction in new supply or flow of coins, in the face of constant or growing demand for coins, unsurprisingly tends to push the price up.”
Reason #3: Backdrop of heightened levels of inflation
In May 2020, billionaire hedge fund investor Paul Tudor Jones praised Bitcoin and described it as “great speculation.”
Tudor Jones said he holds just over 1% of his net worth in Bitcoin.
He explained that the potential devaluation of cash strengthens the value proposition of BTC.
He said:
“Every day that goes by that bitcoin survives, the trust in it will go up.”
Similarly, Alden said that other hedge funds have been investing or experimenting with Bitcoin as of late.
“Smaller hedge funds have already been dabbling in Bitcoin, and Tudor Jones may be the largest investor to date to get into it. There are now firms that have services directed at getting institutional investors on board with Bitcoin, whether they be hedge funds, pensions, family offices, or RIA Firms.”
In other trending Bitcoin News today:
Institutional Demand For Bitcoin Soars As Grayscale Reveals Record-Breaking Near $1 Billion Quarter
New York-based Grayscale, which allows accredited investors to buy bitcoin and other major cryptocurrencies through its funds, recorded inflows of $905.8 million for its second quarter—nearly double the previous quarterly high of $503.7 million in the first three months of this year.
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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/bitcoin-3-reasons-market-strategist-lyn-alden-is-increasingly-bullish
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