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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3 REASONS WHY BITCOIN WILL HIT 6-FIGURES THIS YEAR! NATIONAL ADOPTION WILL DRIVE BTC TO $1 MILLION!
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The number of people believing that Bitcoin could top $100,000 by the end of the year continues to grow, with the latest being Bloombergâs Senior Commodity Strategist â Mike McGlone.Â
By outlining the growing mass adoption, declining active supply, among other reasons, McGlone predicted that BTC could more than double its value in the next three months.
In other trending Bitcoin News today: National Bitcoin Adoption Will Drive A $1 Million BTC Price!
With several governments adopting Bitcoin, it is only a matter of time for the BTC price to reflect the bullish sentiment.
As more and more countries explore adopting bitcoin in one way or another, itâs become apparent that El Salvador has put the world on notice. Whether these nations just legalize and regulate bitcoin, adopt it as legal tender or use it as an investment vehicle, their interest is undeniable and growing by the day.
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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://bitcoinmagazine.com/business/nation-states-adopting-bitcoin-price
https://cointelegraph.com/news/bitcoin-jumps-toward-49k-amid-fears-5-plus-inflation-is-here-to-stay
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BREAKING: FIDELITY PRESIDENT LAUNCHES NEW BITCOIN FUND; 0,000 BTC MINIMUM BUY-IN PRICE!!
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One of the largest mutual funds in the U.S., Fidelity Investments, is enhancing its efforts in the Bitcoin and crypto space with its chief strategist, Peter Jubber, starting an institutional-grade and high net worth clients-focused BTC index.
According to a filing sent to the Securities Exchange Commission (SEC), Fidelity Investments has launched a new Bitcoin index fund, âWise Origin Bitcoin Index Fund I, LPâ that targets high net worth investors and institutions.
A $100,000 minimum buy-in value is required by the index fund following the demand by corporations and accredited investors on Wall Street on cryptocurrency investments.
The Wise Origin Bitcoin fund was launched by the head of strategy and planning at Fidelity Investments, Peter Jubber, in conjunction with the mutual fundâs brokerage and distribution divisions.
The fund aims to provide a gateway for accredited investors on Wall Street to dip their feet into crypto.
Fidelity is known for its soft stance on crypto investing, owning stakes in crypto companies such as Canadian mining firm, 8Hut, and providing custodial services to institutions.
Jubber, also a well-known enthusiast and evangelist of Bitcoin and blockchain, in 2017 said the firm was sketching out a decade long plan on the impacts and opportunities that blockchain technology offers to traditional finance.
Peter will lead the âWise Origin Bitcoin Index Fundâ as the executive director and FDâs Fundâs president.
Reports on Forbes also confirm that a Delaware based firm, FD Funds GP will become a general partner to Fidelityâs new BTC fund.
Fidelityâs reports on the cryptocurrency market this June showed that over 36% of big institutional investors were taking up digital assets, and another 80% of them stating they find crypto appealing.
Moreover, a recent report by the mutual fund concluded there is an increasing interest in Bitcoin as a store of value with the worldâs witnessing unprecedented fiscal and monetary policies.
In other trending Bitcoin News today:
Stablecoin metric hints Bitcoin price will rise as buyers snap up BTC!
At $11,400, Bitcoin (BTC) is ripe for a fresh price surge thanks to stablecoin investors buying up cheap coins, data suggests.
Highlighting the latest readings from its stablecoin supply ratio (SSR) metric on Aug. 26, on-chain monitoring resource Glassnode forecast upside for BTC/USD.
SSR refers to the potential buying power of stablecoins over Bitcoin. A low Bitcoin price allows stablecoin owners, for example, on exchanges, to purchase more of the BTC supply.
This demand pushes the price of Bitcoin up, given its predictable, verifiable supply and high stock-to-flow ratio.
As the price increases, stablecoins, which remain priced the same in whichever fiat currency they are pegged to, can buy less of the BTC supply.
The ability to enter a BTC position is called âbuying power.â
Currently, that buying power is high, meaning stablecoin owners can purchase a comparatively large amount of the supply.
âSSR is 3x stronger than it was when BTC hit these price levels over a year ago,â Glassnode commented.
In another tweet, the firm noted that the largest stablecoin, Tether (USDT), was conspicuously primed to enter such positions.
âFurther support comes from an increase in the $USDT (ERC20) balance on exchanges over the past year â indicating that stablecoins are waiting on the sidelines.â
Tetherâs market cap passed a landmark $10 billion in July. In terms of average daily transfer value, USDT beat both Bitcoin and PayPal this month.
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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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https://medium.com/@100trillionUSD/bitcoin-stock-to-flow-cross-asset-model-50d260feed12
https://cointelegraph.com/news/stablecoin-metric-hints-bitcoin-price-will-rise-as-buyers-snap-up-btc
https://cointelegraph.com/news/latest-fidelity-filing-outlines-mainstream-bitcoin-trading-product
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Buy More Bitcoin (BTC) Before People Are Forced to Bail Out Fed: âRich Dad, Poor Dadâ Author
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âRich Dad, Poor Dadâ best selling author Robert Kiyosaki has again taken to Twitter to talk Bitcoin (BTC) to his followers in the context of the QE measures that the Fed Reserve resumed last week.
He also reminded the community that three weeks ago, the US Congress suggested giving the Fed access to $425 bln so it could âextend emergency support to failing businesses or struggling localitiesâ, as reported by The New York Times.
The âRich Dad, Poor Dadâ author said that ordinary people should buy more Bitcoin, as well as other safe haven physical assets â hereâs why.
The famous investor Robert Kiyosaki, who made a fortune after the 2008 financial crisis on real estate and the author of a bestselling book on finance and investments, recently proved to be a major Bitcoin supporter.
Unlike other BTC bulls, he does not put gold and Bitcoin into opposing camps.
In his recent tweet, he reminded the community about the recent suggestion from republican US senators to create $425 bln in funding to be used by the Fed Reserve in order to support its emergency cash printing.
Kiyosaki referred to that with a rhetorical question, âIs Fed broke?â.
The investment guru reminded his followers that the Fed has been printing extra cash since 2008.
He fears that after the US Central Bank prints tons of money to bail out large corporations and SME, someone will have to bail out the Fed itself.
The investor fears that, eventually, it might have to be ordinary people.
âIS FED BROKE? Hidden in recent $2.2 Trillion Congress rescue bill was buried $425 Billion for Fed. Fed has been bailing out the world since 2008. Who bails out the Fed? Now we know. We are. Why are Fed and Treasury hiding this from us? Buy more gold silver & Bitcoin. SCREWED.â
In an earlier tweet, Kiyosaki said that the Fed could hardly go broke.
However, he added, it could lose the populationâs trust.
In that case, Kiyosaki believes, the IMF will step in to support the fiat USD.
Robert Kiyosaki emphasized his skeptical attitude about the international monetary fiat system overall as well.
âFED CANNOT GO BROKE in theory. But people can lose confidence in Fed & US $. The $425 Billion US gave Fed secretly will expand to $4.25 Trillion of fake $ into economy for over $9 Trillion in fake Fed $. When confidence goes game over. IMF steps in. IMF stands for I M Fkd.â
Bitcoin Turned âSellâ After A Key Technical Rejection Above $7K
Bitcoin was rejected above the $7,000 level and it declined heavily against the US Dollar. BTC price is currently trading in a bearish zone and it could continue to slide towards $6,400.
After forming a support base above the $6,700 level, bitcoin price started a fresh increase against the US Dollar.
BTC price climbed above the $6,900 and $7,000 levels, but it failed to gain bullish momentum.
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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:
IS FED BROKE? Hidden in recent $2.2 Trillion Congress rescue bill was buried $425 Billion for Fed. Fed has been bailing out the world since 2008. Who bails out the Fed? Now we know. We are. Why are Fed and Treasury hiding this from us? Buy more gold silver & Bitcoin. SCREWED.
â therealkiyosaki (@theRealKiyosaki) April 13, 2020
FED CANNOT GO BROKE in theory. But people can lose confidence in Fed & US $. The $425 Billion US gave Fed secretly will expand to $4.25 Trillion of fake $ into economy for over $9 Trillion in fake Fed $. When confidence goes game over. IMF steps in. IMF stands for I M Fkd.
â therealkiyosaki (@theRealKiyosaki) April 13, 2020
Bitcoin Turned âSellâ After A Key Technical Rejection Above $7K
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