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 $300K BY END OF CURRENT BOOM CYCLE SAYS TOP CRYPTO STRATEGIST!! TRADER CHEAT SHEET!
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Widely-followed crypto strategist and trader Michaël van de Poppe is looking at the bigger picture to analyze the state of the Bitcoin bull market.
According to the psychology of a market cycle, the disbelief phase is the earliest stage of the bull market, where market participants believe that the rally will abruptly end.
Van de Poppeâs current sentiment that BTC is in the early stages of a bull market aligns with his prediction that Bitcoin will hit $300,000 by the end of the current boom cycle.
In other trending Bitcoin News today:
Asset Giant Charles Schwab Exploring Support for Bitcoin and Crypto Markets
Investment services firm Charles Schwab is keeping an eye on the developments in the crypto space as the company with over $7 trillion in client assets says the doors are open for supporting Bitcoin and crypto markets.
In the companyâs newest business update, Charles Schwab CEO Walt Bettinger says that the company is looking very closely and cautiously at the crypto 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:
Asset Giant Charles Schwab Exploring Support for Bitcoin and Crypto Markets
https://cryptopotato.com/2-on-chain-metrics-suggest-bitcoin-bullish-bias-intact/
After The Crash: Why Bitcoin Could Have More Upside Potential
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5 COINS TO MILLION: THE FINAL 5 – TEEKA TIWARI PICKS | Bitcoin Price Eyes Close Above ,0000
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Discover the âFinal 5â Teeka Tiwari picks of 2020 before the infamous BTC halving.
Regardless what happens next to the Bitcoin price, these cryptocurrency projects from Teeka simply cannot be ignoredâŠ.
âFIVE Tiny Cryptocurrencies That Could Turn $500 Into $5 Million⊠Thanks To A Crypto Market Phenomenon Guaranteed To Hit In Roughly 50 Daysâ
This Could Be The Biggest Millionaire-Making Event In Human History (Itâs NOT The Bitcoin Halving) For the past six months, Teeka Tiwari â the independently ranked #1 most trusted person in crypto â has been on a world tour, investigating a rare crypto market phenomenonâŠ
100% guaranteed to happen only once every four years. (Itâs not the halving. The answer may surprise you.)
Over 100 billionaires and wealthy investors are in a buying frenzy right now, preparing for this phenomenon.
The last time it occurred in 2016 (we wonât see it again until 2024), you couldâve turned $500 into as much as $5 million â in 10 months.
During this landmark online training event, Teeka will fly you to the hidden-in-plain-sight epicenter of this phenomenon⊠so you can see with your own eyes: Itâs real.
Itâs 100% guaranteed to hit in roughly 50 days. And it could be bigger than any other phenomenon before.
Bitcoin (BTC) Eyes Close above $14,000, According to Textbook Technical Indicator
A textbook technical scenario brewing inside the bitcoin market could send its prices above $14,000.
Crypto analysts highlighted earlier this week the potential formation of an Inverse Head and Shoulder (IHS) pattern.
Investopedia defines it counter, which is called Head and Shoulder Pattern, as a âreliableâ indicator in predicting an assetâs bullish-to-bearish trend reversals.
Therefore, its inverse version appears bearish-to-bullish to crypto traders. Bitcoinâs recent price action has led it to partially complete IHS.
It ideally resembles the establishment of three lows, with the middle-low the deepest.
So far, bitcoin has made two lows (one âleft shoulderâ and the other âheadâ).
It is yet to complete the IHS by making the third one, as shown in the chart below, followed by a bounce towards the neckline.
That typically means that bitcoin could first crash towards the low established earlier by the Left Shoulder.
The fall could be anywhere between $7,800-8,054.
Then, the same area could serve as support to attract more buyers, leading to an upside retracement towards the IHSâs neckline of $10,190.
Bulls could push the price further above the neckline, leading to a breakout scenario.
The IHS breakouts typically lead price higher by as much as the patternâs height.
In the current case, that height is about $400.
With that said, bitcoinâs close above the IHS neckline could have traders wait for a close above $14,000 in the medium-term.
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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:
So I think May 2020 #bitcoin halving will produce similar results (red dots) as 2012 and 2016 halving. Why? Co-integration! ELI5: S2F and btc price stay together. Look at the white dots (1 means btc price is exactly S2F model value), btc is above and below model value EVERY YEAR. pic.twitter.com/kfrejvrRA2
â PlanB (@100trillionUSD) March 4, 2020
Cut interest rates and print money.These are the tools of central banks.And theyâre going to abuse them at the exact moment we head into the Bitcoin halving.
Even Hollywood couldnât write this script đ€Żhttps://t.co/lZqqIFJDNu
â Pomp đȘ (@APompliano) February 29, 2020
Bitcoin Eyes Close above $14,000, According to Textbook Technical Indicator
https://cointelegraph.com/news/bitcoin-not-affected-as-us-fed-prints-equivalent-of-98m-btc-in-1-day
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2021 BITCOIN PREDICTIONS FROM TOP INFLUENCERS!! BTC FUTURES OPEN INTEREST HITS NEW ALL-TIME HIGH!!
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What highs (or lows) could Bitcoin reach by the end of the year?
The Stock-to-Flow (S2F) model created by PlanB is one of the most well-known BTC price prediction apparatuses in the Bitcoin space. It forecasts the long-term price trend of Bitcoin by weighing two main factors: the amount of BTC in existence (the stock) versus the amount of newly mined coins entering the market (the flow).
Thus far, the model has been eerily accurate. Bitcoin closed February 26% above the modelâs projected price and remains on pace to hit the modelâs end-of-year target of $288K. With Bitcoin currently trading at around $56K, it would need to increase over 400% between now and December.
Anthony Pompliano of Morgan Creek Digital and Dan Morehead of Pantera Capital havenât set their sights on $200K for 2021, but that doesnât mean they are bearish. They both believe Bitcoin will close the year above $100K, which would be double the current price.
In a recent interview with Cointelegraph, Pomp noted:
âIf all of a sudden only about 8 million Bitcoin are available and all this demand is showing up, you are going to have a pretty aggressive price increase.â
Who would have thought the day would come when $100K, or even $200K, Bitcoin price predictions are considered moderate? Well, today may finally be that day. Unconfirmed reports say Citibank have set their sights set on even higher price targets for 2021.
And thatâs just in the short term. As Bitcoinâs price rises, so do the long-term forecasts. Frank Holmes of US Global Investors and Scott Minerd of Guggenheim Investments both believe half a million dollars is within reach in the coming years.
But thereâs one price prediction that trumps them all. Microstrategy CEO Michael Saylor foresees Bitcoin sucking up âmonetary energyâ, which would propel it to an unthinkable price:
âIn theory, all monetary energy thatâs simply looking for a store of value/safe haven index should presumably drain out of real estate, cash, stocks, and bonds into the Bitcoin network.â
MicroStrategy chief executive Michael Saylor is envisioning a future where hundreds of trillions of dollars worth of investments can push the value of Bitcoin to as high as $14 million.
âI think that demonetizing gold gets you to $500,000 and thatâs simply pulling all the monetary energy off of the gold rock from gold bugs who believe is a store of value and a safe haven. Itâs important to note there are a lot of organizations and a lot of investors that donât use gold as their safe haven. They use government debt, sovereign debt, and so cash is a safe haven, and sovereign debt is a safe haven, and another safe haven people use as a store of value is the index funds.â
In other trending Bitcoin News today:
Bitcoin Futures Open Interest Hits New ATH As Traders Flock to Derivatives
With BTC again edging toward all-time highs, a large volume of money is flowing into the Bitcoin derivatives markets.
According to crypto market data aggregator Glassnode, outstanding futures contracts pushed into new all-time highs on March 11, with open interest across exchanges approaching $20 billion.
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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:
On this day last year #Bitcoin dropped 40% in one single day to $3,858. #Bitcoin is up +1400% since that day.
â Bitcoin Archive đđđ (@BTC_Archive) March 12, 2021
https://cointelegraph.com/news/from-318k-to-0-bitcoin-price-predictions-for-2021
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