Bitcoin ETFs On A Buying Spree, Scoop Up Nearly 300,000 BTC Since January

Regulated spot Bitcoin ETFs (exchange-traded funds) in the United States have seen a resurgence in inflows following significant selling pressure over the past two months that sent the largest cryptocurrency on the market to a 6-month low of $53,500 on July 5. Bitcoin ETFs And Institutions Now Control 9% Of Total Supply Data from analytics [...]

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Wall Street Titans Boost Crypto Stakes: US Bitcoin ETFs Garner $2.4B In Q2 Inflows

The crypto market continues to be influenced primarily by broader macroeconomic conditions, with the latest US Consumer Price Index (CPI) report providing a glimmer of optimism for risk assets, including cryptocurrencies. Crypto Awaits Fed’s Move According to a recent Coinbase report, the slightly softer-than-expected July CPI print of 2.9% year-over-year – the lowest level in three years – has “calmed market concerns and reinforced expectations of impending Fed rate cuts at the September 17-18 Federal Open Market Committee (FOMC). Per the report, this has been viewed as positive news for risk sentiment, as it may help dispel fears of a potential US recession, which Coinbase believes is more important than the total size of Fed cuts this year. Related Reading: MATIC Set For Rebranding In Early September: Will Polygon Prices Recover After Sinking 65%? However, the crypto market has remained range-bound, with Bitcoin (BTC) unable to break through the $61,000 level. Sentiment has slowed due to a lack of crypto-specific catalysts, and perpetual futures funding rates in BTC have turned negative this week, potentially indicating lower trader activity. In the Ethereum (ETH) ecosystem, gas prices have slumped, which could signal a decline in network activity. On a more positive note, spot Ethereum ETFs in the US have seen inflows this week. ETF Inflows Signal Strong Institutional Interest  The report also highlighted the growing institutional adoption of crypto, as evidenced by the latest 13-F filings for US spot Bitcoin ETFs. The data, which captures the state of institutional ownership as of June 30, 2024, reveals notable new holders such as Goldman Sachs ($412 million) and Morgan Stanley ($188 million). The ETF complex saw net inflows of $2.4 billion during this period, despite a drop in total assets under management (AUM) from $59.3 billion to $51.8 billion, due to Bitcoin’s price decline from $70,700 to $60,300. Nonetheless, Coinbase analysts believe the continued ETF inflows during Bitcoin’s underperformance may be a “promising indicator of sustained interest in crypto from the new pools of capital that the ETFs give access to.”  They also expect the proportion of investment advisor holdings to increase as more brokerage houses complete their due diligence on these funds. Related Reading: Silk Road Bitcoin Are Almost Certainly Sold By US Gov, Claims Lawyer Looking ahead, the report notes that the stage is set for market dynamics to be tested at the upcoming Jackson Hole Economic Symposium, a pivotal event that could sway sentiments and shape the trajectory of crypto markets.  While short-term fluctuations and market slowdowns may dampen immediate enthusiasm, Coinbase highlights the underlying currents of institutional interest and the evolving landscape of ETF inflows that paint a promising picture for crypto prices for the rest of the year. At the time of writing, BTC is trading at $59,679, regaining the top of the range seen in recent days between $57,000 and $60,000.  Featured image from DALL-E, chart from TradingView.com

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BlackRock ETF Holdings Surpasses Grayscale ETF Holdings

BlackRocks ETF holdings have surpassed Grayscale ETF holdings for the first time. As per the cryptocurrency and blockhain…

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Analyst Says ETH Price Will Struggle As Spot Ethereum ETFs Expectations Crash

Pseudonymous trader and analyst Roman has made a bold prediction regarding the ETH price, suggesting that investors should lower their short-term expectations. This comes amid a drop in the hype around the Spot Ethereum ETFs, with these funds currently suffering significant outflows.  What To Expect From The ETH Price Roman mentioned during an interview with Hall of Flame that he doesnt see Ethereum doing that well for the next few months. The analyst believes that ETH will suffer a similar fate to the rest of the crypto market as Bitcoin sucks up all the liquidity while altcoins continue to trade sideways due to this.  Related Reading: Analyst Identifies Bullish Pattern That Can Send XRP Price To New Highs As such, Roman doesnt expect the ETH price to enjoy any parabolic rally until traders begin to rotate their capital from Bitcoin into altcoins, with Ethereum likely to lead the pack when that time comes. The analyst also noted that this period will likely come when traders think Bitcoin is at or close to its market top.  The analyst highlighted the period in 2020 when Ethereum didnt really do well until the flagship crypto hit $40,000. He noted that the ETH price was down 80% from its all-time high (ATH) while Bitcoin broke ATHs. Indeed, Ethereum is currently suffering a similar fate. Bitcoin hit a new ATH earlier this year, while ETH is down over 33% from its current ATH of $4,890.  Meanwhile, Roman explained how Ethereum will rise from the ashes when Bitcoin is almost or already at its peak. He stated that when Bitcoin starts to experience a significant price correction, after hitting a price target like $120,000, Bitcoin traders are taking profits and rotating it into Ethereum and other altcoins.  Interestingly, the crypto trader suggested that Ethereums success largely depends on Bitcoin. He claimed that the flagship crypto needs to continue to break new highs and rally much higher for money to flow into ETH and other altcoins. Meanwhile, Roman believes that the liquidity shift will happen before year-end.  How Much Could Flow Into The Spot Ethereum ETFs Expectations for the Spot Ethereum ETFs have dropped since they began trading on July 23, with analysts like Sygnum Bank Head of Research Katalin Tischhauser suggesting that inflows into these funds could be lower than expected.  Tischhauser told The Block that the Spot Ethereum ETFs could witness as low as 15% of Bitcoins flows, with around $5 flowing into these funds in their first year of trading while $30 billion flows into the Spot Bitcoin ETFs. Related Reading: Institutional Investors Show Interest In Cardano, Triggering 300% Surge The analyst made this prediction based on Ethereums lesser name recognition and ETHs market cap compared to Bitcoins, suggesting that the Spot Ethereum ETFs will likely record less adoption and lower liquidity.  These Spot Ethereum ETFs have suffered significant net outflows since they began trading thanks to Grayscales Ethereum Trust (ETHE). However, these funds broke this streak of net outflows on July 30, with data from Farside Investors showing that they recorded a net inflow of $33.7 million.  Featured image created with Dall.E, chart from Tradingview.com

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Why Is ETH Price Struggling Despite The Spot Ethereum ETFs Launch?

Post the Spot Ethereum ETFs launch, the ETH price has continued to struggle unexpectedly, proving that the launch of the Spot ETFs were a sell the news event. So far, the second-largest cryptocurrency by market cap has lost around 10% of its value since the Spot Ethereum ETFs trading began on Tuesday, July 23, and could see further decline from here, according to an analysis from Matrixport. Spot Ethereum ETFs Triggers Selling Following the launch of the Spot Ethereum ETFs, there was a lot of excitement in the market, especially around the fact that investors could now gain exposure to ETH without having to directly buy the underlying token. However, this excitement has been short-lived as days after the launch, the ETH price continues to struggle. Related Reading: End Of The Road? Shiba Inus Shibarium Sees Massive 80.3% Crash In Active Accounts In a report released on Thursday, Markus Thielen, Head of Research at Matrixport, outlined a number of reasons why the ETH price was declining. As Thielen explains, while the inflows crossed $100 million on the first day, the Grayscale Ethereum fund had been suffering outflows. Just like with the Spot Bitcoin ETFs launch, the Grayscale ETH fund, which holds around $9 billion in ETH, began recording outflows. This is due to the fact that Grayscales management fees remain high with competitors offering fees as low as 0.19%. On the first day alone, $481 million flowed out of the fund, and $326 million followed the next day. In addition to this, the Mt. Gox distributions began around the time of the Spot Ethereum ETFs launch, so this even also put extra selling pressure on the crypto market. Just as the Bitcoin price did with the Spot Bitcoin ETFs, the ETH price has responded negatively to these outflows, leading to a price decline below $4,200. Will The ETH Price Recover From Here? Outflows from the Grayscale ETH fund since the launch of the Spot Ethereum ETFs have been one of the major factors driving the ETH price decline. However, it is not the only bearish development that has emerged for the cryptocurrency. Thielen points out that the ETH price may have reached the top, using the daily stochastics indicator as a guide. Now, when the value of this indicator is low, it often means a buying opportunity and the price is hitting a low. Meanwhile, the value being high suggests that the ETH price may have hit its top. Related Reading: Crypto Analyst Says Bitcoin Is Headed For $260,000 But This Must Happen First According to the report, the ETH price had hit a score of 92% in the days leading up to the Spot Ethereum ETFs launch. Usually, a score above 90% is bearish for the price as it means the cryptocurrency is currently in overbought territory. Subsequently, the value of the stochastic indicator is expected to decline as investors offload their holdings. So far, there have been a 5% decline from 92% to 87%, suggesting that there is still a long way to go before the ETH price stops bleeding. Considering the recent rally and the potential overhang from Mt. Gox, the US earnings season, and the weak seasonals for August and September, it might make sense to press the Ethereum short a bit longer, Markus Thielen said in closing. Featured image created with Dall.E, chart from Tradingview.com

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Bitcoin ETFs Added To Michigan State Pension Fund With $6.6 Million Allocation

The approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC) in January 2023 has opened the floodgates for significant institutional investment in the newly approved market. However, US states are also rushing to capitalize on the success of these ETFs by allocating a portion of their pension funds to reap profits and diversify [...]

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Ethereum ETFs Debut: BlackRock Reigns With $260M Inflows, Grayscale Bleeds

Nine spot Ethereum ETFs commenced trading on the US stock market on Tuesday, marking a pivotal moment for the crypto industry following the Securities and Exchange Commission’s (SEC) green light on Monday. Ethereum ETFs See $1B In Trading Volume On Debut James Seyffart, a senior ETF analyst at Bloomberg, described the Monday ETF launch as a “pretty big success,” according to a Fortune report. However, the initial enthusiasm was tempered by a stark comparison to Bitcoin’s ETF debut earlier this year, which garnered $655 million in inflows on its first trading day. Related Reading: Mt. Gox Creditors Opt To HODL Bitcoin Rather Than Sell, CryptoQuant Data Shows Diving into the specifics, the Ethereum ETFs collectively amassed $10.2 billion in assets, with trading volumes surpassing $1.1 billion on day one. Grayscale’s Ethereum Trust (ETHE) led the volume race with $469.7 million.  Among the key players, BlackRock led the charge with $266 million in inflows, followed closely by Bitwise with $204 million and Fidelity with $71 million.  Despite these figures, the ETFs collectively witnessed net inflows of $107 million, overshadowed by Grayscale’s Ethereum Trust’s outflows of $484 million, as per Bloomberg data. However, the market response to the ETFs did not translate into a noticeable impact on Ethereum’s price, which experienced a marginal 0.8% decline since trading commenced.  Currently, the second largest cryptocurrency on the market is trading at $3,420, with a 27% decrease in trading volume in this area, amounting to $16 billion in the last 24 hours, and no significant changes to Tuesdays price value per coin.  Bright Future Despite Challenges Given that Ethereum’s market cap is a fraction of Bitcoin’s, the comparatively smaller inflows were somewhat to be expected. In addition, the Fortune report noted that the lack of a staking feature in the ETFs, which is prohibited by the SEC, also drove some investors to buy Ethereum directly, bypassing the new Ethereum ETFs mechanism. Another strong reason for the outflows on the first day of the ETHE fund is Grayscale’s 2.5% fee compared to competitors charging 0.25% or less, a factor that is believed to have influenced investor behavior and contributed to ETHE’s outflows. Related Reading: Forget $10,000, Crypto Analyst Says Spot Ethereum ETFs Will Drive ETH To $14,000 Despite the lack of market response, Seyffart remains optimistic about the reception of the Ethereum ETFs, citing the strong performance of smaller players such as 21 Shares’ Core Ethereum ETF, which attracted $8.7 million in inflows. Seyffart said to Fortune: Very successful launch day by any standard ETFs first day of trading. On top of this, the volume numbers were very strong.  Adding to the optimistic outlook for the Ethereum ETFs, it is noteworthy that Bitcoin (BTC) surged to an all-time high of $73,700 on March 14, just two months after the approved ETFs started trading.  Although ETFs investing in ETHs price may not attract as much inflow and trading volume as BTC, this could lead to a sustained increase in ETH’s price in the long term.  Featured image from DALL-E, chart from TradingView.com

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Ethereum ETFs Witness Stellar Start As Trading Soars; Analyst Sees ETHs Price Reaching $8,000 In Q4

Ethereum ETFs (exchange-traded funds) began trading on Tuesday, generating significant volume within the first 2 hours of trading. Interestingly, the Ethereum ETFs ranked among the top 1% regarding ETF volume.  Related Reading: Analyst Says Solana Price Will Surge 1,000% To $1,800, Heres When Ethereum ETFs Surpass Traditional Launch Volumes According to Bloomberg ETF expert Eric Balchunas, the ETH ETFs traded $361 million in the first 90 minutes on launch day, surpassing the typical volume seen at the launch of traditional ETFs. Blachunas said: Here’s where we at after 90 minutes. $361m total. As a group that number would rank them about 15th overall in ETF volume (about what $TLT and $EEM trade), which is Top 1%. But again compared to a normal ETF launch, which rarely see more than $1m on Day One, all of them have cleared that number and then some. Matthew Sigel, head of digital asset research at asset manager VanEck, highlighted the significance of these figures in the first hours of trading, noting that Ethereum ETFs saw more than 50% of trading volume compared to Bitcoin’s $610 million on day one, indicating strong investor interest in Ethereum. However, how these numbers will fare at the close remains to be seen. Bitcoin ETFs saw $4.6 billion in volume on their first day of trading in January, which may indicate the future performance of these newly approved index funds for the second-largest cryptocurrency on the market. ETHs Price Targets Soar Crypto analyst Doctor Profit shared a report highlighting a potentially massive parabolic move for Ethereum’s price this year in the wake of the expected inflows in the new Ethereum ETF market.  While some anticipate a correction due to the “sell the news” phenomenon, Doctor Profit argues that the market has already factored in the ETF launch but has yet to consider the significant inflows of USD that will flood into the Ethereum ETFs.  With Ethereum’s market cap being three times smaller than Bitcoin’s, Doctor Profit believes that every dollar invested in ETH is expected to have three times the price impact compared to Bitcoin, positioning Ethereum favorably for substantial price gains. Furthermore, the analyst contends that while Ethereum’s Grayscale ETH Fund sell pressure is comparable to the Bitcoin ETF launch, the impact is expected to be less severe.  Related Reading: Helium (HNT) Rockets In Value With 41% Rally Heres Why Looking ahead, Doctor Profit has set expected price targets for Ethereum in the coming months, including a potential target between $4,500 and $5,500 by Q3 2024, indicating steady but modest growth.  Moving into Q4 2024 and Q1 2025, the price range is expected to expand from $5,500 to $8,000. However, it is in Q2 2025 that Ethereum is expected to significantly jump, with price targets ranging from $8,000 to $14,000.  At the time of writing, ETH is trading at $3,444, showing sideways movement with no significant change from yesterday’s price, despite the hype surrounding the launch of the ETF market.  Featured image from DALL-E, chart from TradingView.com

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CBOE Global Markets Lists Spot Ethereum ETFs, Confirms Launch Date

The Chicago Board Options Exchange (CBOE) has confirmed the launch date for Spot Ethereum ETFs, revealing when five Spot ETH ETFs will commence trading in the crypto market.  CBOE Finalizes Launch Date For Spot Ethereum ETFs On July 19, the CBOE released a new issue notification on its official website concerning the launch of Spot Ethereum ETFs trading. According to the notification, five Spot ETH ETFs will begin trading on the Chicago Board Options Exchange on July 23, 2024, pending regulatory effectiveness. Previously, analysts, including Bloomberg Senior ETF analyst, Eric Balchunas, had predicted that Spot ETH ETFs could start trading on July 2. However, Balchunas has since revised his forecast, suggesting in another X (formerly Twitter) post that ETH ETFs would likely launch on July 18.  Related Reading: Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses? Amid the fluctuating timelines for Spot Ethereums debut, the CBOEs confirmation carries significant weight, aligning with the summer launch date projected by the United States Securities and Exchange Commission (SEC). The adjustment to a July 23 launch date is partly due to delays from several Spot Ethereum ETF issuers, who have needed to amend and resubmit their S-1 registration forms to the SEC for review and approval. The five Spot ETH ETFs set to begin trading on July 23 include Fidelity Ethereum ETF Fund (FETH), Ark 21Shares Core Ethereum ETF (CETH), Franklin Ethereum ETF (EZET), VanEck Ethereum ETF (ETHV), and Invesco Galaxy Ethereum ETF (QETH).  The launch of these Spot Ethereum ETFs represents a significant milestone in the crypto market, providing investors the opportunity to gain exposure to ETH without the significant risks of volatility often associated with cryptocurrencies. Furthermore, the introduction of Spot Ethereum ETFs is set to bring greater diversification in the crypto market, offering investors a new trading option beyond Spot Bitcoin ETFs.  While CBOEs confirmation of Spot Ethereum ETFs launch is a promising development for the crypto market, the real focus will be on the performance and demand of these ETFs, as their success could set a precedent for more crypto ETF filings in the future.   Will ETH ETFs Match Bitcoin ETFs Demand Post Launch? The performance of Ethereum Spot ETFs has been a hot topic in the crypto space, as analysts constantly analyze whether the demand for ETH ETFs could potentially match or even surpass that of Spot Bitcoin ETFs.  Related Reading: Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In Matt Hougan, the Chief Investment Officer (CIO) of Bitwise, predicts that Ethereum Spot ETFs will be a resounding success, gathering about $15 billion in new assets within the first 18 months in the market. The Bitwise CIO also stated that the demand for ETH ETFs will surge significantly, potentially propelling the price of ETH to a $5,000 all time high.  In contrast, Samson Mow, the CEO of JAN3, a Bitcoin technology company, believes that Spot Ethereum ETFs will not be as bullish as Spot Bitcoin ETFs. He further added that Ether ETFs will massively underperform Bitcoin ETFs in the market.  While there are differing opinions regarding the success of Spot Ethereum ETFs, it remains uncertain just how well these investment products will perform following its launch.  Featured image created with Dall.E, chart from Tradingview.com

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ETH Derivates Volume Have Flatlined Despite Spot Ethereum ETFs Approval, Whats Going On?

ETH derivatives volume suggests that Ethereum investors have little confidence in the Spot Ethereum ETFs, sparking a massive rally for the second-largest crypto token by market cap. This development comes amid the imminent launch of these funds, which are expected to begin trading next week.  Ethereum Futures Premium Highlights Little Confidence In ETHs Price According to data from Laevitas, Ethereums fixed-month contracts annualized premium currently stands at 11%, suggesting that crypto traders arent bullish enough on ETHs price. Further data from Laevitas shows that this indicator has yet to sustain levels above 12% this past month.  Related Reading: Crypto Analyst Says Bitcoin Is Not Ready For $65,000 Retest, But Can It Reach $71,500? This is surprising considering that the Spot Ethereum ETFs, which could launch next week, are expected to spark a price surge for Ethereum. Crypto analysts like Linda have predicted that ETH could rise to as high as $4,000 thanks to the inflows these Spot Ethereum ETFs could witness.  However, crypto traders are not convinced that Ethereum’s reaching such heights is likely to happen, at least not soon enough. A plausible explanation for this lack of excessive bullishness is that Ethereums price could continue to trade sideways for a while, thanks to the $110 million daily outflows that research firm Kaiko projected could flow from Grayscales Spot Ethereum ETF.  Moreover, this seems likely following the final S-1 filings by the Spot Ethereum ETF issuers, which showed that Grayscale has the highest fees. The asset manager plans to charge a management fee of 2.50%, while the highest fee among other Spot Ethereum ETF issuers is 0.25%. Grayscale had done something similar with its Spot Bitcoin ETF, setting its management fee at 1.5%, while the other Spot Bitcoin ETF issuers had management fees ranging between 0.19% and 0.39%. That move is believed to have been one of the reasons why Grayscales Bitcoin ETF witnessed significant outflows following the launch of the Spot Bitcoin ETFs.  Making A Case For Ethereums Inevitable Price Surge Crypto analyst Leon Waidmann has made a bullish case for ETHs price and explained why Ethereum investors should be more bullish. He noted that the discount between Grayscales Ethereum Trust (ETHE) and ETHs price has significantly narrowed since the Spot Ethereum ETFs were approved earlier in May.  Related Reading: Why Did The German Government Sell Off 50,000 Bitcoin In 2 Weeks Waidmann stated that this has given ETHE investors ample time to exit their positions without significant discounts compared to Grayscales Bitcoin Trust (GBTC). Another reason GBTC is believed to have experienced such outflows was because of investors who were taking profits from having invested in the trust at a discounted price to Bitcoins spot price.  However, unlike GBTC and other Spot Bitcoin ETFs, ETHE and other Spot Ethereum ETFs didnt start trading immediately after approval. Therefore, Waidmann believes that whoever intended to profit from the discount between ETHE and ETHs price must have already done so before now. As such, Grayscales ETHE shouldnt witness the same amount of profit-taking as Grayscales GBTC did after it began trading.  Featured image created with Dall.E, chart from Tradingview.com

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Bitwise CIO Bullish On Ethereum ETFs Fueling Surge To Record Highs Above $5,000

As the highly anticipated launch date of spot Ethereum ETFs approaches, Matt Hougan, Chief Investment Officer of crypto asset manager Bitwise, has stressed the potential for these ETF inflows to drive the Ethereum price to record highs.  In a recent client note, Hougan highlighted the significant impact that ETF flows could have on the Ethereum [...]

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Why Is The Ethereum Price Up Today?

Ethereum (ETH) is up in the last 24 hours. This is thanks to a recent development suggesting that the Spot Ethereum ETFs are set to launch anytime soon. These funds are expected to positively impact ETH’s price, with the second-largest crypto token poised to reach new highs.  Why ETH Is Up Today Ethereum experienced a price surge following Bloomberg analyst Eric Balchunas revelation that the Spot Ethereum ETFs could begin trading by July 23. Balchunas mentioned in an X (formerly Twitter) post that the US Securities and Exchange Commission (SEC) has gotten back to the fund issuers and asked them to submit their final S-1 filings by July 22.   Related Reading: Analyst Says Solana Price Could Rise 450% To $840 Here Are The Drivers The SEC also asked them to request effectiveness on July 22 so they can launch on July 23. Therefore, the Spot Ethereum ETFs should launch by next week, provided there are no unforeseeable last-minute issues, as noted by Balchunas. The launch of the Spot Ethereum ETFs is undoubtedly bullish for ETH, giving the amount of new money set to flow into its ecosystem through these funds.  Crypto research firm K33 predicted that these Spot Ethereum ETFs could attract as much as $4.8 billion in their first five months of trading. In line with this, crypto analysts predict that Ethereum could record massive gains thanks to these inflows. Crypto analyst Linda recently predicted that the crypto token could rise to as high as $4,000 soon enough.  Other analysts, like Altcoin Sherpa, have also predicted that ETH will hit $4,000 soon. Meanwhile, crypto analyst and trader Tyler Durden has provided a more bullish prediction for ETH, stating that the crypto token will rise to $10,000 just the way the chips have fallen. The crypto analyst alluded to the Spot Ethereum ETFs as what will spark such a parabolic move for Ethereum. He claimed that institutional investors had put so much effort into ensuring that the Spot Ethereum ETFs were approved and that they would ensure that they made money from these funds while pumping ETH’s price. What The Spot Ethereum ETFs Mean For Altcoins The Spot Ethereum ETFs launch is also expected to spark massive moves for other altcoins and is likely to kickstart the altcoin season. Crypto analyst Crypto Rover advised market participants to prepare accordingly, boldly asserting that altcoin season will start once the Spot Ethereum ETFs begin trading.  Related Reading: JPMorgan Says Crypto Liquidations Will End And Bitcoin Bull Market Will Begin, Heres When From a technical perspective, crypto analyst Titan of Crypto mentioned that altcoins are ready to make major moves to the upside as Bitcoins dominance drops. Crypto analyst Mikybull Crypto also stated that the macro short-term correction for altcoins is about to end, meaning that the Spot Ethereum ETFs could be the catalyst that sparks a bullish reversal.  At the time of writing, ETH is trading at around $3,300, up in the last 24 hours, according to data from CoinMarketCap.  Featured image created with Dall.E, chart from Tradingview.com

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Bitcoin ETFs Witness 18 Straight Days Of Inflows, Options Traders Eye $100,000

US spot Bitcoin ETFs have experienced a noteworthy streak of net inflows for 18 consecutive days, contributing to the upward momentum of the leading cryptocurrency as it inches closer to its all-time high levels set in March.  According to Bloomberg data, these ETFs, managed by some of the world’s largest financial institutions, have attracted net subscriptions of $15.6 billion since their launch on January 11, bringing total assets under management to a substantial $62.3 billion. Record-Breaking Demand For Bitcoin ETFs According to Bloomberg, the success of Bitcoin ETFs introduced by BlackRock and Fidelity Investments has made them some of the most successful launches in the ETF sector’s history.  These products have significantly influenced the center of gravity for cryptocurrency investments, shifting it from Asia to the United States. Related Reading: Buy Now, Crypto Bull Market Returns, Says Arthur Hayes Sean Farrell, Head of Digital Asset Strategy at Fundstrat, noted the significant inflows into spot Bitcoin ETFs and highlighted that the macroeconomic environment favors the cryptocurrency market. Economic growth is advancing at a “non-recessionary pace” and signs of disinflation persist. Recently, BlackRock’s iShares Bitcoin Trust, with $21.4 billion in assets, became the world’s largest Bitcoin fund, surpassing Grayscale’s $20.1 billion Bitcoin trust (GBTC). On the other hand, the Fidelity Wise Origin Bitcoin Fund (FBTC), with $12.3 billion in assets, currently holds the third position. The US Securities and Exchange Commission (SEC), which had been cautious about digital assets, reluctantly permitted spot Bitcoin ETFs in January due to a court reversal in its lawsuit against Grayscale in 2023.  Although the SEC remains critical of the digital asset industry’s compliance with regulations, recent efforts in Congress to establish clearer legislative frameworks for cryptocurrencies have gained momentum. BTC Options Traders Target $100.00 In addition to the Bitcoin ETF inflows, options traders are increasingly optimistic about Bitcoin’s future. Open interest is concentrated on call options with strike prices of $75,000, $100,000, and $80,000.  Luuk Strijers, CEO of Deribit, the largest crypto options exchange, noted the bullish sentiment in the BTC options market. Traders anticipate new all-time highs, driven by strong Bitcoin ETF flows, expectations of US interest rate cuts, the European Central Bank’s rate cuts, and the recent approval of an ETH ETF. Related Reading: Bitcoin Coinbase Premium Index Has Turned Positive At 0.006, Why This Is Important While Bitcoin experienced a minor retreat from its record high of $73,700 set in March, renewed inflows into Bitcoin ETFs and expectations of interest rate cuts have reignited optimism among traders. Call options expiring in late June and December are particularly active, indicating a positive short- and long-term outlook. As of press time, the largest cryptocurrency on the market has successfully consolidated above the $70,000 milestone. Its gains over the past seven days amount to 5%, favoring the price of BTC and resulting in a current value of $71,320.  Featured image from DALL-E, chart from TradingView.com

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Solana ETF Approval Could Skyrocket SOLs Value 9x Higher, Report Finds

Leading asset manager and Bitcoin Exchange Traded Fund (ETF) issuer VanEck has officially filed a Spot Solana ETF with the US Securities and Exchange Commission (SEC), fueling bold growth predictions for the Solana ecosystem.  Market-making firm GSR Markets recently released a report shedding light on the potential impact of a Solana ETF and highlighting the platform’s emergence as part of the “Big Three” in the crypto space. Speculation Of A Solana ETF Approval GSR’s report highlights Solana’s rapid rise within the cryptocurrency industry, positioning it as a major player alongside Bitcoin and Ethereum.  With the Bitcoin ETF market already approved and Ethereum about to launch a spot ETF in the US, GSR predicts that it’s only a matter of time before Solana follows suit, potentially making the biggest impact.  Related Reading: Bitcoin Miner Selling Cools Off Is This The Breakout Moment? GSR’s analysis highlights three key technological advancements that set Solana apart from its competitors. Firstly, Solana’s proof-of-history enables validators to produce blocks efficiently, resulting in remarkable speed and scalability advantages.  Second, Solana’s parallel transaction processing enables increased throughput and takes advantage of improvements in computing speed.  Finally, the company said Solana’s architecture positions it to solve the “blockchain trilemma” by achieving global state synchronization at “unprecedented speeds” as hardware and bandwidth costs decline. In addition, GSR’s report addresses the likelihood of Solana securing a spot digital asset ETF. While the current regulatory framework requires a federally regulated futures market and a futures-based ETF before a spot product can be considered, GSR believes that the potential for change shouldn’t be underestimated.  The company also claims bipartisan support for the crypto industry, and shifting attitudes among lawmakers indicate a more favorable environment for digital assets.  A Trump administration and a liberal SEC commissioner could further pave the way for the launch of spot digital asset ETFs, creating opportunities for Solana and other cryptocurrencies, the report said. Projected Impact On SOL’s Price GSR emphasizes the importance of decentralization and potential demand in determining the next spot digital asset ETF.  Factors such as permissionless participation, developmental control, token allocation, and stake characteristics contribute to a blockchain’s level of decentralization.  Meanwhile, as indicated by metrics like market cap, potential demand serves as a crucial factor for issuers when assessing future inflows. GSR combines decentralization and demand scores to create an ETF Possibility score, which highlights Ethereum and Solana as leading contenders for the next spot in digital asset ETF. Related Reading: Dogecoin To The Moon? Crypto Analyst Predicts 440% Price Increase Drawing parallels to the effect of spot Bitcoin ETFs on Bitcoin’s price, GSR estimates the potential impact of a Solana ETF on SOL. Adjusting for Solana’s smaller market cap relative to Bitcoin, GSR predicts a 1.4x to 8.9x increase in SOL’s price under different scenarios.  However, the report acknowledges that the impact could be even higher, considering SOL’s active usage in staking and decentralized applications. In the event of a spot ETF approval, GSR suggests that the potential upside for SOL presents a significant opportunity in the market. As investor excitement over the development became apparent, SOL’s price reached a weekly high of $151 on Thursday, but in the past few hours, SOL has dropped nearly 4% to a current trading price of $143.  Featured image from DALL-E, chart from TradingView.com

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BREAKING: 21Shares Joins Race To Launch Spot Solana ETF

In a significant development for the cryptocurrency industry, investment firm 21Shares filed an S-1 registration form for a Spot Solana ETF with the US Securities and Exchange Commission (SEC) on Friday.  The 21Shares application follows a similar filing by Bitcoin ETF issuer and asset manager VanEck on Thursday, indicating a growing interest in Solana as a potential competitor to the anticipated Ethereum ETF market, which is expected to begin trading in July. 21Shares Introduces Core Solana ETF The 21Shares Core Solana ETF, as described in the filing, is designed to issue common shares of beneficial interest that trade on the Cboe BZX Exchange.  Related Reading: SOL Price Soars As First-Ever Solana ETF Filing Surfaces In The US Its investment objective is to track the performance of SOL, providing investors with a convenient and cost-effective method to gain exposure to SOL without making a direct investment in the asset. Based on the index, the ETF will hold SOL and value its shares daily. The Trust will be sponsored by 21Shares, with CSC Delaware Trust Company acting as the trustee. Coinbase Custody Trust Company will serve as the SOL custodian, holding all of the Trust’s SOL on its behalf.  SOL Price Consolidates After Initial ETF Announcement While the SEC’s approval of a Solana ETF is subject to regulatory review and compliance, these filings demonstrate the increasing demand for investment products that expose Solana’s digital assets.  If approved, the ETFs would provide investors with a regulated and accessible way to participate in Solana’s potential growth and performance. Related Reading: Bitcoin Miner Selling Cools Off Is This The Breakout Moment? Notably, this could be the start of new filings with the SEC by the world’s largest asset managers, as has already been the case with Bitcoin and Ethereum ETFs.  Nonetheless, SOL has not had the same reaction as it did on Thursday with VanEck’s announcement of its Solana ETF filing, which sent SOLs price to a 9% price recovery towards $150 after a dip to $121 earlier in the week. Now SOL is trading at $142 due to a 4% price correction experienced over the past 24 hours.  Featured image from DALL-E, chart from TradingView.com

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Experts Bullish On Ethereum ETFs Launching July 4, Predicting Potential Surge Beyond $7,000

As the highly anticipated launch of the first spot Ethereum ETFs in the United States nears, experts are predicting a significant price appreciation for the second-largest cryptocurrency in the market. Ethereum ETFs On The Horizon According to a recent Reuters report, the US Securities and Exchange Commission (SEC) could approve Ethereum ETFs as soon as [...]

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Spot Solana ETFs: Analyst Says Dont Get Too Excited About The Market Recovery

Crypto analyst Ali Martinez has warned the crypto community not to get too excited about the recent market recovery trigger by Spot Solana ETFs filing. Bitcoin (BTC) and the broader crypto market witnessed a relief bounce following recent bullish developments, but the analyst highlighted what could send the market into a downtrend again.   Why The Crypto Community Should Not Get Too Excited After Solana ETFs Rally Martinez mentioned in an X (formerly Twitter) post that the crypto community should not get too excited because $22 million will be liquidated from the crypto market if Bitcoin drops to $60,700. A significant amount in liquidations could lead to further decline in the crypto market, especially with other traders and investors looking to close their positions for fear of being liquidated.  Related Reading: Why Is The Bitcoin Price Down Today? Martinez issued this warning following the market rebound made by Bitcoin and altcoins. This rebound followed news that asset manager VanEck had filed for a Spot Solana ETF with the US Securities and Exchange Commission (SEC). Solana, in particular, saw a price gain of over 8% and rallied to as high as $150 following the news.  The crypto market was also buoyed in anticipation of the US presidential debate. The crypto community had anticipated crypto being a major talking point during the discussion, although that didnt happen. Regardless, there is still enough reason for the crypto market to be excited, as VanEcks filing for the first-ever Spot Solana ETF marks a significant milestone not just for the Solana ecosystem but the crypto ecosystem in general.   Other asset managers can be expected to file for a Spot Solana ETF in due time, and the potential approval of these funds could usher in more crypto ETFs just as the approval of a Spot Bitcoin and Ethereum ETF motivated VanEck to file for this Spot Solana ETF. Meanwhile, the Spot Ethereum ETFs are expected to begin trading soon, providing more bullish momentum for the crypto market.  Technical Indicators Also Point To More Rallies For Bitcoin Martinez recently highlighted an Adam and Eve bottoming pattern, which he claimed seems to be forming on Bitcoins chart. He stated that this signals a potential 6% rise towards $66,000 if Bitcoin can maintain a candlestick close above $62,000. Additionally, Martinez recently noted that the crypto market sentiment has turned into fear, which suggests that crypto prices are currently undervalued and that a market rebound is imminent.  According to Martinez, Bitcoins relative strength index (RSI) also shows that this is a good time to buy the Bitcoin dip. Historical trends suggest that a parabolic rally is already on the cards for the flagship crypto. Once Bitcoin makes its move to the upside, the broader crypto market is expected to enjoy a massive bounce.  Related Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52% Crypto analyst Javon Marks also alluded to Bitcoins RSI and highlighted a bullish divergence pattern that had formed on Bitcoins chart which he claimed validates a bullish outlook for the crypto token. He predicted that Bitcoin could soon make a rebound to $72,000 and possibly new all-time highs (ATHs) should this bullish pattern hold.   Featured image created with Dall.E, chart from Tradingview.com

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Why Is The Bitcoin Price Down Today?

The Bitcoin price is in a decline once more, after seeing some recovery on Wednesday due to the turnaround in the Spot Bitcoin ETFs net flows. However, just one day later, it seems the pioneer cryptocurrency has resumed the downtrend and this decline after the recovery has begun a worrying trend. So, what are the factors that are driving this decline? Bitcoin Price Suffers From Sell-Offs One of the major factors that have been behind the Bitcoin decline is the major sell-offs that have rocked the digital asset. These sell-offs are not just from any investor, but rather large BTC sells being orchestrated by large governments. Related Reading: Bitwise CIO Expects $15 Billion To Flow Into Spot Ethereum ETFs, How Will ETH React? One of the major news that rocked the space was the fact that the German government had begun selling coins. In total, the German government sold around 2,786 BTC, which was worth around $$140 million at the time of the sale. However, the German government is not the only one that has been selling. News also broke that the US government had begun moving Bitcoin seized from the Silk Road bust once again. On-chain data aggregator Arkham reported that the US government had moved almost 4,000 BTC from its wallets to the Coinbase exchange. In total, the US government moved 3,940 BTC to the exchange, which amounted to $241.22 million at the time of the transaction. This transfer is worrying as coins are usually moved to centralized exchanges such as Coinbase for sale as these trading platforms possess deeper liquidity compared to their decentralized counterparts. Has BTC Reached Its Bottom? While the downtrend looks to have resumed, there are signs that point to the bottom being closed. One of these signs is the return of demand into the market. For example, the Spot Bitcoin ETFs had seen seven consecutive days of outflows, which eventually turned around on Tuesday. Data from Coinglass shows that between Tuesday and Wednesday, inflows into the Spot Bitcoin ETFs have crossed $50 million, ending the brutal week of outflows. Related Reading: Triangle Formation That Sparked The 2017 XRP Rally Returns, Whats The Target? Another possible tell is the profit and loss margin for investors. This shows how many Bitcoin investors are currently seeing profit, and the higher the profitability, the higher the likelihood of a sell-off as investors take profit from their positions. However, the profitability levels have dropped, meaning that investors are less likely to sell their holdings as they wait for better prices. This often gives demand time to build up and create a possible bounce point for a recovery. For now, the Bitcoin price is holding steady at the $61,000 support at the time of writing. But if sell-offs resume, then the pioneer cryptocurrency could fall to the $60,000 level soon. Featured image created with Dall.E, chart from Tradingview.com

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Spot Bitcoin ETFs See 7 Consecutive Days Of Outflows, Heres What Happened Last Time

Spot Bitcoin ETFs have entered another disturbing trend, recording outflows for one week straight. These outflows have coincided with the decline in the Bitcoin price, suggesting that the sell-offs may be directly linked to institutional sell-offs, as well as miner sell-offs. The funds have now completed seven consecutive days of outflows, so this report takes [...]

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Bitwise CIO Expects $15 Billion To Flow Into Spot Ethereum ETFs, How Will ETH React?

Bitwises Chief Investment Officer (CIO) Matt Hougan recently discussed the inflows the US Spot Ethereum ETFs could attract. Specifically, he stated how much could flow into these funds in their first 18 months of trading.  Spot Ethereum ETFs To Record $15 Billion In First 18 Months Of Trading Hougan mentioned in a note to investors that the Spot Ethereum ETFs could record $15 billion in net inflows in their first 18 months of trading. He elaborated on how he arrived at these figures to show that it wasnt just a guess. First, Hougan highlighted the market capitalizations of Bitcoin and Ethereum and stated that he expects investors to allocate to their respective exchange-traded products (ETPs) in proportion to their market caps.  Related Reading: Spot Bitcoin ETFs See 7 Consecutive Days Of Outflows, Heres What Happened Last Time Hougan noted that US investors have, so far, invested $56 billion in Spot Bitcoin ETPs and expects that figure to reach $100 billion or more by the end of 2025, when these funds should have matured further and be approved on platforms like Morgan Stanley and Merrill Lynch.  Using this as a reference, Bitwises CIO stated that the Spot Ethereum ETFs would need to attract $35 billion in assets to stay on par with the Bitcoin ETFs, which he believes could take about 18 months to happen. Hougan also highlighted that the Spot Ethereum ETFs will already have $10 billion in assets upon launch, thanks to the Grayscale Ethereum Trust (ETHE), which will convert to an ETF on launch day.  Therefore, Hougan noted that the Spot Ethereum ETFs are now left with $25 billion in inflows to reach parity with the amount of inflows the Spot Bitcoin ETFs are expected to reach by 2025 year-end. Hougan then highlighted data from the international ETP markets to show that investors may be allocating to Bitcoin and Ethereum ETPs roughly in line with their market caps.  Using The International Markets As A Point Of Reference According to Hougan, Bitcoin and Ethereum ETPs in Europe hold 4,601 and 1,305 in assets under management (AuM), which translates to 78% and 22% of the aggregate available funds in both markets. Similarly, Bitcoin and Ethereum ETPs in Canada have $4,942 CAD (77%) and $1,475 CAD (23%) respectively.  Related Reading: Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Heres Why Working with Ethereums ETP market share in Canada, Hougan estimated that the US Spot Ethereum ETFs could also get 22% of the US market. Based on this, Hougan lowered the estimate of net inflows for the Spot Ethereum ETFs from $25 billion to $18 billion, excluding Grayscales assets.  Hougan eventually lowered the estimated net inflows to $15 billion by factoring in the fact that a significant portion of the flows into the US Spot Bitcoin ETFs are related to carry trades. He removed $10 billion of carry trade-related AuM from the Bitcoin market, lowering his estimates for Bitcoin from $100 billion to $90 billion and for the Spot Ethereum ETFs from $18 billion to $15 billion.  Featured image created with Dall.E, chart from Tradingview.com

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