Wild Market Turns: XRP ETFs Enter Conversation Following Ethereums Lead

Prominent ETF expert Nate Geraci highlights the wild turn of events in the crypto industry, saying people are now discussing…

The post Wild Market Turns: XRP ETFs Enter Conversation Following Ethereums Lead first appeared on The Crypto Basic.

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Ethereum Spot ETFs Approval Skepticism Persists, As ETH Recovers

Ethereum Spot Exchange-Traded Funds (ETFs) approval odds continue to witness notable pessimism as the cryptocurrency space awaits the United States Securities and Exchange Commission’s (SEC) decision on the products scheduled for May. The expectation surrounding the SEC’s decision highlights how important ETF approval is in terms of giving conventional investors more convenient access to Ethereum’s spot market. Presently, data from Polymarket, the world’s largest prediction market, shows that ETH ETF approval odds have fallen to a mere 11%. Pessimism Deepens As Ethereum ETFs Remain Uncertain As the May deadline draws near, doubt and skepticism loom large on the horizon, casting a dark shadow for the products. One of the most recent figures to voice doubts about the SEC’s willingness to approve the exchange-traded products this May is Nate Geraci, the president of ETF Store. Related Reading: Cloudy Future For Ethereum ETFs Whats Casting Doubt On Their Fate? According to Geraci, the regulatory watchdog is eerily silent on Ethereum spot ETFs. He further suggested that the products might not be approved due to the SEC’s significantly lower level of engagement with ETF issuers than in previous interactions. “Logic says that is correct, but also wonder if SEC learned a lesson from clown show with spot Bitcoin ETFs,” he added. Thus, he has pointed out two possible options for the products, which are either an approval or lawsuit from the Commission. Commenting on the president’s insights, a pseudonymous X user questioned if there is a possibility that activities are taking place behind closed doors in order to avoid disrupting the pre-launch market. Geraci responded, saying he believes that could be possible, drawing attention to Van Eck CEO Jan Van Eck’s review, which might prove otherwise. It is worth noting that Van Eck is one of the earliest firms to submit its application for an Ethereum exchange product. Even though the company was the first to file for an application, Jan Van Eck is pessimistic about the approval of the ETPs, saying they will probably be rejected in May. He stated: The way the legal process goes is the regulators will give you comments on your application, and that happened for weeks and weeks before the Bitcoin ETFs. And right now, pins are dropping as far as Ethereum is concerned. In light of this, investors prepare for an unpredictable result while managing market swings and modifying their investment plans in the face of changing regulations. ETH Price Sees Positive Movement While Ethereum ETFs might be experiencing negative sentiment, ETH, on the other hand, has witnessed a positive uptick lately. ETH has revisited the $3,000 level again after falling as low as $2,888 during the weekend. Related Reading: Ethereum Price Hints At Potential Fresh Rally, Buy The Dip? Today, ETH price rose by over 4%, reaching around $3,234, indicating potential for further price recovery. At the time of writing, Ethereum was trading at $3,215, demonstrating an increase of 1.40% in the past day. Also, the asset’s market cap and trading volume are up by 1.40% and 5.96% in the last 24 hours. Given the anticipated impact of the recently concluded Bitcoin Halving on cryptocurrencies, ETH could be poised for noteworthy moves in the coming months. Featured image from iStock, chart from Tradingview.com

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Analyst Backs Spot Bitcoin ETFs To Surpass Gold ETFs In Cumulative Net Inflows

Market analyst and President of the ETF Store Nate Geraci has backed the US-based spot Bitcoin ETFs to overtake the Gold ETFs in terms of cumulative net flows. This projection comes amidst a staggering performance by these Bitcoin ETFs in the past few days where they have attracted over $2 billion in weekly netflows. Related Reading: Bitcoin Breaking Out Of 7-Month Accumulation Channel: Expert Predicts Further Upside Spot Bitcoin ETFs To Surpass Gold ETF In 2 Years, Analyst Says The spot Bitcoin ETFs rattled the global financial markets this week recording net inflows of $2.13 billion according to data from SoSoValue. This massive influx of investments occurred as Bitcoin surged by 9.23%, approaching a critical resistance zone at the $70,000 price mark.  Amidst this market euphoria, Nate Geraci has predicted the spot Bitcoin ETFs to record a higher cumulative total netflows than the Gold ETFs in the next two years. This forecast is largely unsurprising considering the exponential growth of these Bitcoin ETFs since their launch on January 11.  For context, the Gold ETFs currently boast of combined net inflows of around $55 billion in comparison to $20.66 billion aggregate net inflows in the spot Bitcoin ETFs market. However, the Bitcoin ETFs have been trading for barely a year compared to the Gold ETFs which have been around for over 20 years. Furthermore, Bloomberg analyst Eric Balchunas recently highlighted that spot Bitcoin ETFs have amassed over $65 billion in total net assets, a milestone that took Gold ETFs nearly five years to achieve. This figure is also over 25% of the total assets under management in the global Gold ETF market. In addition, Geraci’s theory is further strengthened by the few 11 spot Bitcoin ETFs currently trading compared to the almost 5000 Gold ETFs on the global financial market. Therefore, these Bitcoin ETFs may actually be poised to overtake their Gold counterparts, especially considering the upcoming crypto market bull run and current adoption levels of digital assets. Related Reading: Bitcoin Price To $95,000? Heres What Needs To Happen First Bitcoin Set For Price Recorrection Amidst Market Surge In other news, crypto analyst Ali Martinez has shared that Bitcoin may soon experience a short-term dip following its recent price rally.  As earlier stated, the crypto market leader gained by over 8% moving from around $63,000 to nearly breaking above $69,000.  While the BTC market is currently bullish, Martinez states that the TD sequential is currently indicating a sell signal on the 4-hour chart which is strengthened by a bearish divergence on the Relative Strength Index (RSI). If Bitcoins price were to decline, investors would turn their attention to the $60,000 price zone at which lies its next support level. Albeit a strong selling pressure may cause the premier cryptocurrency to trade as low as $55,000. At the time of writing, Bitcoin continues to trade at $68,428 with a 0.98% gain in the last day. Featured image from Forbes, chart from Tradingview

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