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Ethereum Demand Growth Predicted To Continue, Says Tranchess

According to Odaily, Tranchess has announced that the ongoing growth in demand for Ethereum is expected to continue. The company predicts that liquidity pledge products and related products such as qETH and STONE, along with staYSTONE and turPSTONE, will continue to attract attention. The introduction of an Ethereum (spot) ETF is expected to increase institutional investors' interest in Ethereum and pledged assets. This, in turn, is anticipated to drive up the value of Ethereum and the demand for the network, leading to a subsequent rise in pledge yield rates. Tranchess's statement reflects the growing interest in Ethereum and related products in the cryptocurrency market. The company's prediction of continued demand growth for Ethereum and related products indicates a positive outlook for the cryptocurrency's future.

Chainlink Holds Strong Against Market Bears, Showing Potential for Further Growth

According to U.Today, Chainlink (LINK), a leading Ethereum-based oracle protocol, is demonstrating resilience against market bears during a period of negative reversal in the broader digital currency ecosystem. As per recent data from CoinMarketCap, LINK has seen a 3.18% increase in the last 23 hours, reaching $18.54. This is in contrast to a 0.62% decrease in the combined market cap. Chainlink's daily growth rate is noteworthy, especially when compared to Bitcoin (BTC) and other top altcoins. A 14.74% increase in volume indicates potential for further surges. Recent trading activity shows a total of $445,393,986 in LINK being exchanged, making it the 21st most traded token in the market. The positive sentiment surrounding Chainlink in the retail market suggests a strong buying impulse. If this continues, it could help Chainlink extend its daily bullish trend, despite the bearish turn of Bitcoin. The LINK/USD 4H chart on TradingView shows the token trading above its 50, 100, and 200 moving averages, indicating a bullish trend. Over the past month, Chainlink has seen a 36.46% growth. Several factors have contributed to this significant increase. Beyond regular whale shifts, the primary driver is the value Chainlink adds and the unique position it holds in the industry. As a leading Oracle service provider, Chainlink enhances the operational efficiency of many decentralized applications (dApps). To further strengthen its industry position, Chainlink has formed several partnerships with top protocols to enhance their interoperability. Chainlink has also benefited from an upgrade to its staking engine, which now provides a more robust platform for betting on LINK and broadens engagement.

Ethereum Poised to Break $4K Barrier in June Following Predicted Ether ETF Approvals and Whale Accumulation

According to Cointelegraph: Ethereum's native token Ether is set to break the $4K benchmark in June, bolstered by anticipation of potential Ether ETF approvals and large-scale Ether accumulation by cryptocurrency 'whales.' Emerging from a falling wedge pattern, a traditional bullish reversal pattern, on May 20, ETH has demonstrated 67% growth thus far in 2024. ETH/USD daily price chart. Source: TradingView On-chain data resource Santiment reported a 0.5% increase in Ether holdings by entities with a balance between 10 million and 100 million ETH since May 20, when rumours of the U.S. Securities and Exchange Commission (SEC) reconsidering spot Ether ETF denials peaked. As the news of SEC's official approval emerged, ETH's price ascended by 19.25%. Ether supply distribution among whales. Source: Santiment Starting from June, Ether (ETH) entered the breakout phase from falling wedge patterns and bull flag patterns, configuring a potential target of $4,255 by the end of the month. As Ethereum whales, entities holding a balance between 10 million to 100 million ETH, continue accumulating, the market sees a decreasing Ether supply in cryptocurrency exchanges, indicating a growing sentiment for long-term holding. Ethereum exchange reserves. Source: CryptoQuant Furthermore, approval for spot Ether ETFs predicted for late June, encapsulated by BlackRock's updated Form S-1 for its iShares Ethereum Trust (ETHA) with the SEC, is expected to boost the valuation and push Ether's price above the $4,000 threshold over the next 30 days. Spot Bitcoin ETF cumulative inflows. Source: Farside Investors

Ethereum ETF Approval Could Lead to Surge in Capital Inflows and New Investors

According to U.Today, the recent approval of the Ethereum ETF is expected to significantly impact the market and the industry. This development could lead to a substantial increase in capital inflows and attract new investors. Venture capitalists such as Ryan Sean Adams suggest that this might be an opportune time to invest in Ether before institutions step in. The Ethereum ETF approval has cleared the regulatory uncertainty that previously deterred institutional investors from Ethereum. Now, these investors have more options to invest in Ethereum. This could potentially lead to a rise in Ethereum's price, similar to Bitcoin's increase when it gained institutional support. The ETF approval not only legitimizes the cryptocurrency market but also reduces the perceived risk for large investors, indicating a maturation of the market. Venture capitalists like Ryan Sean Adams view this as a critical time. They anticipate a wave of institutional investors keen to explore Ethereum. Buying ETH now, in anticipation of this expected surge, could be a strategic move. Large-scale investments are predicted to stimulate demand and possibly result in a significant price appreciation, altering the market dynamics. The primary strategy, similar to MicroStrategy's approach to Bitcoin, would be to buy ETH using low-cost dollar debt from the public market. MicroStrategy's method of purchasing BTC with inexpensive dollar debt led to a substantial increase in both the price of Bitcoin and the market value of MicroStrategy. The question now is which entity will adopt a similar approach with Ethereum.

Ethereum Whales Accumulate Despite Price Remaining Below $4,000

According to CryptoPotato, Ethereum's recent momentum has slowed down, primarily due to the pause in ETF-related excitement. However, there is a significant accumulation trend among large holders, also known as whales, even as Ethereum's price remains below $4,000. The latest data from Glassnode, shared by crypto analyst Ali Martinez, reveals a notable increase in Ethereum addresses holding 10,000 or more Ethereum. This shift from distribution or selling to accumulation suggests that whales are confident in the altcoin's long-term potential, choosing to increase their holdings in anticipation of future gains. Santiment's earlier report disclosed that wallets holding at least 10,000 Ethereum had accumulated 21.39 million Ethereum over the past 14 months, reflecting a 27% increase in their assets. This accumulation is a positive indicator mirroring Ethereum's price movements. In fact, Ethereum has outperformed Bitcoin over the past month following the US Securities and Exchange Commission's (SEC) announcement and subsequent approval of the first spot Ethereum ETFs. Therefore, it's unsurprising that whale accumulation continues. Analyzing $100K+ and $1M+ daily Ethereum transfers, the crypto analytics platform noted that the highest mass whale transaction spikes of the year occurred after the spot Ethereum ETFs were officially approved late last week. As such, prices may continue to outperform Bitcoin as long as this cohort of wallets holding 10,000 or more Ethereum keeps increasing rather than decreasing amidst the volatility. Interestingly, blockchain analysis firm Nansen recently identified DBS Bank, one of Singapore's largest banks, as an Ethereum whale. According to Nansen, a crypto wallet attributed to DBS Bank holds 173,753 Ethereum, valued at approximately $650 million at the current market price. This analysis, flagged on May 30, indicated that this address has already generated a paper profit of $200 million from its Ether holdings. DBS Bank has not officially confirmed ownership of the Ethereum stash. However, a community member suggested that the assets might belong to DBS's digital exchange, which serves accredited investors. They speculated that the Ethereum is likely held on behalf of investors rather than being direct bank assets.

Ethereum Price Strengthens against Bitcoin Owed to Network Activity and Anticipated Spot Ether ETFs

According to Cointelegraph: Despite a steady start, Ethereum (ETH) has gained momentum since mid-May, primarily due to the anticipation surrounding the approval of spot Ether ETFs in the United States. Consequently, ETH has managed to outperform Bitcoin (BTC) in recent weeks, thanks to the growth in network activity and increased excitement about the launch of Spot Ether ETFs. Ether, Bitcoin two-week performance. Source: TradingView Over the last ten days, ETH outperformed BTC and top layer-1 tokens by registering a 23% uptick. A bullish divergence in the ETH/BTC weekly chart suggests an ongoing trend reversal. ETH/BTC ratio. Source: TradingView Greater on-chain activity is supporting Ethereum outperformance, evident from a 7.75% increase in transaction volume among top Ethereum decentralized applications (DApps) last week. Furthermore, the number of unique smart contracts on Ethereum rose from 37,870 on May 20 to 38,066 on May 31, reinforcing Ethereum's growth. Source: Michaël van de Poppe An exciting factor adding to ETH's bullish momentum against Bitcoin is the expected launch of Spot Ether ETFs as early as June. Market participants anticipate that these ETFs will drive ETH to new highs, with Wall Street potentially seeing it as a bet on Web3's growth. Some believe Ethereum's price could reach $10,000 this cycle as institutional capital is geared towards Ether ETFs. Number of unique smart contracts on Ethereum. Source: CryptoQuant
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