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Hong Kong has approved the first Bitcoin and Ethereum Spot ETFs, what do investors need to know? Explain how prices might react, key influencing factors, and investment strategies.
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BTC, ETH Rise As Hong Kong Bitcoin ETF Applicants Say They've Been Approved
Bitcoin {{BTC}} has risen 2.8% over 24 hours, trading above $66,500, and ether {{ETH}} has advanced to $3,240, according to CoinDesk Indices data, as multiple issuers in Hong Kong said they'd been approved for spot crypto exchange-traded funds (ETFs).
China Asset Management, Bosera Capital and other applicants posted to social-media platform WeChat (Weixin) that they had been approved to list spot bitcoin and ether ETFs in Hong Kong. However, these announcements seem to have front-run an official statement from the Securities and Futures Commission (SFC), which has not posted a list of approved issuers. Some of the posts have since been deleted.
The SFC did not return emails or phone calls asking for comment.
Singapore-based digital assets trading house QCP Capital said in a message shared with CoinDesk that it believes the ETFs, when approved, will unlock some institutional demand during Asia trading hours.
"Participants who wanted exposure have always been limited to US hours, but this now gives institutional investors an Asia-based alternative," QCP wrote. "We believe this will be bullish short term, but there are more important narratives and drivers such as macro events."
China Asset Management, Bosera Capital and other applicants posted to social-media platform WeChat (Weixin) that they had been approved to list spot bitcoin and ether ETFs in Hong Kong. However, these announcements seem to have front-run an official statement from the Securities and Futures Commission (SFC), which has not posted a list of approved issuers. Some of the posts have since been deleted.
The SFC did not return emails or phone calls asking for comment.
Singapore-based digital assets trading house QCP Capital said in a message shared with CoinDesk that it believes the ETFs, when approved, will unlock some institutional demand during Asia trading hours.
"Participants who wanted exposure have always been limited to US hours, but this now gives institutional investors an Asia-based alternative," QCP wrote. "We believe this will be bullish short term, but there are more important narratives and drivers such as macro events."
State Street's Anna Paglia Plans to Introduce ETFs into US 401(k) Retirement System
According to Odaily, Anna Paglia, Chief Business Officer at State Street Bank, is planning to introduce Exchange Traded Funds (ETFs) into the US 401(k) retirement system. In an interview with Bloomberg Television, Paglia stated that State Street is closely collaborating with regulators, investors, and plan initiators to overcome technical and regulatory obstacles that may hinder the introduction of ETFs into the 401(k) plan.
Paglia, who joined State Street in February this year, was previously the global ETF director at Invesco. She believes that ETFs can play a significant role in retirement investment portfolios, despite the current 401(k) system primarily relying on mutual funds. Paglia is confident in the advantages of ETFs, such as their low cost and tax efficiency, even though capital gains tax does not apply to 401(k) and intraday liquidity is not necessary in retirement accounts.
Paglia, who joined State Street in February this year, was previously the global ETF director at Invesco. She believes that ETFs can play a significant role in retirement investment portfolios, despite the current 401(k) system primarily relying on mutual funds. Paglia is confident in the advantages of ETFs, such as their low cost and tax efficiency, even though capital gains tax does not apply to 401(k) and intraday liquidity is not necessary in retirement accounts.
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Ether ETF Approved So Why Aren’t We Rich Yet?
There could be two main reasons why Ether (ETH) has barely moved in price despite the landmark approval of spot Ether exchange-traded funds (ETF) in the United States.
On May 23, the Securities and Exchange Commission approved eight spot Ether ETFs to be listed on their respective exchanges. Ether fell 3.4% just before the news, recovering by around 5% shortly after, and is currently trading at $3,806.
Crypto commentator Zach Rynes argues that the lack of movement reflects the notion that “everyone who wanted to buy the approval already did.”
Ether had already surged 29% over the past week after reports suggested the SEC may have pivoted its stance toward ETF approvals.
Rynes and many others also note that while the ETFs have been approved, they still haven’t been cleared for launch, as that will also require an approved S-1 filing — a comprehensive document including details on the firm’s financials and risk profile, as well as the securities they intend to offer.
VanEck has just sent its amended S-1 filing to the SEC and analysts have been saying could take weeks to months for the re S-1 approvals.
Source: Gabriel Shapir0
Rynes believes the next major price force for Ether will be ETF inflows once they begin trading.
“ETFs haven’t actually launched yet, so net new capital inflow is still to come,” Rynes wrote, with crypto research firm Second Mountain echoing a similar sentiment.
“Expect a massive capital inflow in the first week, potentially reaching billions,” Second Mountain stated in a May 23 X post just before the SEC approved the ETFs.
However, some say it might not immediately lead to an upward trend.
Bitcoin’s price dropped 15% after spot Bitcoin ETFs were approved for trading on Jan. 10. According to CoinMarketCap data, it took 30 days for the price to spike 30% to $51,870.
Related: Ether surges 18% amid new hope for spot Ether ETF approvals
There are also lingering concerns that Grayscale’s announcement of its plans to convert its Grayscale Ethereum Trust (ETHE) into a spot Ether ETF could result in significant outflows — similar to Grayscale Bitcoin Trust (GBTC) after the approval of spot Bitcoin ETFs in January.
“Grayscale also re-filed the ETHE registration they'd withdrawn. Remember GBTC outflows? Now it's $11B+ ETH that’s been trapped for 7 years,” pseudonymous crypto trader Rho Rider warned in a May 23 X post.
Since spot Bitcoin ETFs started trading on Jan. 11, GBTC has shed a total of $17.6 billion in assets, per Farside data.
Relax, Ether is undervalued, say maxis
“ETH is stupidly undervalued,” added independent Ethereum educator Sassal, arguing that the market has had only three days to “price in the ETF approval.”
Ether is up 17.51% over the past 30 days. Source: CoinMarketCap
Meanwhile, Bitcoin (BTC) stumbled slightly by 1.2% to $67,362 following the announcement but has since recovered to $67,706 at the time of writing.
Around the same time, PEPE (PEPE) hit another new all-time high, reaching $0.00001531, a 5% increase within the hour following the approval news.
Magazine: The $2,500 doco about FTX collapse on Amazon Prime… with help from mom
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
On May 23, the Securities and Exchange Commission approved eight spot Ether ETFs to be listed on their respective exchanges. Ether fell 3.4% just before the news, recovering by around 5% shortly after, and is currently trading at $3,806.
Crypto commentator Zach Rynes argues that the lack of movement reflects the notion that “everyone who wanted to buy the approval already did.”
Ether had already surged 29% over the past week after reports suggested the SEC may have pivoted its stance toward ETF approvals.
Rynes and many others also note that while the ETFs have been approved, they still haven’t been cleared for launch, as that will also require an approved S-1 filing — a comprehensive document including details on the firm’s financials and risk profile, as well as the securities they intend to offer.
VanEck has just sent its amended S-1 filing to the SEC and analysts have been saying could take weeks to months for the re S-1 approvals.
Source: Gabriel Shapir0
Rynes believes the next major price force for Ether will be ETF inflows once they begin trading.
“ETFs haven’t actually launched yet, so net new capital inflow is still to come,” Rynes wrote, with crypto research firm Second Mountain echoing a similar sentiment.
“Expect a massive capital inflow in the first week, potentially reaching billions,” Second Mountain stated in a May 23 X post just before the SEC approved the ETFs.
However, some say it might not immediately lead to an upward trend.
Bitcoin’s price dropped 15% after spot Bitcoin ETFs were approved for trading on Jan. 10. According to CoinMarketCap data, it took 30 days for the price to spike 30% to $51,870.
Related: Ether surges 18% amid new hope for spot Ether ETF approvals
There are also lingering concerns that Grayscale’s announcement of its plans to convert its Grayscale Ethereum Trust (ETHE) into a spot Ether ETF could result in significant outflows — similar to Grayscale Bitcoin Trust (GBTC) after the approval of spot Bitcoin ETFs in January.
“Grayscale also re-filed the ETHE registration they'd withdrawn. Remember GBTC outflows? Now it's $11B+ ETH that’s been trapped for 7 years,” pseudonymous crypto trader Rho Rider warned in a May 23 X post.
Since spot Bitcoin ETFs started trading on Jan. 11, GBTC has shed a total of $17.6 billion in assets, per Farside data.
Relax, Ether is undervalued, say maxis
“ETH is stupidly undervalued,” added independent Ethereum educator Sassal, arguing that the market has had only three days to “price in the ETF approval.”
Ether is up 17.51% over the past 30 days. Source: CoinMarketCap
Meanwhile, Bitcoin (BTC) stumbled slightly by 1.2% to $67,362 following the announcement but has since recovered to $67,706 at the time of writing.
Around the same time, PEPE (PEPE) hit another new all-time high, reaching $0.00001531, a 5% increase within the hour following the approval news.
Magazine: The $2,500 doco about FTX collapse on Amazon Prime… with help from mom
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Gensler Says 'Stay Tuned' on U.S. SEC's Decision on ETH ETF
WASHINGTON, D.C. — U.S. Securities and Exchange Commission Chair Gary Gensler declined on Thursday to preview his agency's decision on ether {{ETH}} exchange traded funds (ETFs), though he advised observers to "stay tuned."
Though he'd reiterated that the court decision on ETFs had caused his agency to "pivot" in its thinking, when asked by CoinDesk on Thursday about what the agency is preparing to do in response to the specific applications on this much-anticipated crypto decision, he largely demurred.
"I don't have anything on this particular filing," Gensler said outside an Investment Company Institute event in Washington.
"We do it within the law and how the courts interpret the law, and that's what I'm deeply committed to," he said, after having noted on stage at the event that the agency had responded to the D.C. Circuit Court of Appeals decision rejecting the SEC's approach toward spot bitcoin {{BTC}} ETFs earlier this year.
The SEC, after weeks of limited engagement, asked exchanges supporting spot ether ETF applications to refile their 19b-4 forms with universal language earlier this week. Those forms were submitted to the SEC by Tuesday, and the exchanges began publishing them online that night. The SEC also appears to have begun engaging with the would-be issuers themselves, as companies like Fidelity and Grayscale filed updated S-1 forms this week. The SEC has to make a final decision on at least one spot ether ETF application by the end of the day Thursday.
Based on these forms, it appears the SEC is uncomfortable with the idea that ether ETF issuers might stake any assets.
Industry participants previously told CoinDesk that while the SEC's moves this week don't guarantee approval of the ETFs, they make it more likely that the ETFs will be approved.
"[The] DC Circuit took a different view, and we took that into consideration and pivoted," Gensler said on Thursday.
Gensler also reiterated Thursday that his agency would keep working on its opposition to the crypto bill that passed the House of Representatives on Wednesday.
"We'll continue to engage," he said. "It's just a field where the token operators – without prejudging any one of them – aren't making the disclosures that investors really could benefit from and are required by law."
"We've seen leaders in this field find themselves on a pathway to jail or extradition," he added.
And when asked about Congress seeking to reverse his agency's crypto accounting policy, Staff Accounting Bulletin No. 121 (SAB 121), he argued that the agency meant it as guidance at a time when failing crypto firms were having to treat customer assets the same as their own in bankruptcy.
"The crypto that these companies have said they took as custody actually because part of the bankruptcy estate," Gensler said. "That's what we were addressing back in 2022," he added, saying it was "just" an accounting bulletin.
Read more: SEC's Gensler Going Rogue in Solo Quest to Stop U.S. Crypto Legislation?
Though he'd reiterated that the court decision on ETFs had caused his agency to "pivot" in its thinking, when asked by CoinDesk on Thursday about what the agency is preparing to do in response to the specific applications on this much-anticipated crypto decision, he largely demurred.
"I don't have anything on this particular filing," Gensler said outside an Investment Company Institute event in Washington.
"We do it within the law and how the courts interpret the law, and that's what I'm deeply committed to," he said, after having noted on stage at the event that the agency had responded to the D.C. Circuit Court of Appeals decision rejecting the SEC's approach toward spot bitcoin {{BTC}} ETFs earlier this year.
The SEC, after weeks of limited engagement, asked exchanges supporting spot ether ETF applications to refile their 19b-4 forms with universal language earlier this week. Those forms were submitted to the SEC by Tuesday, and the exchanges began publishing them online that night. The SEC also appears to have begun engaging with the would-be issuers themselves, as companies like Fidelity and Grayscale filed updated S-1 forms this week. The SEC has to make a final decision on at least one spot ether ETF application by the end of the day Thursday.
Based on these forms, it appears the SEC is uncomfortable with the idea that ether ETF issuers might stake any assets.
Industry participants previously told CoinDesk that while the SEC's moves this week don't guarantee approval of the ETFs, they make it more likely that the ETFs will be approved.
"[The] DC Circuit took a different view, and we took that into consideration and pivoted," Gensler said on Thursday.
Gensler also reiterated Thursday that his agency would keep working on its opposition to the crypto bill that passed the House of Representatives on Wednesday.
"We'll continue to engage," he said. "It's just a field where the token operators – without prejudging any one of them – aren't making the disclosures that investors really could benefit from and are required by law."
"We've seen leaders in this field find themselves on a pathway to jail or extradition," he added.
And when asked about Congress seeking to reverse his agency's crypto accounting policy, Staff Accounting Bulletin No. 121 (SAB 121), he argued that the agency meant it as guidance at a time when failing crypto firms were having to treat customer assets the same as their own in bankruptcy.
"The crypto that these companies have said they took as custody actually because part of the bankruptcy estate," Gensler said. "That's what we were addressing back in 2022," he added, saying it was "just" an accounting bulletin.
Read more: SEC's Gensler Going Rogue in Solo Quest to Stop U.S. Crypto Legislation?
It doesn't make much sense to write anything anymore, everything was said yesterday.
But, we can fix the fact that the ETF was essentially adopted "ahead of schedule". It will be, liquidity will go into the market, but a little later. There is a rush in the actions of the SEC, apparently they were "knocked on the head" normally. Since such a quick acceptance is not for nothing.
It was necessary to accept it today, but all the paperwork and bureaucracy are not ready yet. What does this give us? There is time for the frontrunner until the liquidity from the etf begins to pour in.
Remember, I used to repeat these words before accepting an etf for a cue ball: "growth first, then an etf." That's when it happened, we grew to 48k, and only then did we accept the etf.
Here I think we'll go the same way. Etf issuers will not sit idly by. With the opening of trading in America and the working day in general, perhaps starting on Monday, they will go to buy off the air. For what? By the same logic as the cue ball.
Now we are buying eth at $ 3,600, at the start of trading it already costs conditionally + 50%, and then we "sell" our "cheap" ether to those who want to buy an etf. It is clear that they are not selling ether itself, but an etf share, but in this way they get a normal spread, which, in addition to commissions, is a good income for issuers.
Therefore, I think it is beneficial for everyone who applied to buy ether at current prices until the launch of the etf. After all, the cheaper they buy now, the more they will earn later when they resell their etf shares. #ETF $ETH #ETFETH
But, we can fix the fact that the ETF was essentially adopted "ahead of schedule". It will be, liquidity will go into the market, but a little later. There is a rush in the actions of the SEC, apparently they were "knocked on the head" normally. Since such a quick acceptance is not for nothing.
It was necessary to accept it today, but all the paperwork and bureaucracy are not ready yet. What does this give us? There is time for the frontrunner until the liquidity from the etf begins to pour in.
Remember, I used to repeat these words before accepting an etf for a cue ball: "growth first, then an etf." That's when it happened, we grew to 48k, and only then did we accept the etf.
Here I think we'll go the same way. Etf issuers will not sit idly by. With the opening of trading in America and the working day in general, perhaps starting on Monday, they will go to buy off the air. For what? By the same logic as the cue ball.
Now we are buying eth at $ 3,600, at the start of trading it already costs conditionally + 50%, and then we "sell" our "cheap" ether to those who want to buy an etf. It is clear that they are not selling ether itself, but an etf share, but in this way they get a normal spread, which, in addition to commissions, is a good income for issuers.
Therefore, I think it is beneficial for everyone who applied to buy ether at current prices until the launch of the etf. After all, the cheaper they buy now, the more they will earn later when they resell their etf shares. #ETF $ETH #ETFETH
Rapid Increase in New Cryptocurrency Funds Amid Market Rebound
According to Bloomberg, the first quarter of this year witnessed the launch of 25 new venture-capital and hedge funds focused on cryptocurrency strategies, marking the highest number since Q2 2021. This figure is double the number of funds that closed during the same period and nearly triple the nine funds that emerged in Q1 2023. The number of new crypto funds in the previous year barely surpassed the number of closures following a bear market that left the asset class in shambles. The bankruptcies of hedge funds Three Arrows and Alameda Research have paved the way for new entrants as the market recovers.
"Given the cyclical nature of cryptocurrency, it is highly likely that new crypto-native funds will emerge to help fill the void left by these entities and take advantage of the new opportunities that arise during this cycle," said de Vos. The total crypto-dedicated hedge-fund market has grown from $16.3 billion in December to a higher figure. However, the rate of new fund launches is still significantly lower than the peak period of 2017, when approximately 73 new funds were launched per quarter.
Fundraising for new vehicles is not as straightforward as it used to be. On the venture-capital side, new fund raises tend to be smaller than in 2021 and 2022 due to fewer investors new to the space. In Q1, only $2.62 billion was invested across 631 VC deals, according to VisionTrack. This is less than the $2.9 billion invested across 781 deals in the same period last year, and a fraction of the $7.2 billion invested across 817 deals in Q1 2021.
The resurgence in crypto markets this year can be largely attributed to the January launch of exchange-traded funds (ETFs) that invest directly in Bitcoin, as well as progress toward regulatory approval for ETFs based on Ether, the second largest cryptocurrency. While the ETFs have revitalized the market, they also pose a challenge to hedge funds by offering investors cheap, simple, and safe opportunities for passive exposure to the asset class. "Crypto hedge fund launches are likely to be somewhat smaller than they were a couple of years ago, in part because crypto ETFs have cannibalized a portion of the crypto hedge fund market," said Meegan, who is trying to raise $20 million.
"Given the cyclical nature of cryptocurrency, it is highly likely that new crypto-native funds will emerge to help fill the void left by these entities and take advantage of the new opportunities that arise during this cycle," said de Vos. The total crypto-dedicated hedge-fund market has grown from $16.3 billion in December to a higher figure. However, the rate of new fund launches is still significantly lower than the peak period of 2017, when approximately 73 new funds were launched per quarter.
Fundraising for new vehicles is not as straightforward as it used to be. On the venture-capital side, new fund raises tend to be smaller than in 2021 and 2022 due to fewer investors new to the space. In Q1, only $2.62 billion was invested across 631 VC deals, according to VisionTrack. This is less than the $2.9 billion invested across 781 deals in the same period last year, and a fraction of the $7.2 billion invested across 817 deals in Q1 2021.
The resurgence in crypto markets this year can be largely attributed to the January launch of exchange-traded funds (ETFs) that invest directly in Bitcoin, as well as progress toward regulatory approval for ETFs based on Ether, the second largest cryptocurrency. While the ETFs have revitalized the market, they also pose a challenge to hedge funds by offering investors cheap, simple, and safe opportunities for passive exposure to the asset class. "Crypto hedge fund launches are likely to be somewhat smaller than they were a couple of years ago, in part because crypto ETFs have cannibalized a portion of the crypto hedge fund market," said Meegan, who is trying to raise $20 million.
🚨 BREAKING 🚨 By Crypto Ash on (X)
🇺🇸 U.S. SEC HAVE INITIATED TALKS
WITH ETHEREUM ETF ISSUERS FOR
FINAL ADJUSTMENTS TO S-1S.
ETF IS COMING BOYZ,
DON’T IGNORE THE SIGNS🔥
But in my opinion SEC is having some concerns on $ETH #ETF about Ethereum's POS network 👀
Therefore #ETF could be approve today or could be delayed for some days after the SEC concerns 👀
So it's better to wait and let #ETF approved first before taking any positions 👍🏻
🇺🇸 U.S. SEC HAVE INITIATED TALKS
WITH ETHEREUM ETF ISSUERS FOR
FINAL ADJUSTMENTS TO S-1S.
ETF IS COMING BOYZ,
DON’T IGNORE THE SIGNS🔥
But in my opinion SEC is having some concerns on $ETH #ETF about Ethereum's POS network 👀
Therefore #ETF could be approve today or could be delayed for some days after the SEC concerns 👀
So it's better to wait and let #ETF approved first before taking any positions 👍🏻
🔥🔥🔥🔥
🚀 **Big News** just dropped, folks! The SEC, you know, the big financial watchdog in the U.S., has just rolled out the red carpet for all spot Ethereum ETFs. 🎩✨ This is like giving Ethereum a VIP pass to the world of commodities! 🌟
Imagine Ethereum wearing a shiny badge that says "I'm as cool as gold and oil now." 🛡️💰 That's right, it's not just digital art and smart contracts anymore; Ethereum is playing in the big leagues with the likes of wheat, copper, and natural gas. 🌾🔋🔥
What does this mean for you and me? Well, it's like opening a treasure chest for investors. We're talking about a potential gold rush of institutional money pouring into Ethereum. 💸💼 Think billions, with a 'B'! 💰📈
So, if you've been keeping an eye on Ethereum, pat yourself on the back because things are about to get even more interesting. 🧐🎢
And hey, let's not forget to tip our hats to the SEC for making this happen. It's a game-changer, and we're here for it! 🎮🏆
Keep your eyes peeled, crypto fam, because the Ethereum train is just picking up speed! 🚂💨
Here's to making smart moves and staying ahead of the curve! 🥂📈
#ETF #Ethereum #ETHETFS
🚀 **Big News** just dropped, folks! The SEC, you know, the big financial watchdog in the U.S., has just rolled out the red carpet for all spot Ethereum ETFs. 🎩✨ This is like giving Ethereum a VIP pass to the world of commodities! 🌟
Imagine Ethereum wearing a shiny badge that says "I'm as cool as gold and oil now." 🛡️💰 That's right, it's not just digital art and smart contracts anymore; Ethereum is playing in the big leagues with the likes of wheat, copper, and natural gas. 🌾🔋🔥
What does this mean for you and me? Well, it's like opening a treasure chest for investors. We're talking about a potential gold rush of institutional money pouring into Ethereum. 💸💼 Think billions, with a 'B'! 💰📈
So, if you've been keeping an eye on Ethereum, pat yourself on the back because things are about to get even more interesting. 🧐🎢
And hey, let's not forget to tip our hats to the SEC for making this happen. It's a game-changer, and we're here for it! 🎮🏆
Keep your eyes peeled, crypto fam, because the Ethereum train is just picking up speed! 🚂💨
Here's to making smart moves and staying ahead of the curve! 🥂📈
#ETF #Ethereum #ETHETFS
Binance CEO Teng Evaluated The Ethereum ETF Approval.
After Bitcoin, the US Securities and Exchange Commission (SEC) opened the door to a spot #ETF for Ethereum. Binance #CEO Richard Teng interpreted this development as a turning point.
Stating that they welcomed the US SEC's approval of Ethereum spot ETFs, #Binance CEO Richard Teng said that this development is an important turning point for the crypto industry.
Teng said that this development will increase the adoption of crypto assets in traditional markets and stated that he thinks that the US market will make a significant contribution to the already active crypto asset ETFs.
There are currently 27 active ETH ETFs in the #ETF market. In addition, 32 spot Bitcoin ETFs are traded in 5 different markets. Richard Teng, who interprets the US SEC's first approval for ETH ETF trading as confirming the general acceptance of the largest altcoin, believes that the growth potential of the crypto asset ecosystem will increase in this way.
Spot Bitcoin ETFs have managed to attract significant funding of over $13 billion after being approved in the US in January. Expecting a similar trend for Ethereum ETFs, Teng stated that this acceptance will also be supported by more regulatory moves.
Thus, while optimism increases that a safer environment will be created for crypto asset trading, this strengthens the expectation that more institutional investors will step into the crypto sector.
Some commentators think that after Ethereum ETFs start trading, spot ETFs tied to other major altcoins such as Solana and XRP may also come to the fore.
$BTC $ETH
After Bitcoin, the US Securities and Exchange Commission (SEC) opened the door to a spot #ETF for Ethereum. Binance #CEO Richard Teng interpreted this development as a turning point.
Stating that they welcomed the US SEC's approval of Ethereum spot ETFs, #Binance CEO Richard Teng said that this development is an important turning point for the crypto industry.
Teng said that this development will increase the adoption of crypto assets in traditional markets and stated that he thinks that the US market will make a significant contribution to the already active crypto asset ETFs.
There are currently 27 active ETH ETFs in the #ETF market. In addition, 32 spot Bitcoin ETFs are traded in 5 different markets. Richard Teng, who interprets the US SEC's first approval for ETH ETF trading as confirming the general acceptance of the largest altcoin, believes that the growth potential of the crypto asset ecosystem will increase in this way.
Spot Bitcoin ETFs have managed to attract significant funding of over $13 billion after being approved in the US in January. Expecting a similar trend for Ethereum ETFs, Teng stated that this acceptance will also be supported by more regulatory moves.
Thus, while optimism increases that a safer environment will be created for crypto asset trading, this strengthens the expectation that more institutional investors will step into the crypto sector.
Some commentators think that after Ethereum ETFs start trading, spot ETFs tied to other major altcoins such as Solana and XRP may also come to the fore.
$BTC $ETH
Ready for some action? ⚔️
With the SEC's decision on the spot ETH ETF expected in less than 3 hours, how will you capitalize on the volatility? 🏄🏻♀️
#gTrade offers 0% price impact on $ETH & $BTC trades. It's perfect for scalping with high leverage on short time frames!
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With the SEC's decision on the spot ETH ETF expected in less than 3 hours, how will you capitalize on the volatility? 🏄🏻♀️
#gTrade offers 0% price impact on $ETH & $BTC trades. It's perfect for scalping with high leverage on short time frames!
Only on
$ETH will be denied as reported by all news outlets that matter over a month ago (Reuters). You've been led to this top to be sacrificed. ETH #ETF has a deadline today, it could have been approved at any time before but it was not. ETH is flowing to exchanges to be sold to you. Welcome, new community members.
Dogeverse Meme Coin Presale to End in 10 Days After Raising Over $15M
The post Dogeverse Meme Coin Presale to End in 10 Days After Raising Over $15M appeared first on Coinpedia Fintech News
Dogeverse, the world’s first multichain doge-themed cryptocurrency, has raised over $15 million at presale.
The presale is ongoing, allowing investors to buy in before it enters the open market. However, the campaign will end in ten days, so they must act quickly.
Through a cutting-edge use case and favourable meme coin market conditions, Dogeverse has enjoyed one of 2024’s most successful ICOs, priming it as a top crypto contender.
Meme coin ETFs are crypto’s next narrative, and this is great for Dogeverse
Not too long ago, a meme coin ETF was a romanticized fantasy, but that dream is quickly becoming a reality and could prove instrumental in the sector’s continued growth.
The meme coin ETF narrative was first spotlighted when BlackRock’s head of digital assets acknowledged that “crypto Twitter would love to believe that a Dogwifhat ETF is coming next.”
He said this amid an official BlackRock conference in March, stoking excitement across the meme coin sector.
BLACKROCK hints at DogWifHat ETF for $WIF as Bloomberg publishes its newest $WIF-craze articleGold is in price discovery as more and more people begin moving away from fiatGM https://t.co/YS3MaSJSiO pic.twitter.com/pQeNQ0tSfL
— Imagyn (@_imagyn) March 29, 2024
Fast-forward to today and the United States Securities and Exchange Commission (SEC) has just greenlighted Ethereum spot ETFs, which are now gearing up to go live in the summer.
This opens the floodgates to altcoin ETFs, and analysts are weighing in on what could be next.
Esteemed trader Kaleo suspects that a Dogecoin ETF could be next, and the tweet has proven hugely popular, with over 100K views so far.
If an ETH ETF is approved, you know it won’t be long before someone tries to push a DOGE ETF.With the way meme stocks have been popularized over the past several years, it’s too large of an opportunity to pass up bringing the largest crypto memecoin to the masses.
— K A L E O (@CryptoKaleo) May 23, 2024
Meanwhile, meme coin trader Plazma anticipates that Pepe will be next for an ETF.
Ultimately, the cryptocurrency ETF landscape remains wide open, and many projects present strong cases for the next application.
However, the centrality of meme coins within this monumental news event is not something to be overlooked.
It legitimizes the sector while establishing an optimal launch environment for new projects like Dogeverse.
Multichain Dogeverse has six lives – the best long-term crypto to buy?
Dogeverse is sure to benefit from the high-octane market conditions prevalent throughout the meme coin sector. Yet, its distinguished use case of being the world’s first multichain doge crypto hints at significant long-term potential.
Through Wormhole and Portal Bridge technology, Dogeverse is available on the six hottest smart contract-enabled blockchains: Ethereum, Solana, Base, BSC, Avalanche, and Polygon.
This provides a hedge within the fast-paced meme coin sector, protecting against users migrating between blockchains.
It also lays the foundations to build one of crypto’s strongest on-chain communities, with widespread accessibility ensuring everyone can partake.
Top analysts have noted Dogeverse’s robust use case, leading to some exciting predictions.
For instance, the 99Bitcoins YouTube channel, which hosts over 700K subscribers, recently predicted it could 100x and be the “best crypto to buy now.”
Leading media outlets, including CryptoPotato, Cointelegraph, and BeInCrypto, have also covered Dogeverse.
With such notoriety among leading industry figures, alongside grass-roots support from investors, this multichain meme coin is shaping up as one of crypto’s top prospects.
But with its presale ending soon, potential buyers must act fast to take advantage of the fixed, discounted price.
Dogeverse, the world’s first multichain doge-themed cryptocurrency, has raised over $15 million at presale.
The presale is ongoing, allowing investors to buy in before it enters the open market. However, the campaign will end in ten days, so they must act quickly.
Through a cutting-edge use case and favourable meme coin market conditions, Dogeverse has enjoyed one of 2024’s most successful ICOs, priming it as a top crypto contender.
Meme coin ETFs are crypto’s next narrative, and this is great for Dogeverse
Not too long ago, a meme coin ETF was a romanticized fantasy, but that dream is quickly becoming a reality and could prove instrumental in the sector’s continued growth.
The meme coin ETF narrative was first spotlighted when BlackRock’s head of digital assets acknowledged that “crypto Twitter would love to believe that a Dogwifhat ETF is coming next.”
He said this amid an official BlackRock conference in March, stoking excitement across the meme coin sector.
BLACKROCK hints at DogWifHat ETF for $WIF as Bloomberg publishes its newest $WIF-craze articleGold is in price discovery as more and more people begin moving away from fiatGM https://t.co/YS3MaSJSiO pic.twitter.com/pQeNQ0tSfL
— Imagyn (@_imagyn) March 29, 2024
Fast-forward to today and the United States Securities and Exchange Commission (SEC) has just greenlighted Ethereum spot ETFs, which are now gearing up to go live in the summer.
This opens the floodgates to altcoin ETFs, and analysts are weighing in on what could be next.
Esteemed trader Kaleo suspects that a Dogecoin ETF could be next, and the tweet has proven hugely popular, with over 100K views so far.
If an ETH ETF is approved, you know it won’t be long before someone tries to push a DOGE ETF.With the way meme stocks have been popularized over the past several years, it’s too large of an opportunity to pass up bringing the largest crypto memecoin to the masses.
— K A L E O (@CryptoKaleo) May 23, 2024
Meanwhile, meme coin trader Plazma anticipates that Pepe will be next for an ETF.
Ultimately, the cryptocurrency ETF landscape remains wide open, and many projects present strong cases for the next application.
However, the centrality of meme coins within this monumental news event is not something to be overlooked.
It legitimizes the sector while establishing an optimal launch environment for new projects like Dogeverse.
Multichain Dogeverse has six lives – the best long-term crypto to buy?
Dogeverse is sure to benefit from the high-octane market conditions prevalent throughout the meme coin sector. Yet, its distinguished use case of being the world’s first multichain doge crypto hints at significant long-term potential.
Through Wormhole and Portal Bridge technology, Dogeverse is available on the six hottest smart contract-enabled blockchains: Ethereum, Solana, Base, BSC, Avalanche, and Polygon.
This provides a hedge within the fast-paced meme coin sector, protecting against users migrating between blockchains.
It also lays the foundations to build one of crypto’s strongest on-chain communities, with widespread accessibility ensuring everyone can partake.
Top analysts have noted Dogeverse’s robust use case, leading to some exciting predictions.
For instance, the 99Bitcoins YouTube channel, which hosts over 700K subscribers, recently predicted it could 100x and be the “best crypto to buy now.”
Leading media outlets, including CryptoPotato, Cointelegraph, and BeInCrypto, have also covered Dogeverse.
With such notoriety among leading industry figures, alongside grass-roots support from investors, this multichain meme coin is shaping up as one of crypto’s top prospects.
But with its presale ending soon, potential buyers must act fast to take advantage of the fixed, discounted price.
US Representatives Urge SEC to Approve Ethereum Exchange Traded Fund
According to PANews, US House of Representatives members are urging the US Securities and Exchange Commission (SEC) to approve an Ethereum Exchange Traded Fund (ETF). The news was initially reported by Politico, a US political news website. The representatives believe that the approval of an Ethereum ETF could provide a significant boost to the cryptocurrency market. However, the SEC has yet to respond to this request. The commission has been cautious in its approach to cryptocurrency ETFs, citing concerns over market volatility and investor protection. This news comes amid a growing interest in cryptocurrencies and blockchain technology among US lawmakers. The push for an Ethereum ETF signifies a shift in attitudes towards digital currencies, which are increasingly being viewed as legitimate financial instruments. However, the SEC's decision will be crucial in determining the future of Ethereum and other cryptocurrencies in the US market.
Solana ETF Is ‘Closer Than You Think’ – SOL Price Prediction
A YouTube video titled “SOLANA ON WALL STREET COULD BE CLOSER THAN YOU THINK, HERE IS WHY !!! | SOLANA PRICE PREDICTION” from the YouTube channel Crypto ZX has sparked excitement in the crypto community about the potential for a Solana (SOL) exchange-traded fund (ETF).
The video discusses speculation that Solana could be the next cryptocurrency to get its own ETF after Bitcoin and Ethereum. CNBC recently explored the potential for a Solana ETF, citing the blockchain’s impressive performance as a key factor driving its consideration.
While Bitcoin ETF has been approved and that of Ethereum is already in the works, simplifying investment for those unfamiliar with the technicalities of cryptocurrencies, Solana’s name has been floated as a strong contender for the next ETF due to its remarkable growth. The Solana ecosystem has expanded beyond expectations, with the token price surging over 800% from its lows during the previous bear market.
New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
Show more +Show less – Solana Price Prediction
The discussion around a potential Solana ETF comes as massive firms face questions about their crypto exposure, highlighting the growing demand for diversified cryptocurrency investment products. With its strong performance and institutional interest, Solana is increasingly viewed as a viable option for such products.
While the ETF speculation has generated excitement, Solana’s price has mirrored the broader market trend, experiencing a recent pullback. Currently trading at $176.59, SOL is down 2.9% over the past 24 hours, with Bitcoin struggling to maintain key levels above $70,000. However, on a monthly timeframe, Solana remains up 15.4%, showcasing its resilience.
Despite the short-term declines, analysts expect Solana to maintain its leadership through 2024, contrasting with Ethereum’s scalability issues and outdated chain. As Bitcoin’s price hovers around $69,446, impacting altcoin trends, Solana’s price finds support around the $170 mark, with potential retests at $166 and $162 if Bitcoin declines further. Technical analysis suggests an overall upward trajectory for Solana, with minor pullbacks expected, and strong market fundamentals supporting the token.
SOL Innovations and Community Updates
Despite the price fluctuations, the Solana ecosystem continues to innovate and attract attention from the community. The SOL ChatCoin project has introduced a feature for sharing images via private wallet-to-wallet messages on the Solana blockchain, enhancing privacy and functionality. Additionally, the Solana Meme Coin (Mankey) has onboarded UFC Bantamweight title contender Marlon Vera as an ambassador, promoting visibility through the UFC’s wide audience.
The Solflare Wallet has also introduced a new feature powered by Jupiter Exchange, enabling limit orders and witnessing significant engagement with 96,000 active wallets and 25,934 new wallets created in the last 24 hours. Furthermore, Solana continues to lead in 24-hour NFT blockchain user adoption, with a 56% dominance, surpassing other chains combined in user adoption metrics.
Read Also: Worldcoin (WLD) Eyes Bullish Break Above $6; Monero (XMR) Targets This Next Price After Confirming Breakout
While the sentiment surrounding Solana remains positive, with anticipation of a potential ETF launch, it’s essential for investors to conduct thorough research before making any investment decisions. As the phrase “closer than you think” implies, the possibility of a Solana ETF seems nearer than ever, but caution and informed decision-making should be prioritized.
Join Aethir’s exclusive airdrop and earn badges by participating in events or holding community tokens. Complete tasks and secure your spot before the snapshot date is revealed!
Check $RECQ Meme Coin Sponsored: Invest Responsibly, Do Your Own Research. Buy RECQ Today Serves as the base currency for all transactions within the Rebel Satoshi platform ICO stage, offering tokens at a discounted price Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions. Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade, Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
The post Solana ETF is ‘Closer Than You Think’ – SOL Price Prediction appeared first on CaptainAltcoin.
The video discusses speculation that Solana could be the next cryptocurrency to get its own ETF after Bitcoin and Ethereum. CNBC recently explored the potential for a Solana ETF, citing the blockchain’s impressive performance as a key factor driving its consideration.
While Bitcoin ETF has been approved and that of Ethereum is already in the works, simplifying investment for those unfamiliar with the technicalities of cryptocurrencies, Solana’s name has been floated as a strong contender for the next ETF due to its remarkable growth. The Solana ecosystem has expanded beyond expectations, with the token price surging over 800% from its lows during the previous bear market.
New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
Show more +Show less – Solana Price Prediction
The discussion around a potential Solana ETF comes as massive firms face questions about their crypto exposure, highlighting the growing demand for diversified cryptocurrency investment products. With its strong performance and institutional interest, Solana is increasingly viewed as a viable option for such products.
While the ETF speculation has generated excitement, Solana’s price has mirrored the broader market trend, experiencing a recent pullback. Currently trading at $176.59, SOL is down 2.9% over the past 24 hours, with Bitcoin struggling to maintain key levels above $70,000. However, on a monthly timeframe, Solana remains up 15.4%, showcasing its resilience.
Despite the short-term declines, analysts expect Solana to maintain its leadership through 2024, contrasting with Ethereum’s scalability issues and outdated chain. As Bitcoin’s price hovers around $69,446, impacting altcoin trends, Solana’s price finds support around the $170 mark, with potential retests at $166 and $162 if Bitcoin declines further. Technical analysis suggests an overall upward trajectory for Solana, with minor pullbacks expected, and strong market fundamentals supporting the token.
SOL Innovations and Community Updates
Despite the price fluctuations, the Solana ecosystem continues to innovate and attract attention from the community. The SOL ChatCoin project has introduced a feature for sharing images via private wallet-to-wallet messages on the Solana blockchain, enhancing privacy and functionality. Additionally, the Solana Meme Coin (Mankey) has onboarded UFC Bantamweight title contender Marlon Vera as an ambassador, promoting visibility through the UFC’s wide audience.
The Solflare Wallet has also introduced a new feature powered by Jupiter Exchange, enabling limit orders and witnessing significant engagement with 96,000 active wallets and 25,934 new wallets created in the last 24 hours. Furthermore, Solana continues to lead in 24-hour NFT blockchain user adoption, with a 56% dominance, surpassing other chains combined in user adoption metrics.
Read Also: Worldcoin (WLD) Eyes Bullish Break Above $6; Monero (XMR) Targets This Next Price After Confirming Breakout
While the sentiment surrounding Solana remains positive, with anticipation of a potential ETF launch, it’s essential for investors to conduct thorough research before making any investment decisions. As the phrase “closer than you think” implies, the possibility of a Solana ETF seems nearer than ever, but caution and informed decision-making should be prioritized.
Join Aethir’s exclusive airdrop and earn badges by participating in events or holding community tokens. Complete tasks and secure your spot before the snapshot date is revealed!
Check $RECQ Meme Coin Sponsored: Invest Responsibly, Do Your Own Research. Buy RECQ Today Serves as the base currency for all transactions within the Rebel Satoshi platform ICO stage, offering tokens at a discounted price Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions. Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade, Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
The post Solana ETF is ‘Closer Than You Think’ – SOL Price Prediction appeared first on CaptainAltcoin.
Mysterious Whale Withdraws $8 Million in $PEPE Tokens Amid Memecoin Surge
A mysterious cryptocurrency whale has made a splash on the memecoin market after moving nearly $8 million worth of $PEPE from Binance, effectively withdrawing 592 billion tokens after the recent price rise.
According to on-chain analytics firm Lookonchain, the whale likely bought the tokens as the price of PEPE surged. PEPE, it’s worth noting, recently moved to new highs, having recently briefly surpassed the $0.000014 mark before correcting slightly. Its gains came amid a wider cryptocurrency market rally that added over $200 billion to the space’s total market capitalization.
The catalyst for the broader market surge appears to be news related to the potential approval of spot Ether exchange-traded funds (ETFs) in the U.S as the Securities and Exchange Commission (SEC) has abruptly requested that the exchanges that want to list and trade these funds update key filings related to these products, fueling speculation that the regulator is considering approving these products.
A whale withdrew 592B $PEPE ($7.95M) from #Binance 1 hour ago, most likely bought during the price increase over the past 2 days.https://t.co/zeCAtBN8fj pic.twitter.com/jxVEu4WBCq
— Lookonchain (@lookonchain) May 22, 2024
The surge saw an early investor in the meme-inspired cryptocurrency who put in just over $460 when it was first launched cash out, realizing a gain of nearly 740,000% after their $460 appreciated to around $3.4 million.
Looking into the wallet of the trader, data shows that the trader often invests in newly launched memecoins hoping one will take off. The investor was early on several popular memecoins, but also seemingly on several memecoins that faded away soon after being launched, according to Etherscan data.
PEPE’s upward trend has attracted the attention of some cryptocurrency analyst, with popular trader Altcoin Sherpa noting that those looking for a “big cap meme to long” should consider PEPE as it has “good liquidity, strong volume.”
if you're looking for a big cap meme to long, I think $PEPE is a good one. good liquidity, strong volume, this one definitely catches up to the others a bit IMO. not saying it'll flip doge or anything but should go up more relatively. long in the green boxes pic.twitter.com/FeoDTd9W0k
— Altcoin Sherpa (@AltcoinSherpa) May 22, 2024
DonAlt, another popular analyst, warned of a potential bubble in the memecoin market, with valuations susceptible to dramatic corrections. Citing historical data, DonAlt predicted that popular memecoins, including PEPE, could experience crashes exceeding 80%.
Featured image via Pixabay.
According to on-chain analytics firm Lookonchain, the whale likely bought the tokens as the price of PEPE surged. PEPE, it’s worth noting, recently moved to new highs, having recently briefly surpassed the $0.000014 mark before correcting slightly. Its gains came amid a wider cryptocurrency market rally that added over $200 billion to the space’s total market capitalization.
The catalyst for the broader market surge appears to be news related to the potential approval of spot Ether exchange-traded funds (ETFs) in the U.S as the Securities and Exchange Commission (SEC) has abruptly requested that the exchanges that want to list and trade these funds update key filings related to these products, fueling speculation that the regulator is considering approving these products.
A whale withdrew 592B $PEPE ($7.95M) from #Binance 1 hour ago, most likely bought during the price increase over the past 2 days.https://t.co/zeCAtBN8fj pic.twitter.com/jxVEu4WBCq
— Lookonchain (@lookonchain) May 22, 2024
The surge saw an early investor in the meme-inspired cryptocurrency who put in just over $460 when it was first launched cash out, realizing a gain of nearly 740,000% after their $460 appreciated to around $3.4 million.
Looking into the wallet of the trader, data shows that the trader often invests in newly launched memecoins hoping one will take off. The investor was early on several popular memecoins, but also seemingly on several memecoins that faded away soon after being launched, according to Etherscan data.
PEPE’s upward trend has attracted the attention of some cryptocurrency analyst, with popular trader Altcoin Sherpa noting that those looking for a “big cap meme to long” should consider PEPE as it has “good liquidity, strong volume.”
if you're looking for a big cap meme to long, I think $PEPE is a good one. good liquidity, strong volume, this one definitely catches up to the others a bit IMO. not saying it'll flip doge or anything but should go up more relatively. long in the green boxes pic.twitter.com/FeoDTd9W0k
— Altcoin Sherpa (@AltcoinSherpa) May 22, 2024
DonAlt, another popular analyst, warned of a potential bubble in the memecoin market, with valuations susceptible to dramatic corrections. Citing historical data, DonAlt predicted that popular memecoins, including PEPE, could experience crashes exceeding 80%.
Featured image via Pixabay.
Will Ethereum ETF be approved?
The world of cryptocurrency investments is abuzz with excitement as recent news suggests that Ethereum spot ETFs may soon become a reality. Exchange-traded funds (ETFs) have long been a popular investment vehicle in traditional finance, offering investors a way to gain exposure to a variety of assets without directly owning them. With the potential introduction of Ethereum spot ETFs, the crypto market could witness a significant influx of institutional and retail investors alike.
What is an Ethereum Spot ETF? #ETFEthereum
An Ethereum spot ETF is a financial product that tracks the price of Ethereum, allowing investors to gain exposure to the cryptocurrency without having to purchase and store it themselves. Unlike futures-based ETFs, which track the price of Ethereum futures contracts, a spot ETF is directly tied to the current market price of Ethereum. This direct correlation offers a more straightforward and potentially less risky way for investors to participate in the Ethereum market.
Recent Developments #ETF
In recent months, several financial institutions have submitted proposals to regulatory bodies, such as the U.S. Securities and Exchange Commission (SEC), to launch Ethereum spot ETFs. These proposals come in the wake of the growing acceptance and understanding of cryptocurrencies in mainstream finance. The SEC's approval of Bitcoin futures ETFs last year set a precedent, and many industry experts believe that an Ethereum spot ETF could be the next logical step.
Potential Impact on the Market
- The current price of Ethereum $ETH is $3,848.15.
- In the short term, the 5-day close change shows a negative trend of -3.79%.
- The price has been relatively volatile, with a daily volatility of 0.63%.
- The RSI (Relative Strength Index) is high at 72.36, indicating that ETH may be overbought in the short term.
- Momentum (Mom) is positive at 898.51, suggesting a bullish sentiment.
- The Awesome Oscillator (AO) has a value of 415.25, indicating strong bullish momentum.
- The Commodity Channel Index (CCI20) is at 210.49, which suggests that ETH is in an overbought condition.
- The Stochastic Oscillator shows a strong uptrend, with the %K and %D values at 91.97 and 89.68, respectively.
- The Moving Average Convergence Divergence (MACD) has a positive MACD value of 141.20, indicating bullish momentum.
- Ethereum has a market capitalization of $462.28 billion and a diluted market capitalization of the same amount.
- The circulating supply of Ethereum is approximately 120.13 million tokens, with a total supply of the same amount.
- The 24-hour trading volume on the market is $7.41 billion, with a volume-to-market cap ratio of 0.06.
- The average transaction value is $8,525.70, and the average transaction volume for the last 24 hours is $2.66 million.
- Ethereum has a strong adoption rate, with a total of 292.76 million addresses and 114.09 million addresses holding a balance.
- The majority of Ethereum addresses are considered "in the money," with 91.08% of addresses having a positive balance.
- There have been 1.16 million transactions on the Ethereum network in the last 24 hours, with a total transaction volume of $9.93 billion.
Support and Resistance Levels:
- Based on the technical analysis, the support level for Ethereum can be considered around the lower Bollinger Band, which is at $2,541.46.
- The resistance level can be identified around the upper Bollinger Band, which is at $3,780.17.
- Additionally, the 20-day simple moving average (SMA20) can act as a support level at $3,160.82, while the 50-day SMA (SMA50) can provide resistance at $3,191.46.
- In terms of price action, previous levels of $3,000 and $3,500 could also act as potential support and resistance levels, respectively.
$ETH
What is an Ethereum Spot ETF? #ETFEthereum
An Ethereum spot ETF is a financial product that tracks the price of Ethereum, allowing investors to gain exposure to the cryptocurrency without having to purchase and store it themselves. Unlike futures-based ETFs, which track the price of Ethereum futures contracts, a spot ETF is directly tied to the current market price of Ethereum. This direct correlation offers a more straightforward and potentially less risky way for investors to participate in the Ethereum market.
Recent Developments #ETF
In recent months, several financial institutions have submitted proposals to regulatory bodies, such as the U.S. Securities and Exchange Commission (SEC), to launch Ethereum spot ETFs. These proposals come in the wake of the growing acceptance and understanding of cryptocurrencies in mainstream finance. The SEC's approval of Bitcoin futures ETFs last year set a precedent, and many industry experts believe that an Ethereum spot ETF could be the next logical step.
Potential Impact on the Market
- The current price of Ethereum $ETH is $3,848.15.
- In the short term, the 5-day close change shows a negative trend of -3.79%.
- The price has been relatively volatile, with a daily volatility of 0.63%.
- The RSI (Relative Strength Index) is high at 72.36, indicating that ETH may be overbought in the short term.
- Momentum (Mom) is positive at 898.51, suggesting a bullish sentiment.
- The Awesome Oscillator (AO) has a value of 415.25, indicating strong bullish momentum.
- The Commodity Channel Index (CCI20) is at 210.49, which suggests that ETH is in an overbought condition.
- The Stochastic Oscillator shows a strong uptrend, with the %K and %D values at 91.97 and 89.68, respectively.
- The Moving Average Convergence Divergence (MACD) has a positive MACD value of 141.20, indicating bullish momentum.
- Ethereum has a market capitalization of $462.28 billion and a diluted market capitalization of the same amount.
- The circulating supply of Ethereum is approximately 120.13 million tokens, with a total supply of the same amount.
- The 24-hour trading volume on the market is $7.41 billion, with a volume-to-market cap ratio of 0.06.
- The average transaction value is $8,525.70, and the average transaction volume for the last 24 hours is $2.66 million.
- Ethereum has a strong adoption rate, with a total of 292.76 million addresses and 114.09 million addresses holding a balance.
- The majority of Ethereum addresses are considered "in the money," with 91.08% of addresses having a positive balance.
- There have been 1.16 million transactions on the Ethereum network in the last 24 hours, with a total transaction volume of $9.93 billion.
Support and Resistance Levels:
- Based on the technical analysis, the support level for Ethereum can be considered around the lower Bollinger Band, which is at $2,541.46.
- The resistance level can be identified around the upper Bollinger Band, which is at $3,780.17.
- Additionally, the 20-day simple moving average (SMA20) can act as a support level at $3,160.82, while the 50-day SMA (SMA50) can provide resistance at $3,191.46.
- In terms of price action, previous levels of $3,000 and $3,500 could also act as potential support and resistance levels, respectively.
$ETH
Crypto ETF Platform ETFSwap (ETFS) Explodes Amid $2 Billion Spot Bitcoin ETF Infusion From Millen...
SPONSORED POST*
The cryptocurrency landscape has witnessed a remarkable surge as the ETFSwap (ETFS) platform explodes amid a substantial $2 billion Spot Bitcoin infusion from the prominent hedge fund, Millennium Management. This move by one of the world’s largest investment firms, with over $64 billion in assets under management, has sent shockwaves through the crypto ecosystem.
Impact Of Millennium Management’s Spot Bitcoin ETF Investment
It is no surprise that Millennium Management’s investment in Spot Bitcoin ETFs has had a positive effect on the growth of ETFSwap (ETFS). Based on the report filed with the SEC, Millennium Management owns a combined total of $1,942,591,163 in Spot Bitcoin ETFs.
This investment in Spot Bitcoin constitutes approximately 3% of the firm’s total assets, indicating a significant commitment to the cryptocurrency market and the growing appeal of Bitcoin-based exchange-traded funds (ETFs).
Apart from ETFswap (ETFS) making it possible for all crypto enthusiasts to invest in Spot Bitcoin ETFs, the infusion of funds from a renowned investment firm has solidified its reputation as a leading player in the crypto ETF space, propelling its rapid expansion and success within the cryptocurrency ecosystem.
With a primary objective of maximizing investor returns, ETFSwap (ETFS) leverages the market demand for ETFs, enabling users to tap into the tokenized ETF market, which is currently valued at more than $11 trillion.
Key Factors Driving The Growth of ETFSwap (ETFS)
The explosive growth of ETFSwap (ETFS) is driven by several significant factors. ETFSwap (ETFS) is a blockchain platform that tokenizes exchange-traded funds (ETFs), it closes the gap between decentralized and traditional finance. The platform offers a diverse selection of ETFs, including leveraged ETFs, commodity ETFs, market ETFs, and fixed-income ETFs.
It employs Zero-Knowledge proofs (ZK) to ensure on-chain anonymity and privacy for users. This cryptographic approach allows users to engage in ETF transactions without disclosing sensitive information, enhancing security and attracting privacy-conscious investors.
ETFSwap (ETFS) has experienced a remarkable surge in investor interest, driven by its unwavering commitment to security and transparency. To ensure utmost security for users, ETFSwap (ETFS) has undergone a comprehensive security audit conducted by CyberScope, which has confirmed the absence of any security vulnerabilities or flaws in its underlying infrastructure.
To further support the platform’s growth, a substantial portion of the total ETFSwap (ETFS) token supply, precisely 40% is allocated for public sale, allowing individuals who believe in the vision of ETFSwap (ETFS) to actively participate from the early stages, fostering community involvement and support.
The platform’s utilization of a deflationary token model is one key factor that contributes to its price stability and competitiveness in the cryptocurrency market. This means that the decreasing token supply creates scarcity and increases its value and potential for long-term appreciation.
ETFSwap (ETFS) plans to make new institutional partnerships as part of its commitment to advancing the adoption of DeFi.
ETFSwap (ETFS) Presale Fuels Investor Enthusiasm
The remarkable success of ETFSwap’s fundraising efforts further reinforces its appeal. Having already raised over $1.5 million, the platform achieved its initial private fundraising target of $750,000 in a matter of hours from strategic investors. The public sale has also been met with significant demand, accumulating over $500,000 in just one week.
Stage 1 of the ETFSwap is ongoing, with the token price currently at $0.00854. The strong investor response is evident, as over 80 million tokens have been sold out already.
As the presale progresses, the token price is anticipated to rise by 100% in Stage 2, taking the token price to $0.01831. This implies that early-stage investors from stage 1 stand to secure an instant profit of 100%.
As new investors continue to join the platform, the demand for ETFS tokens will increase, leading to a potential rise in token value. Savvy investors can capitalize on this by holding and staking a significant amount of ETFS tokens, allowing them to benefit from both price appreciation and earn dividends from the platform’s dedicated reward pool.
In conclusion, the funding achievements of ETFSwap’s funding and the influx of Spot Bitcoin ETF investment from global investment firms like Millennium Management, has propelled the platform’s explosive growth and boosted investors confidence in the ETFSwap (ETFS) presale.
For more information about the ETFS Presale:
Visit ETFSwap Presale
Join The ETFSwap Community
*This article was paid for. Cryptonomist did not write the article or test the platform.
The cryptocurrency landscape has witnessed a remarkable surge as the ETFSwap (ETFS) platform explodes amid a substantial $2 billion Spot Bitcoin infusion from the prominent hedge fund, Millennium Management. This move by one of the world’s largest investment firms, with over $64 billion in assets under management, has sent shockwaves through the crypto ecosystem.
Impact Of Millennium Management’s Spot Bitcoin ETF Investment
It is no surprise that Millennium Management’s investment in Spot Bitcoin ETFs has had a positive effect on the growth of ETFSwap (ETFS). Based on the report filed with the SEC, Millennium Management owns a combined total of $1,942,591,163 in Spot Bitcoin ETFs.
This investment in Spot Bitcoin constitutes approximately 3% of the firm’s total assets, indicating a significant commitment to the cryptocurrency market and the growing appeal of Bitcoin-based exchange-traded funds (ETFs).
Apart from ETFswap (ETFS) making it possible for all crypto enthusiasts to invest in Spot Bitcoin ETFs, the infusion of funds from a renowned investment firm has solidified its reputation as a leading player in the crypto ETF space, propelling its rapid expansion and success within the cryptocurrency ecosystem.
With a primary objective of maximizing investor returns, ETFSwap (ETFS) leverages the market demand for ETFs, enabling users to tap into the tokenized ETF market, which is currently valued at more than $11 trillion.
Key Factors Driving The Growth of ETFSwap (ETFS)
The explosive growth of ETFSwap (ETFS) is driven by several significant factors. ETFSwap (ETFS) is a blockchain platform that tokenizes exchange-traded funds (ETFs), it closes the gap between decentralized and traditional finance. The platform offers a diverse selection of ETFs, including leveraged ETFs, commodity ETFs, market ETFs, and fixed-income ETFs.
It employs Zero-Knowledge proofs (ZK) to ensure on-chain anonymity and privacy for users. This cryptographic approach allows users to engage in ETF transactions without disclosing sensitive information, enhancing security and attracting privacy-conscious investors.
ETFSwap (ETFS) has experienced a remarkable surge in investor interest, driven by its unwavering commitment to security and transparency. To ensure utmost security for users, ETFSwap (ETFS) has undergone a comprehensive security audit conducted by CyberScope, which has confirmed the absence of any security vulnerabilities or flaws in its underlying infrastructure.
To further support the platform’s growth, a substantial portion of the total ETFSwap (ETFS) token supply, precisely 40% is allocated for public sale, allowing individuals who believe in the vision of ETFSwap (ETFS) to actively participate from the early stages, fostering community involvement and support.
The platform’s utilization of a deflationary token model is one key factor that contributes to its price stability and competitiveness in the cryptocurrency market. This means that the decreasing token supply creates scarcity and increases its value and potential for long-term appreciation.
ETFSwap (ETFS) plans to make new institutional partnerships as part of its commitment to advancing the adoption of DeFi.
ETFSwap (ETFS) Presale Fuels Investor Enthusiasm
The remarkable success of ETFSwap’s fundraising efforts further reinforces its appeal. Having already raised over $1.5 million, the platform achieved its initial private fundraising target of $750,000 in a matter of hours from strategic investors. The public sale has also been met with significant demand, accumulating over $500,000 in just one week.
Stage 1 of the ETFSwap is ongoing, with the token price currently at $0.00854. The strong investor response is evident, as over 80 million tokens have been sold out already.
As the presale progresses, the token price is anticipated to rise by 100% in Stage 2, taking the token price to $0.01831. This implies that early-stage investors from stage 1 stand to secure an instant profit of 100%.
As new investors continue to join the platform, the demand for ETFS tokens will increase, leading to a potential rise in token value. Savvy investors can capitalize on this by holding and staking a significant amount of ETFS tokens, allowing them to benefit from both price appreciation and earn dividends from the platform’s dedicated reward pool.
In conclusion, the funding achievements of ETFSwap’s funding and the influx of Spot Bitcoin ETF investment from global investment firms like Millennium Management, has propelled the platform’s explosive growth and boosted investors confidence in the ETFSwap (ETFS) presale.
For more information about the ETFS Presale:
Visit ETFSwap Presale
Join The ETFSwap Community
*This article was paid for. Cryptonomist did not write the article or test the platform.
