Ethereum
Ethereum Still Stuck After Billion-Dollar ETF Launch?
What Happened in Crypto Today: Is Ethereum Still Stuck After Its Billion-Dollar ETF Debut?
The long-awaited Ethereum ETFs have finally made their grand debut.
But wait, something is wrong.
As these new ETFs rake in billions, Ethereum’s price appears to be stalling.
What about it? Is this a “buy the rumor and sell the information” situation or is there something else at play?
Let’s dive into this cryptographic conundrum and see if we can make sense of it all.
Where is the market going?
Let’s first talk a little about ETH ETFs!
The Ethereum narrative just changed dramatically. With the arrival of spot ETFs, we are witnessing a potential inflection point in the market that could reshape the crypto landscape.
Analysts forecast capital inflows of between $1.5 billion (bearish scenario) and $5 billion (bullish scenario) by the end of 2024, suggesting significant institutional appetite.
This follows the launch of the Bitcoin Spot ETF in January 2024, which saw over $4 billion in inflows in its first month. The question now is whether Ethereum ETFs will live up to this enthusiasm.
Ethereum’s unique supply dynamics add an interesting twist. With much of it locked up in staking and smart contracts, its price could be more sensitive to these inflows than Bitcoin was.
Now let’s talk about the price of Bitcoin!
Analysis of market indicators reveals some interesting trends. The net unrealized profit/loss (NUPL) for Bitcoin is at 0.54. 0.7 is a key level to watch, as any reading above 0.8 signals a potential market top.
Source: bitbo.io
Let’s not forget the Pi Cycle Top indicator. It has been amazingly accurate in predicting past cycle peaks. Currently, there is still a large gap between the 111-day moving average and the 2x multiple of the 350-day moving average. When these two values converge, it often indicates a local top.
Source: bitbo.io
Beyond these technical indicators, broader market factors come into play.
The global liquidity situation is a crucial factor. Historically, cryptocurrency cycles have closely followed liquidity cycles. Any change in central bank policies could have a significant impact on the direction of the market.
What should you do now?
Given current market dynamics, it is essential to stay informed and prepared.
Keep a close eye on Ethereum ETF inflows and compare them to Bitcoin ETF launch patterns.
Monitor key indicators such as NUPL and the Pi Cycle Top indicator (learn how to use this indicator) regularly. Associate these indicators with other tools like the CMC Fear and Greed Index to time your entry and exit.
They can provide valuable insight into market sentiment and potential trend reversals.
Stay up to date with global economic news, especially regarding liquidity and central bank policies, as these can have a significant impact on cryptocurrency markets.
The story continues
Remember that the cryptocurrency market can move quickly, so it is essential to have a clear strategy and risk management plan in place.
And… crypto news TL;DR
Speaking of staying up to date, we’re here to share the top crypto news of the day. Here’s the TL;DR:
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BlackRock’s Bitcoin ETF eclipses tech giants. What stimulates Investor interest in the iShare Bitcoin Trust ETF? 🚀
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Ethereum ETFs debut with a bang, but ETH price yawns. What is this How long will it take to wake up this sleeping giant? 💤
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Kraken Completes Mt. Gox Payments But How much Bitcoins still waiting to be credited to wallets? 💰
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Kamala Harris is crypto’s unexpected cheerleader, says Mark Cuban. But Why He thinks that? 🤔
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Citi rates Coinbase stock a “buy.” But why so much confidence in Coinbase stock? 💑
Let’s dive in!
BlackRock’s Bitcoin ETF Outperforms Tech Giants
Bitcoin steals the spotlight from Silicon Valley’s best.
BlackRock’s iShares Bitcoin Trust ETF has raked in $19 billion in bitcoin this year. That’s more than the inflows into the stocks of the much-hyped “Magnificent Seven,” including tech giants Microsoft, Apple and Tesla.
Jeroen Blokland of Blockland Smart Asset Fund announced this on X. He pointed out that BlackRock’s Bitcoin ETF is even outperforming Invesco’s Nasdaq 100 ETF, which includes all those AI-powered tech darlings.
So what’s driving investor interest in the iShare Bitcoin Trust ETF? Are other Bitcoin ETFs performing well, or is it just BlackRock’s? Read the full story!
Ethereum ETFs Debut at $1 Billion, But ETH Price Remains Unchanged
The Ethereum ETF launch was a success, but ETH itself seems to remain quiet.
These new ETFs generated over $1 billion in trading volume on their first day. That’s like selling out stadium concert tickets in minutes. But Ethereum? It’s just doing business as usual.
ETH is currently at $3,447, down about 0.8% over the past 24 hours.
Eric Balchunas called the volume from the “new eight” (i.e. all new ETFs except Grayscale) “healthy.” He expects a good portion of that volume to translate into real inflows.
But how does trading volume differ from actual inflows? And which of these metrics can impact the price of Ethereum? Read the full story!
Kraken Closes Mt. Gox Chapter
We finally see the light at the end of the Mt. Gox tunnel.
Kraken CEO Dave Ripley just announced that they have successfully distributed Bitcoin and Bitcoin Cash to Mt. Gox creditors.
But that’s just the tip of the iceberg. We’re talking about over $7 billion in crypto and fiat currency that is still waiting to be returned to creditors.
Kraken is not alone in this crypto rescue mission. Bitstamp, SBI VC Trade, Bitbank, and Coincheck are also on the case. But they are keeping their cards close to their chests as to when the funds will actually arrive in the creditors’ wallets.
So how many Bitcoins are still waiting to be credited to wallets? Read the full story!
Kamala Harris, the unexpected ally of cryptocurrencies?
Mark Cuban has some interesting thoughts on Kamala Harris.
The billionaire investor believes Harris could be much more tech and crypto friendly than Biden.
He told Politico that Harris could be “much more open to business, artificial intelligence, cryptography and government as a service.”
But why does he think that? Wasn’t the Biden administration crypto again? Read the full story!
The Love Story Between Citi and Coinbase
Citi has a new crush, and its name is Coinbase.
The banking giant has just upgraded COIN from “neutral” to “buy”, with a price target of $345.
So what makes Citi so excited?
This is the Supreme Court’s recent decision to overturn deference to Chevron.
Citi analysts believe the legal decision could be a game-changer in regulatory risks for Coinbase.
COIN stock is up 65% year-to-date, even surpassing Bitcoin’s impressive 50% rise.
The move could challenge the SEC’s beloved Howey test. You know, that test it uses to determine whether something is a security or not?
But why so much confidence in Coinbase stock? Are there other reasons for this optimism? Read the full story!
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