What happened to crypto today: Will an ETH ETF be as good as a Bitcoin ETF?

Happy Ethereum ETF Day!

The day we’ve been waiting for has finally arrived. Ethereum ETFs are hitting the market, and Crypto Twitter is buzzing like never before.

While some predict a tsunami of institutional money flooding into Ether, others are keeping the champagne on ice.

Let’s dive into the details and separate the signal from the noise.

Where is the cryptocurrency market headed?

Where is the market heading?

Ethereum ETFs are finally here! Starting July 23, 2024, you can buy Ethereum through regular exchanges. This is great news for Wall Street and everyday investors alike.

Nine different Ethereum ETFs are coming to market. Five are launching on the Chicago Board Options Exchange, with the rest likely to follow on Nasdaq and NYSE Arca.

So what’s the problem?

Well, let’s take a look at what happened when Bitcoin ETFs launched in January 2024. The market was quite choppy at first, then calmed down, and finally started to rally.

But here’s the thing: Ethereum is not Bitcoin. It has its own thing, like powering DeFi and NFTs. So the market may react differently this time around.

Experts are all over the place with their predictions. Some say Ethereum could hit $5,000 by the end of the year, while others aren’t so sure.

But these ETFs aren’t just about price. They could make Ethereum seem more legitimate to old-school finance types, and perhaps even make it easier to buy and sell.

So what should you do?

One thing to keep an eye on is how much money flows into these ETFs. Estimates range from $3 billion to $45 billion in the first year. If a lot of money comes in, it could push the price of Ethereum higher (NFA).

Another interesting part is how these ETFs will compete with each other. Since they are all very similar, they may try to beat each other on fees, which could be good news for investors.

This whole Ethereum ETF thing could spark more interest in other cryptocurrencies as well. It’s like when one crypto does well, others often follow.

Remember, crypto can be very unpredictable. Even if it has happened before, there is no guarantee that it will happen again. So always do your homework before investing.

If you want to stay on top of all this, here’s a tip: Download the CoinMarketCap Mobile App. You can create a watchlist of Ethereum and its ecosystem projects, and set up alerts for major price movements.

This way, you’ll have real-time information right on your phone. It’s super useful for keeping track of what’s going on without having to constantly check prices.

The story continues

And with that in mind, let’s cut through the crypto chaos and check out today’s top stories. Here’s your TLDR:

• Grayscale Transfers $1 Billion in ETH to Coinbase Prime This is it a signal of impending doom or just routine cleaning? 🤔

• Wintermute predicts lower demand for ETH ETFs. But what is the cause of this pessimism? 🧐

• BlackRock’s Bitcoin ETF sees its largest inflow since March. What is driving this sudden surge of interest? 💰

• Telegram’s crypto gaming boom brings user count to 950 million. But what is reviving the era of play to win? 🎮

• Memecoin trader loses $8 million on BODEN token. So this whale I had no ideaOr did Biden’s whole exit from the scene catch him off guard? 😱

Let’s dive!

Grayscale Moves $1 Billion in Ethereum

Grayscale has just transferred $1.01 billion worth of Ethereum to Coinbase Prime.

This hefty transaction has the crypto world buzzing. Some are speculating about a potential sell-off, perhaps to jump to Solana.

Jon Campagna, a major player in the crypto hedge fund world, is pouring cold water on these rumors. He says Grayscale probably won’t dump its Ethereum stash.

So what’s really going on?

It turns out that Grayscale is transferring 10% of its Ethereum Trust (ETHE) into a new Ethereum ETF. This new fund is set to launch on Wednesday.

To make this happen, they transferred $1 billion — representing 10% of their $10 billion in ETHE assets — to Coinbase Prime.

So, is an ETHE exit coming? What does that mean exactly? Read the full story!

Wintermute believes ETH ETF will see less demand

While many analysts are predicting big things for Ethereum ETFs, Wintermute is taking a more cautious stance. They are expecting inflows of $3.2 to $4 billion, well below the $4.8 to $6.4 billion range that others are expecting.

Wintermute believes that Ethereum ETFs will capture only 15% to 20% of what Bitcoin ETFs have recorded.

They’re predicting an 18% to 24% price increase for ETH. Not bad, but not exactly to the moon either.

So what is the cause of this slight pessimism? Read the full story!

BlackRock’s Bitcoin ETF Sees Largest Inflow Since March

The iShares Bitcoin Trust (IBIT) raised 7,759 Bitcoins on July 22. That’s over $523 million at current prices.

This brings IBIT’s total assets to 333,000 BTC, worth $22 billion.

It’s the seventh-largest single-day inflow for IBIT in dollar terms. The record? That was on March 18, when they raised $849 million in one day.

But what is causing this increase in investment? Read the full story!

Telegram’s crypto gaming boom

Telegram has hit the jackpot with crypto gaming. They are now well positioned with 950 million monthly active users, according to CEO Pavel Durov. That’s a 50 million jump since spring!

So what’s driving this increase?

Two words: crypto games.

Remember Notcoin? That simple tap-to-earn game that had everyone tapping to earn virtual coins? Well, it kickstarted a gaming craze on Telegram that shows no signs of slowing down.

And let’s not forget TON – The Open Network. It’s back in full force, fueling this gaming craze.

So what exactly is reviving the “play to win” era? Read the full story!

Memecoin Trader’s $8 Million Error on BODEN

An anonymous trader just made $8 million profit on the Biden-inspired Jeo Boden (BODEN) token.

This whale sold a mountain of Jupiter (JUP) tokens to go all-in on BODEN at its peak.

As crypto trader Toby put it, they “traded $8 million worth of JUP to BODEN at the peak.”

The result? A stomach-churning 98% loss.

So this whale had no idea? Or did Biden’s whole exit from the scene catch him off guard? Read the full story!

And that’s it. See you tomorrow with more updates.!

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