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Is Ethereum Still Stuck After Billion-Dollar ETF Debut?
What Happened to Crypto Today: Is Ethereum Still Stuck After Billion-Dollar ETF Debut?
The long-awaited Ethereum ETFs have finally made their grand entrance.
But wait, something doesn’t add up.
While these new ETFs are making billions, the price of Ethereum appears to be in hibernation.
What’s going on? Is this a case of “buy the rumor, sell the news” or is there something else at play?
Let’s delve into this cryptographic puzzle and see if we can make sense of it.
Where is the market going?
Let’s talk a little about ETH ETFs first!
The Ethereum narrative just changed dramatically. With spot ETFs now live, we are witnessing a potential inflection point in the market that could reshape the cryptocurrency landscape.
Analysts estimate inflows of between $1.5 billion (bearish case) and $5 billion (bullish case) by the end of 2024, suggesting significant interest from institutional investors.
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, can Ethereum ETFs live up to this hype?
Ethereum’s unique supply dynamics add an interesting twist. With a large portion locked up in staking and smart contracts, its price may be more sensitive to these inflows than Bitcoin was.
Now let’s talk about the price of Bitcoin!
Analyzing the market indicators reveals some intriguing patterns. 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 peak.
Source: bitbo.io
Let’s not forget the Pi Cycle Top Indicator. It has been uncannily accurate in predicting the peaks of previous cycles. At the moment, there is still a wide gap between the 111-day moving average and the 2x multiple of the 350-day moving average. When these converge, a local top is often signaled.
Source: bitbo.io
In addition to 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 changes in central bank policies could have a significant impact on the direction of the market.
What should you do now?
Given the current market dynamics, it is essential to stay informed and prepared.
Keep an eye on Ethereum ETF inflows and compare them to Bitcoin ETF launch patterns.
Monitor key indicators like NUPL and Pi Cycle Top indicator (Learn how to use this indicator) regularly. Associate these indicators with other tools such as the CMC Fear and Greed Index to schedule entry and exit.
They can provide valuable insights into market sentiment and potential trend reversals.
Stay up to date with global economic news, especially regarding liquidity and central bank policies, as they can have a significant impact on cryptocurrency markets.
The story continues
Remember that the cryptocurrency market can move quickly, so having a clear strategy and risk management plan is essential.
And… cryptocurrency news TL;DR
Speaking of staying up to date, we’re here to share today’s top cryptocurrency news. Here’s the TL;DR:
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BlackRock’s Bitcoin ETF Is Overshadowing Tech Giants What is increasing Investor Interest in the iShare Bitcoin Trust ETF? 🚀
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Ethereum ETFs Debut With a Bang, But ETH Price Yawns What is it? What will it take to wake up this sleeping giant? 💤
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Kraken Completes Mt. Gox Payments. But how many Are Bitcoins still waiting to be credited to wallets? 💰
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Kamala Harris Is Crypto’s Unexpected Cheerleader, According to Mark Cuban. But why does he do it does he think this? 🤔
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Citi calls Coinbase shares a “buy.” But Why so much? Confidence in Coinbase stock? 💑
Let’s start!
BlackRock’s Bitcoin ETF Outperforms Tech Giants
Bitcoin is stealing the show 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 much-hyped “magnificent seven” stocks, tech giants like Microsoft, Apple, and Tesla.
Jeroen Blokland of Blockland Smart Asset Fund announced this on X. He pointed out that BlackRock’s Bitcoin ETF is actually outperforming Invesco’s Nasdaq 100 ETF, which includes all those AI-powered tech darlings.
So what is driving investor interest in the iShare Bitcoin Trust ETF? Are other Bitcoin ETFs doing well, or is it just BlackRock’s? Read the full story!
Ethereum ETFs Make $1 Billion Debut, But ETH Price Holds Firm
The launch of the Ethereum ETF was a success, but ETH itself doesn’t seem to want to take it too seriously.
These new ETFs have racked up over $1 billion in trading volume on their first day. That’s like selling out tickets to a stadium concert in minutes. But Ethereum? It’s acting as if nothing happened.
ETH is currently trading at $3,447, down about 0.8% over the past 24 hours.
Eric Balchunas called the volume in the “Newborn Eight” (i.e., all new ETFs except Grayscale) “healthy.” He expects a good portion of that volume to translate into 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 he has 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 cryptocurrencies and fiat that are 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 involved. But they are keeping a tight lid on when the funds will actually arrive in the creditors’ wallets.
How many Bitcoins are still waiting to be credited to wallets? Read the full story!
Will Kamala Harris Be Crypto’s Unexpected Ally?
Mark Cuban has some interesting thoughts on Kamala Harris.
The billionaire investor thinks Harris could be much more pro-tech and cryptocurrency than Biden.
He told Politico that Harris could be “much more open to business, AI, cryptocurrency and government as a service.”
But why do you think so? Wasn’t the Biden administration cryptocurrency again? Read the full story!
The Love Story Between Citi and Coinbase
Citi has a new crush: it’s called Coinbase.
The banking giant just raised COIN from “neutral” to “buy” with a price target of $345.
So what has Citi so worked up?
This is the recent Supreme Court decision to overturn Chevron’s waiver.
Citi analysts believe this legal decision could be a turning point in Coinbase’s regulatory risks.
COIN shares are up 65% year-to-date, even outpacing Bitcoin’s impressive 50% gain.
This ruling could upend the SEC’s beloved Howey Test. You know, the thing they use to decide 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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