The Securities and Exchange Commission (SEC) has approved the first eight proposals for spot ether exchange-traded funds (ETFs). According to a document issued on May 23 that orders grating an accelerated approval for these products, NYSE Arca obtained permission to list the Grayscale Ethereum Trust and the Bitwise Ethereum ETF, Nasdaq can now list the […]
Bitcoin News
Nasdaq Revises World’s Largest Asset Manager Blackrock’s Spot Ether ETF Proposal
On Wednesday, Nasdaq, the second-largest American stock exchange based in New York City, revised its 19b-4 filing for Blackrock’s spot ethereum exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). Nasdaq Amends Blackrock’s Ether ETF 19b-4 Filing Following several amended 19b-4 filings by Cboe on Tuesday, Nasdaq has refiled Blackrock’s 19b-4 submission. Blackrock, […]
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PEPE Soars to All-Time High Spurred by Speculation of Spot Ether ETF Approval
The Ethereum-based memecoin Pepe (PEPE) experienced a significant price surge of 40% since Monday to a new all-time high, fueled by the speculation that the U.S. SEC might approve spot ether exchange-traded funds (ETFs). Crypto traders and analysts, observing the movement between ether’s price rise and PEPE’s surge, speculate further growth for PEPE, reflecting the […]
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Financial Nonprofit Better Markets: Approving a Spot Ether ETF Would Threaten ‘the Broader Financial System’
Better Markets, a financial nonprofit organization, has lashed out against approving a spot ether ETF product, stating that it would endanger the broader financial system. In a supplemental comment letter sent to the SEC, the organization states that approving these spot ether ETPs would “interweave the crypto industry with traditional finance,” aggravating systemic risks introduced […]
Bitcoin News
Financial Nonprofit Better Markets: Approving a Spot Ether ETF Would Threaten ‘the Broader Financial System’
Better Markets, a financial nonprofit organization, has lashed out against approving a spot ether ETF product, stating that it would endanger the broader financial system. In a supplemental comment letter sent to the SEC, the organization states that approving these spot ether ETPs would “interweave the crypto industry with traditional finance,” aggravating systemic risks introduced […]
Bitcoin News
Brazilian Neobank Nubank Introduces New Crypto Wallet Features for Bitcoin, Ether and Solana
Nubank, a Brazilian neobank, has introduced new features for its cryptocurrency customers. The Sao Paolo-based organization recently enabled deposits and withdrawals of bitcoin, ether, and solana in its cryptocurrency service, broadening the use cases of its platform. Before, the company only allowed users to purchase, hold, and sell cryptocurrency assets. Nubank Enhances Cryptocurrency Features: Opens […]
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Standard Chartered Updates Prediction: Doubts SEC Will Approve Spot Ether ETFs in May
Standard Chartered, which was previously optimistic about the U.S. Securities and Exchange Commission (SEC) approving spot ether exchange-traded fund (ETF) applications in May, has now revised its prediction. The bank still sees a positive long-term future for spot ethereum ETFs. Standard Chartered on Spot Ether ETFs Standard Chartered, previously optimistic about a May approval for […]
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Crypto Attorney Jake Chervinsky Explains the Bear Case for a Spot Ether ETF Approval in May
Jake Chervinsky, CLO of Variant, a crypto-focused venture capital firm, explained that he was pessimistic about U.S. regulators approving a spot ether ETF this May. Chervinsky stated that the SEC’s combative attitude, willingness to go to court to fight this kind of approval, and lack of details on the initiative, signaled a bad outcome for […]
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Ether Locked in Liquid Staking Platforms Skyrockets to $54.34B With a $26.85B Rise in 64 Days
The volume and worth of liquid staking derivatives (LSDs) have expanded significantly since the beginning of the year, with 1.56 million ether being added to LSD protocols since Jan. 6. The total value of ethereum stored surged by .85 billion in the last two months. LSD Market Flourishes: Ethereum Holdings Cross Billion Milestone In […]
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Ethereum Wallets Overflow: Over 90% Addresses In Profit, Ether To Retest ATH
Cryptocurrency enthusiasts are celebrating a bullish weekend for Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization. With a price surge of 4.31% in the last day, ETH is inching closer to a critical resistance point: ,000. This climb comes amidst a wave of optimism surrounding the Ethereum network, fueled by a confluence of factors.
Ethereum Whale Activity, On-Chain Buying Signal Potential Rally
Market analysts are attributing the recent surge to a significant rise in Ethereum accumulation. According to data from blockchain tracking company Spot On Chain, wallets linked to PulseChain and PulseX have been aggressively buying ETH, accumulating a staggering 163,295 ETH in just four days. This substantial buying pressure, totaling nearly 1 million DAI, suggests a strong foundation for a potential price increase.
Furthermore, more than billion whale trade volume recorded overnight indicates a shift in sentiment among major investors. This hefty trade volume is seen as a bullish signal, suggesting that whales are accumulating ETH in anticipation of a price upswing.
Ethereum Investors Buoyed By Profitability, Approaching ATH
Adding fuel to the fire, over 94% of ETH addresses are currently in profit. This translates to a significant number of investors holding onto their ETH, creating low selling pressure and potentially paving the way for a price increase.
Data from IntoTheBlock (ITB), a cryptocurrency analytics platform, indicates that at this point, ETH is at its best level in nearly a year, but it is clearly trailing the upward trend that Bitcoin experienced once its spot Exchange-Traded Fund obtained approval.
Moreover, the excitement surrounding Ethereum is palpable as the price approaches its all-time high (ATH) of ,890. With minimal resistance anticipated, a retest of the ATH seems like a realistic possibility in the near future. This prospect is further amplified by the dwindling number of addresses holding ETH at a break-even point or at a loss.
Dencum Upgrade And ETF Speculation Stoke Investor Confidence
Beyond the immediate price action, the Ethereum community is buzzing with anticipation about the upcoming Dencum upgrade. This highly anticipated upgrade is designed to address scalability issues, reduce transaction fees on layer networks, and decongest the Ethereum network.
A successful Dencum upgrade is expected to significantly improve the overall user experience and potentially attract new investors, bolstering confidence in the long-term viability of the Ethereum network.
Adding another layer of optimism is the ongoing speculation surrounding a potential Ethereum ETF. While regulatory approval from the SEC is still pending, the very possibility of an ETF has buoyed investor sentiment. An ETF would allow traditional investors to gain exposure to Ethereum without the complexities of directly owning and managing cryptocurrency, potentially leading to a wider investor base and increased demand for ETH.
A Look Ahead: Ether Trajectory Hinges On Multiple Factors
While the outlook for Ethereum appears bright, there are still factors to consider. The price of ETH remains roughly ,000 shy of its ATH, and the success of the Dencum upgrade and the approval of an Ethereum ETF are not guaranteed. As with any investment, conducting thorough research and maintaining a cautious approach is crucial.
However, the confluence of rising on-chain activity, whale accumulation, and a profitable investor base paints a promising picture for Ethereum. With the Dencum upgrade on the horizon and the possibility of an ETF, Ethereum appears poised for a potential price rally in the coming months.
Featured image from Pexels, chart from TradingView