Ethereum Still Stuck After the Billion-Dollar ETF Debut?

What Happened in Crypto Today: Is Ethereum Still Stuck After Billion-Dollar ETF Debut?

The long-awaited Ethereum ETFs have finally made their grand debut.

But wait, something is wrong.

While these new ETFs are raising billions of dollars, the price of Ethereum appears to be hitting the snooze button.

What’s going on? Is this a case of “buy the rumor, sell the news” or is it something else?

Let’s take a look at this crypto conundrum and try to understand it all.

Where is the market manager?

First, let’s talk a little about ETH ETFs!

The narrative around Ethereum has changed dramatically. With spot ETFs now live, we are witnessing a potential turning point in the market that could reshape the crypto landscape.

Analysts are predicting inflows of between $1.5 billion (bear scenario) and $5 billion (bull scenario) by the end of 2024, indicating significant appetite 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: will Ethereum ETFs match this enthusiasm?

Ethereum’s unique supply dynamics add an interesting twist. With a large portion of it locked up in staking and smart contracts, its price may be more sensitive to these inflows than Bitcoin.

Now let’s talk about the price of Bitcoin!

Examining market indicators reveals some interesting patterns. The Net Unrealized Profit/Loss (NUPL) for Bitcoin is at 0.54. 0.7 is an important level to watch, as any reading above 0.8 indicates a potential market top.

Source: bitbo.io

Let’s not forget the Pi Cycle Top Indicator. It has been eerily accurate in predicting previous cycle tops. Currently, there is still a large gap between the 111-day moving average and 2x the 350-day moving average. When these converge, it usually indicates a local top.

Source: bitbo.io

Beyond these technical indicators, broader market factors also play a role.

Global liquidity is a critical factor. Historically, crypto cycles have closely followed liquidity cycles. Any changes in central bank policies can significantly impact market direction.

What should you do now?

Given the current market dynamics, being informed and prepared is vital.

Keep a close eye on Ethereum ETF inflows and compare them to Bitcoin ETF launch patterns.

Regularly monitor key indicators like NUPL and the Pi Cycle Top Indicator (learn how to use this indicator). Pair these indicators with other tools like the CMC Fear and Greed Index to time your entry and exit.

These can provide valuable information about market sentiment and potential trend reversals.

Follow global economic news, especially regarding liquidity and central bank policies, as these can significantly impact crypto markets.

The story continues

Remember, the cryptocurrency market can move quickly, so having a clear strategy and risk management plan is crucial.

And… Crypto News TL;DR

Speaking of staying up to date, we’re here to share today’s top crypto news. Here’s the TL;DR:

BlackRock’s Bitcoin ETF is outperforming tech giants. What’s driving investor interest in the iShare Bitcoin Trust ETF? 🚀

Ethereum ETFs started off with a bang, but ETH price is yawning. What will it take to wake this sleeping giant? 💤

Kraken Completes Mt. Gox Payouts. How Many Bitcoins Are Still Waiting to Be Deposited? 💰

Kamala Harris is an unlikely cryptocurrency supporter – she believes in Mark Cuban. So why does she think so? 🤔

Citi says “buy” on Coinbase stock. So why is Coinbase stock so trusted? 💑

Let’s start!

BlackRock’s Bitcoin ETF Outperforms Tech Giants

Bitcoin is stealing the spotlight from Silicon Valley’s finest.

BlackRock’s iShares Bitcoin Trust ETF has made $19 billion from Bitcoin this year. That’s more than the inflows into the much-talked-about “magnificent seven” stocks — you know, tech giants like Microsoft, Apple and Tesla.

Jeroen Blokland of Blockland Smart Asset Fund announced this at X. He noted that BlackRock’s Bitcoin ETF has even outperformed Invesco’s Nasdaq 100 ETF, which includes all AI-powered tech giants.

So what is driving investor interest in the iShare Bitcoin Trust ETF? Are other Bitcoin ETFs performing well or is it just BlackRock? Read the full story!

Ethereum ETFs Make Billion-Dollar Debut, But ETH Price Remains Steady

The Ethereum ETF launch was a success, but ETH itself seems to be doing it calmly.

These new ETFs have done over $1 billion in first-day trading. That’s like selling out a stadium concert in minutes. What about Ethereum? It’s acting like nothing happened.

ETH is currently trading at $3,447, down around 0.8% over the last 24 hours.

Eric Balchunas described the volume of the “Newborn Eight” (all new ETFs except Grayscale) as “healthy.” He expects a significant portion of that volume to translate into actual inflows.

So how does trading volume differ from actual inflows? And which of these metrics could impact Ethereum’s price? Read the full story!

Kraken Shuts Down Mt. Gox Division

We’re finally seeing the light at the end of the Mt. Gox tunnel.

Kraken CEO Dave Ripley 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 more than $7 billion in crypto and fiat money waiting to be returned to creditors.

Kraken is not alone in this crypto rescue mission. Bitstamp, SBI VC Trade, Bitbank, and Coincheck are also in on the case, but they are keeping their cards close to the vest when it comes to when the funds will reach the recipients’ wallets.

So how many Bitcoins are waiting to be deposited into wallets? Read the full story!

Is Kamala Harris Crypto’s Unlikely Ally?

Mark Cuban has some interesting thoughts about Kamala Harris.

The billionaire investor thinks Harris may be much closer to tech and crypto than Biden.

“He could be much more open to business, AI, crypto, government as a service,” Harris told Politico.

So why does he think so? Wasn’t the Biden administration crypto again? Read the full story!

Citi’s Love Affair with Coinbase

Citi’s new favorite is Coinbase.

The banking giant upgraded COIN from “neutral” to “buy” and set a price target of $345.

So what has Citi so worried?

The Supreme Court’s latest decision to overturn the Chevron deference.

Citi analysts believe this legal decision could be a game-changer for Coinbase’s regulatory exposure.

COIN’s stock is up 65% since the beginning of the year, outpacing even Bitcoin’s impressive 50% increase.

This decision could overturn the SEC’s beloved Howey Test. You know, the thing they use to decide whether something is a security?

So why is Coinbase stock so trusted? Are there other reasons for this optimism? Read the full story!

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