Lưu trữ cho từ khóa: Bitcoin ETF

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Peter Schiff blasts Bitcoin and Ethereum ETFs; predicts a liquidity crisis

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Bitcoin and Ethereum prices are in a deep bear market amid the ongoing winding down of the Japanese yen carry trade and presidential polls in the US. 

Ethereum (ETH) has dropped by over 22% in the past 24 hours and by 32% in the last 7 days while Bitcoin (BTC) fell by 16% and 26%, respectively. 

Bitcoin vs Ethereum | Chart by crypto.news

Japanese yen carry trade

There are a few reasons for the ongoing crypto sell-off. However, the most important one is the ongoing winding down of the Japanese yen carry trade after the country’s central bank hiked interest rates by 0.25% last week.

This was an important decision since Japan has a history of maintaining low interest rates. Most recently, it was the last central bank to exit negative interest rates.

It was also a crucial decision because it came as other central banks are considering rate cuts. The Bank of England, European Central Bank, and Swiss National Banks have all slashed rates while the Fed has hinted that it will cut in September. 

Therefore, traders are winding down a carry trade that has existed for years. A carry trade happens when investors borrow from low-interest-rate countries to invest in higher rate countries. Over the years, borrowing from Japan and investing in the US has been a great trade.

Bitcoin, Ethereum, and other altcoins dropped after polls showed that Kamala Harris has a higher chance of beating Donald Trump. While Polymarket has Trump with a 53% chance of winning, Kamala has narrowed his lead in the $500 million bet. PredictIt has Kamala Harris beating Trump.

They have also dropped because of the ongoing geopolitical issues in the Middle East, rising chances of a US recession, and weak technicals.

Peter Schiff blasts Ethereum and Bitcoin ETFs

In a series of X posts, Peter Schiff, a well-known crypto bear and gold bull, warned that Bitcoin and Ethereum Exchange Traded Funds could have a liquidity crisis on Monday. 

He argues that the ETFs will have to account for the weekend losses and those happening on Monday. As a result, if ETF investors sell, then liquidations would overwhelm the spot market. 

Peter Schiff has a long history of being negative on Bitcoin and Ethereum, which he believes are worthless assets. However, historical data shows that the two assets have outperformed gold – his favorite asset – by far.

Despite the ongoing sell-off, Bitcoin has risen by 21% this year while gold is up by 15%. In the last five years, BTC has risen by 360% while gold is up by less than 80%.

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Theo Crypto News

Bitcoin

Morgan Stanley to allow advisors to offer Bitcoin ETF investments

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Morgan Stanley has become the first major Wall Street bank to allow its financial advisors to advise Bitcoin ETF investments. 

Morgan Stanley will now allow its financial advisors to offer Bitcoin (BTC) ETFs to eligible clients starting August 7, according to reporting by CNBC, making it the first major Wall Street bank to do so,

Morgan Stanley has nearly 1500 advisors who can now solicit clients to purchase shares of BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund. This follows the SEC’s approval of 11 spot Bitcoin ETFs in January. 

Only clients with a net worth of at least $1.5 million, an aggressive risk tolerance, and a desire to make speculative investments are suitable for Bitcoin ETF solicitation. The investments are for taxable brokerage accounts, not retirement accounts.

Why does this matter?

This move allows financial advisors to offer Bitcoin ETFs to eligible clients, signaling broader retail Bitcoin adoption. It means more investors are gaining exposure to crypto, and Morgan Stanley is making Bitcoin more accessible to an affluent audience, boosting demand.

“15000 of the best compensated sales people in the world who will harvest the richest families and institutions in the world and put them into Bitcoin. I predict $3 trillion market cap inbound to Bitcoin in under 18 months!” posted investor Gary Cardone on X (fromerly Twitter) in reference to the news.

A spot crypto ETF tracks the price of a specific crypto and invests portfolio funds into that crypto. These funds are traded on public exchanges but generally track a particular crypto. 

Like similar funds, crypto ETFs are on regular stock exchanges, and investors can keep them in their standard brokerage accounts. Bitcoin ETFs allow investors to gain exposure to Bitcoin without directly holding the crypto.

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Theo Crypto News

Altcoin

Bitcoin ETFs hold inflows by string, Ethereum’s outflows start again

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Spot Bitcoin and Ethereum exchange-traded funds in the United States have recorded poor results this week as bears dominate the market sentiment.

According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs recorded a net inflow of roughly $300,000 yesterday, July 31. BlackRock’s iShares Bitcoin Trust (IBIT) saw $21 million in inflows, continuing its third consecutive month without any outflows.

On July 31, Grayscale also launched its spot Bitcoin Mini Trust, with the BTC ticker, on NYSE Arca. The newly-born ETF registered $18 million in inflows on its debut day. However, the inflows into these two ETFs were neutralized by the outflows coming from Fidelity’s FBTC, Bitwise’s BITB, and Ark 21Shares’ ARKB, worth $38.7 million in total. The remaining investment products stayed neutral. 

Data from Farside Investors shows that spot Ethereum (ETH) ETFs saw $77.2 million in net outflows on July 31. Expectedly, the outflows came from Grayscale’s ETHE fund, worth $133.3 million. So far, the ETHE fund has registered $1.97 billion in net outflows since its launch on July 23.

On the other hand, Grayscale’s Mini ETH fund recorded $19.5 million in inflows yesterday. Fidelity’s FETH followed with $18.8 million in inflows while BlackRock’s ETHA fund saw only $5 million in inflows. VanEck’s ETHV, Bitwise’s ETHW, and Ark 21Shares’ CETH ETFs also registered $4.8 million, $4.7 million, and $3.3 million in inflows, respectively. Invesco’s QETH and Franklin Templeton’s EZET remained neutral.

The bearish sentiment around spot BTC and ETH ETFs comes as the broader cryptocurrency market takes a downturn. According to data from CoinGecko, the global crypto market capitalization dropped by 3.1% over the past 24 hours and is currently sitting at $2.41 trillion.

Bitcoin is down by 3.2% in the past 24 hours and is trading at $64,275 at the time of writing. Ethereum plunged 4.6% over the past day and is currently changing hands at $3,170.

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Theo Crypto News

Bitcoin

Grayscale debuts Bitcoin Mini Trust as spot BTC ETP on NYSE Arca

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Grayscale Investments has launched its Bitcoin Mini Trust as a spot Bitcoin exchange-traded product on NYSE Arca, beginning trading today.

Crypto management giant Grayscale announced in a July 31 press release that its Grayscale Bitcoin Mini Trust is now available for trading on NYSE Arca.

Trading under the ticker BTC as a spot Bitcoin (BTC) exchange-traded product, the vehicle has a fee of 0.15%, which is one of the lowest fees among competing Bitcoin ETPs. Grayscale says it plans to initially seed the fund by transferring 10% of the Bitcoin from its Bitcoin ETF product, Grayscale Bitcoin Trust (GBTC).

Most Bitcoin exchange-traded products currently on the market have fees around 0.20%, according to data from Farside Investors.

U.S. Bitcoin ETF fees | Source: Farside Investors

As shown above, Grayscale’s first Bitcoin ETP, GBTC, has the highest fee among competing products, at 1.5%.

The press release notes that Bitcoin starts trading on NYSA Arca with a share price of $5.84 and $1.7 billion in assets under management.

Commenting on the launch, Grayscale’s senior managing director David LaValle claimed that the product will help “further lower the barrier to accessing Bitcoin in a SEC regulated [sic] investment vehicle.” The company noted that Grayscale Bitcoin Mini Trust — in contrast to most mutual funds or ETF products — is not registered under the Investment Company Act of 1940 and is not regulated by it.

Grayscale made a similar move with its spot Ethereum ETPs. Last week, after the Grayscale Ethereum Trust (ETHE) was converted to a spot ETP (retaining its relatively high 2.5% fee), the firm launched the Ethereum Mini Trust (under the ticker ETH), which also boasts a relatively low fee 0.15%.

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Altcoin

US spot Ether ETFs end 4-day negative flow streak with $33.7m in inflows

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The nine U.S. spot Ethereum exchange-traded funds collectively saw net inflows of $33.7 million yesterday, following four straight days of negative flows.

Despite continued outflows from Grayscale’s ETF, overall Ethereum (ETH) ETF flows had a positive day yesterday, July 30. According to data from Farside Investors, Grayscale’s ETHE was the sole spot ether ETF to experience net outflows yesterday, July 30, amounting to $120.3 million. The ETF, which has experienced outflows every day since its launch on July 23, has seen a total of $1.8 billion in outflows since its debut.

Yesterday’s outflows from ETHE were counterbalanced by significant inflows into other funds, led by Blackrock’s ETHA with $118 million. Fidelity’s FETH attracted $16.4 million, while Grayscale’s lower-fee Ethereum ETF, Ethereum Mini Trust, gained $12.4 million in net inflows.

Additional inflows were reported by Franklin’s EZET at $3.7 million and Bitwise’s ETHW at $3.5 million. The remaining three spot ether ETFs — 21Shares’s CETH, VanEck’s ETHV and Invesco Galaxy’s QETH — reported zero net flows on Tuesday.

Per data from SoSoValue, the total daily trading volume for these spot Ether ETFs was $563.22 million on July 30, a decline from $773.01 million on July 29 and $1.11 billion on launch day.

Bitcoin ETFs see $18.3m in outflows

Meanwhile, on July 30, the 11 spot Bitcoin (BTC) ETFs in the U.S. saw net outflows of $18.3 million, breaking a four-day streak of positive flows, according to data from Farside.

BlackRock’s IBIT was the only spot Bitcoin ETF to record net inflows, with $74.87 million entering the fund.

The Grayscale Bitcoin Trust (GBTC) continued its downward movements and experienced the largest net outflows among the competing products at $73.6 million. This was followed by Ark and 21Shares’ ARKB with $7.9 million in net outflows, VanEck HODL with $5.6 million, Bitwise BITB with $3.2 million and Fidelity FBTC with $2.9 million in net outflows.

The total daily trading volume for these spot Bitcoin ETFs was $1.37 billion on Tuesday, down from $2.68 billion on Monday and $4.66 billion on launch day, according to SoSoValue data.

The different momentum in the spot BTC and ETH ETFs comes as the global cryptocurrency market capitalization saw a 0.38% decline over the past 24 hours, standing at $2.39 trillion, according to data from CoinGecko. 

The day marked a reversal for both U.S. Ethereum ETFs and Bitcoin ETFs. On Monday, July 29, spot Bitcoin ETFs recorded $124.1 million in net inflows, while spot Ether ETFs saw $98.3 million in net outflows, as previously reported by crypto.news.

In an X post on July 31, Split Capital founder and chief investment officer Zaheer Ebtikar remarked on the positive shift, noting it was “definitely some rotating capital,” as spot Bitcoin ETFs experienced $18.3 million in outflows on July 30.

Just two days earlier, on July 29, Steno Research senior analyst Mads Eberhardt predicted that the substantial outflows from Grayscale’s ETHE would likely taper off this week, a trend that seems to have already begun.

At the time of writing, the price of BTC had dropped by about 1% to $66,270. ETH, the largest altcoin in the crypto market, has also experienced a slight decline of about 0.5% over the past day, currently trading around $3,320.

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Theo Crypto News

Pháp Lý

The implications of the Ethereum ETF and beyond | Opinion

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After launching our own Ethereum exchange-traded funds in Hong Kong, we’ve experienced firsthand the unlock that comes with greater visibility among investors. We saw an immediate shift in the enthusiasm, tone, and tenor of our conversations with investors, both institutional and retail, who saw this moment as a shift in legitimacy for the asset class. 

So, as Ethereum (ETH) ETFs start trading in one of the world’s largest markets this week, we see this as another milestone on the path to full integration of digital assets into traditional finance. This move paves the way for more diverse financial products, including cryptocurrency basket ETFs, ETFs with staking options, tokenized securities, and other financial innovations.

So, what will the real impact of expanded access to ETH as an investment class really be? Will we see ATHs in the coming months? How can we overcome Ethereum’s complexity as infrastructure compared to Bitcoin’s reputation as digital gold? Let’s explore these questions and how they may result in a more gradual adoption curve among investors.

The BTC effect

When spot Bitcoin (BTC) ETFs debuted, they saw over $25 billion traded in the first month. It’s unlikely that Ethereum ETFs will match this volume initially, considering Ethereum’s average 24-hour trading volume is currently at a 70% discount compared to Bitcoin. We expect spot Ethereum ETFs to trade between $15 billion and $20 billion in the first month.

Of course, it’s possible that the inflows will be larger than we expect. This would indicate a bullish sentiment that could drive momentum and give Ethereum a positive psychological push as an accepted asset class for investors of all kinds. 

However, many investors will be comparing ETH directly to BTC—and that’s a major messaging challenge. If BTC is digital gold, then what is ETH? How do investors place it into their diversified portfolios? The success of the ETH ETF hinges on its marketing, which must focus on ETH as the utility layer for the crypto industry. 

Potential for a price rally

By the end of this year, we forecast a price for Ethereum somewhere between $6,000 and $10,000. This price represents 1.6x to 2.5x its 52-week high. Our relatively bullish outlook on Ethereum is driven by rising demand from ETF introductions, increased interest in Ethereum-linked calls, and the growing adoption of ERC-20 tokens and the broader Ethereum ecosystem.

While initial ETF launches might push Ethereum higher, there could be short-term outflows from Grayscale’s Ethereum Trust, similar to what was observed with Bitcoin ETFs. Investors might shift funds to options with lower fees, impacting market sentiment temporarily. 

The launch of an Ethereum ETF could trigger a modest price rally for ETH, driven by increased demand. This uptick might also positively affect other cryptocurrencies through a spillover effect. However, the macroeconomic environment will significantly influence the long-term trajectory of digital assets. Should bearish headwinds diminish and optimism grow with the advent of new funds, Ethereum could see greater price swings.

The sustainability of these gains will depend on external factors such as equity prices, interest rates, emerging sectors, and institutional adoption rates. There’s also the election year in the US, which injects a modicum of uncertainty into the medium-term appetite for risk assets like crypto. 

Staking rewards: Retail vs institutional 

One potential limitation of Ethereum ETFs is the absence of staking rewards, a significant incentive for holding Ethereum directly. Staking allows investors to earn rewards, making it attractive for those comfortable with self-custody. That could limit the appeal for crypto natives, who may not consider adding ETH to their brokerage accounts. 

In contrast to retail investors, ETFs provide a regulated and convenient way for institutional investors to gain exposure to Ethereum without dealing with direct ownership. The strong institutional interest in ETH suggests a growing acceptance of ETFs as exposure instruments, even without staking yields. There is ongoing work with regulators to potentially introduce an ETH ETF with staking in the future, which could enhance market competitiveness.

Even so, staking is not a deal breaker. And income is not the main reason why many investors would want to add ETH ETFs to their portfolio. Rather, they’re looking for price appreciation and exposure to the digital asset vertical. 

Institutional adoption 

Institutional interest in Ethereum could differ from Bitcoin ETFs due to Ethereum’s potential as an infrastructure layer for decentralized applications across various sectors, including finance, supply chain, and technology. These sectors offer significant opportunities, making Ethereum attractive beyond just being a store of value like Bitcoin. And, as regulatory frameworks evolve and provide more clarity and certainty, institutions might find Ethereum a valuable addition for portfolio diversification.

Staking is a major attraction for institutional investors considering Ethereum ETFs. Institutional staking within crypto ETFs represents a sophisticated tool for yield generation, leveraging the inherent value of staked assets. 

This could potentially outperform traditional fixed-income instruments by providing a consistent yield that buffers against market volatility. Incorporating staking into crypto ETFs potentially allows institutions to maximize asset utilization, capturing price appreciation and generating additional returns through staking rewards. This dual-purpose approach can optimize overall investment strategies and could stabilize fund performance in bearish markets.

Moreover, institutional participation in staking could enhance governance within the ecosystem, encouraging more robust regulatory guidelines from relevant authorities and creating a safer, more transparent environment that benefits everyone. This is most evident when it comes to liquidity, as institutions tend to provide more reliable support over time as they become more comfortable with an asset class prone to instability and volatility. 

An upside catalyst

The approval of Ethereum ETFs promises to be a catalyst for market growth, attracting substantial capital inflows from investors preferring the regulated environment of traditional financial markets. As each new jurisdiction approves crypto-related financial products, it attracts new investors who were previously hesitant due to regulatory uncertainties, thus expanding the market.

More importantly, this exposure will add legitimacy to Ethereum in the eyes of the public, benefiting the broader digital asset ecosystem. We will see more people consider investments not only across other digital assets but also in the companies innovating in the broader blockchain ecosystem. 

We see the potential for a rotation into utility, with investors considering projects that address real-world solutions and have the potential to disrupt industries on a global scale. We also could see a boost for defi, as financial products that bridge the gap between traditional finance and decentralized finance become more appealing as investors gain comfort with digital assets. 

And, while initial trading volumes may not match Bitcoin ETFs, the long-term impact on Ethereum and the broader crypto ecosystem promises to be substantial, paving the way for greater awareness and innovation that enables the future of finance.

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Theo Crypto News

Altcoin

Revealed: What causes Bitcoin’s selling pressure

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Bitcoin ETFs and exchanges now have up to eight times more of an impact than miners, according to a new report.

Sell-side pressure from miners is diminishing with each and every halving, a new analysis from Glassnode says.

Meanwhile, centralized exchanges and ETF providers now have up to eight times more of an impact — a powerful illustration of how the market is shifting.

Source: Instagram

This chart helps explain what’s changing. The largest pool of Bitcoin being monitored by Glassnode rests in CEXs.

That comes to three million BTC, or about one in seven of the total supply that’ll ever exist.

It’s also fascinating to see how the 11 firms that have issued exchange-traded funds based on Bitcoin’s spot price have ballooned in popularity since January.

They collectively now hold 887,000 BTC on behalf of investors, meaning they’re creating much more sell-side pressure on days when there are considerable outflows.

Once the vast reserves held by Satoshi Nakamoto are taken out of the equation, miners currently hold about 705,000 BTC.

Glassnode says it’s been an exceedingly challenging time for Bitcoin’s price — with the German government offloading close to 50,000 BTC within a few weeks. However, it noted:

“The majority was distributed over a very short window between July 7 and 10, where over 39.8k BTC flowed out of labeled wallets. Interestingly, this sell-side occurred after the market had bottomed around $54,000 — suggesting market front-ran the news.”

Glassnode

Source: Glassnode

While concerning to everyday investors, government sell-offs of crypto remain relatively rare.

Although it isn’t expected that ETH ETFs will have anywhere near as much demand as their BTC counterparts, Wall Street could end up having a huge influence on how Ether performs.

And given supply has already been squeezed considerably through staking, we could see the amount of ETH that’s in circulation rapidly diminish quite quickly.

Glassnode went on to note that, when compared with Bitcoin, there appears to have been “notably less interest” for Ether relative to the bull run in 2021, when daily ETH exchange flows were almost on a par with BTC.

“This suggests that the degree of speculative interest in 2024 has been comparatively muted, and aligns with the generally weaker performance of ETH relative to BTC since the 2022 cycle lows.”

Glassnode

Returning to Bitcoin, it’s also interesting to see that the number of HODLers in profit has remained “robust” — even when the German government sell-offs saw the world’s biggest cryptocurrency head to lows of $53,500. At that point, Glassnode’s estimates suggested that about 25% of coins were at an unrealized loss, meaning they were now worth less than what investors had paid for them.

“This suggests that the degree of speculative interest in 2024 has been comparatively muted, and aligns with the generally weaker performance of ETH relative to BTC since the 2022 cycle lows.”

Glassnode

The narrative gets even more interesting when you zoom in on so-called “short-term holders,” as 66% of the BTC they held was tipped into the red over this period — one of the biggest declines ever recorded.

“For the opposing cohort, the long-term holders, they have experienced a negligible shift in the proportion of their supply held in profit. This demonstrates that relatively few investors from the heights of the 2021 bull still hold onto their coins.”

Glassnode

There’s been something of an impressive recovery in Bitcoin’s price now the German government has finished dumping Bitcoin on the market — with BTC almost piercing $68,500 in the immediate aftermath of Joe Biden bowing out of the presidential race.

Analysts have likened this to “relief” that the worst of the selling pressure is over, but diminished trading volumes during the summer months could continue to pose a challenge.

All eyes now are on whether Bitcoin can pierce the psychologically significant barrier of $70,000 — a level that hasn’t been reached since June.

Beyond that, an even bigger challenge will be surpassing the all-time high of $73,750 that was established on March 14, 2014.

Setting a new record here will send Bitcoin back into an era of unprecedented territory — and this momentum would undoubtedly lead to a renewed surge in ETF inflows.

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Theo Crypto News

Bitcoin

BTC ETF inflows reached $533m ahead of ETH ETF launch

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Spot Bitcoin exchange-traded funds in the United States have been seeing consecutive inflows ahead of the spot Ethereum ETF launch.

According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs recorded $533.6 million in inflows on July 22 — reaching the highest level since June 4’s $886.6 million. This is the third consecutive week of inflows for the investment products.

Most of the inflows, worth $526.7 million, came from BlackRock’s iShares Bitcoin Trust (IBIT), per Farside Investors. With the recent surge, the total amount of inflows into the IBIT ETF came close to the $19.5 billion mark.

Data shows that the Fidelity Wise Origin Bitcoin Fund (FBTC), Invesco Galaxy Bitcoin ETF (BTCO) and Franklin Bitcoin ETF (EZBC) also had $23.7 million, $13.7 million and $7.9 million in inflows, respectively. 

Moreover, despite the market-wide bullish expectations, the VanEck Bitcoin Trust (HODL) registered $38.4 million in outflows.

The remaining spot BTC ETFs, including the Grayscale Bitcoin Trust (GBTC), stayed neutral. According to Farside Investors, the total amount of these investment products is currently sitting at $17.58 billion.

While the spot BTC ETFs started a bullish week, the Bitcoin price declined by 1.3% in the past 24 hours. The flagship cryptocurrency is trading at $66,650 with a market capitalization of $1.31 trillion at the time of writing. 

BTC price – July 23 | Source: Trading View

Notably, spot Ethereum (ETH) ETFs in the U.S. are also expected to start trading today after getting the green light from the U.S. SEC. So far, the regulator approved the ETF applications from BlackRock, Fidelity, VanEck, 21Shares and Bitwise, to name a few.

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Theo Crypto News

Altcoin

Ethereum ETFs get final approval, trading to start Tuesday

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The U.S. SEC has granted the final go-ahead for the first spot ETH ETFs in the United States. Trading is set to begin tomorrow, July 23. 

Today, July 22, the U.S. Securities and Exchange Commission accepted the securities filings of several spot Ethereum (ETH) exchange-traded funds, clearing them for trading starting on Tuesday, as scheduled.

The SEC approved ETH ETF products from a total of eight issuers, including asset management giants Fidelity, Blackrock and VanEck, as well as 21Shares, Bitwise and others. 

The SEC first approved applications for the above ETH ETFs at the end of May, but firms were still waiting for their S-1 filings — the registration of new securities — to be approved in order for trading to officially start. Last week, the SEC informed issuers that they would need to finalize their S-1 documents by July 17 in order to receive approval for trading to start on July 23. 

How will the price of ETH react? 

A report from Kaiko Research published today suggested that the outlook for the price of ETH after the spot ETFs launch is unclear. The firm noted that when futures-based ETH ETFs launched last year, the demand was “underwhelming.”

The price of ETH has dropped about 2.5% over the past 24 hours, currently trading near $3,400. Earlier today, analysts from IntoTheBlock noted that the Ethereum price faces critical resistance around $3,500 levels.

30-minute ETH price chart, July 15-22, 2024 | Source: crypto.news

In general, as with spot Bitcoin (BTC) ETFs, analysts — and the industry more broadly — see the launch of a spot ETF product as a bullish sign for wider adoption. Since ETFs are traded on traditional exchanges via brokerage accounts, a wider swathe of more traditional investors now have access to the two largest cryptocurrencies by market cap via a vehicle that they are already comfortable trading. 

First Bitcoin, now Ethereum

Spot Bitcoin ETFs were approved for trading in the U.S. in January and, since then, have seen record inflows. Since the launch of spot BTC ETF trading, the price of Bitcoin has increased almost 50%, currently trading near $67,700.

4-hour BTC price chart, Janurary 8 – July 22, 2024 | Source: crypto.news

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