Lưu trữ cho từ khóa: Ethereum ETF

Phân tích

Ethereum whales bought $254m ETH despite rise in exchange inflows

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Ethereum whales accumulated the asset as it surged above the $2,600 mark despite a notable increase in exchange inflows, triggering mixed signals.

According to data provided by IntoTheBlock, the Ethereum (ETH) large holder inflow almost doubled over the past week—registering a net inflow of 97,220 ETH on Oct. 15 which is worth roughly $254 million at the current price point.

Large holder net flows – Oct. 16 | Source: IntoTheBlock

An increase in an asset’s whale net flow shows accumulation and vice versa, per ITB.

Meanwhile, the Ethereum exchange net flows also shifted from a net outflow of 5,700 ETH on Oct. 13 to a net inflow of 15,000 ETH yesterday. This movement shows that investors are aiming for short-term profits. 

On-chain data shows that ETH registered an exchange net inflow of $8.88 million over the past week.

This shift would be considered normal given that the ETH price rose from the 2,400 zone and surpassed $2,600 after two weeks of bearish consolidation. 

The chart shows major profit-taking momentum between 14:00 UTC and 15:00 UTC on Tuesday as Ethereum quickly plunged from its local high of $2,685 to $2,540. Roughly $16.6 billion was wiped from the ETH market cap within an hour.

ETH price – Oct. 16 | Source: crypto.news

Despite the increased short-term profit-taking, ETH is still hovering above the $2,600 mark at the time of writing. The leading altcoin has a market cap of $313 billion with a daily trading volume of $22 billion. 

Ethereum is still lacking a strong catalyst to continue its upward momentum. The U.S.-based spot ETH exchange-traded funds have also been performing poorly. These investment products recorded a net outflow of $12.7 million on Oct. 15 while the spot Bitcoin (BTC) ETFs saw a net inflow of $371 million.

Per a crypto.news report, the Australia-based Monochrome Asset Management launched the first spot ETH ETF in the country on Tuesday. The fund currently has only $272,908 in total net assets.

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Phân tích

Bitcoin holding strong at $67k amid solid ETF inflows

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Bitcoin’s surge above the $67,000 mark came along with solid spot exchange-traded fund inflows and increased short liquidations.

Bitcoin (BTC) is up 2% in the past 24 hours and is trading around $67,000 at the time of writing. Yesterday, Oct. 15, the flagship crypto asset surpassed $67,500 and even got close to the $68,000 zone, marking a two-month-high.

BTC price – Oct. 16 | Source: crypto.news

BTC’s market cap is currently hovering at $1.32 trillion with a daily trading volume of almost $50 billion. It’s rising trading volume shows increased interest from short-term holders and traders, potentially increasing Bitcoin’s price volatility.

The market-wide surge came as the U.S.-based spot BTC ETFs registered three consecutive trading days of inflows. These investment products closed last week with $253.6 million and started this week with $555.9 million in net inflows, respectively.

According to data provided by Farside Investors, spot BTC ETFs saw $371 million in net inflows, led by BlackRock’s IBIT ETF’s $288.8 million inflow, on Tuesday, Oct. 15.

Fidelity’s FBTC, Ark Invest’s ARKB and Grayscale’s mini BTC Trust assisted with $35 million, $14.7 million and $13.4 million in inflows, respectively. 

Grayscale’s GBTC, VanEck’s HODL, WisdomTree’s BTCW and Bitwise’s BITB also joined the list with $8 million, $7.6 million, $2.8 million and $0.7 million in inflows, per Farside Investors’ data.

At this point, spot BTC ETFs have recorded $19.8 billion in net inflows since their launch in January.

The U.S.-based spot Ethereum (ETH) ETFs, on the other hand, witnessed $12.7 million in net outflows amid mixed demand signals from investors. Grayscale’s ETHE fund saw $15.3 million in outflows while Fidelity’s FETH recorded $2.6 million in inflows. 

The remaining ETH investment products stayed neutral.

It’s important to note that Bitcoin and altcoin prices are experiencing high volatility due to increased liquidations and short-term profit-taking.

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Theo Crypto News

Bitcoin

Spot Bitcoin and Ethereum ETFs experience joint outflow day

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Spot Bitcoin ETFs in the U.S. broke their two-day inflow streak on Oct 8, registering a day of negative flows, while spot Ether ETFs followed suit, logging outflows after a day of stagnation.

According to data from SoSoValue, the 12 spot Bitcoin ETFs saw net outflows totaling $18.66 million, signaling a potential shift in investor sentiment amid a broader market slowdown. This decline comes after these funds collectively attracted an impressive $260.78 million in inflows over the previous two days.

Fidelity’s FBTC and Grayscale’s GBTC lead outflows

Fidelity’s Bitcoin ETF bore the brunt of the outflows, with $48.82 million exiting the fund on Oct. 8. This shift marks a stark contrast from the previous trading day when FBTC posted the highest inflows among all spot Bitcoin ETFs, gaining $103.7 million.

Grayscale’s Bitcoin Trust, another major player in the spot Bitcoin ETF market, added to the negative trend. After a day of no recorded activity, GBTC saw $9.41 million in outflows, continuing its challenging streak. Since its launch, GBTC has experienced $20.15 billion in cumulative outflows, making it a significant contributor to the sector’s overall negative momentum.

Despite the widespread outflows, BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, stood out as the sole ETF to register positive flows on the day. IBIT attracted $39.57 million in inflows, partially offsetting the overall negative trend.

The remaining nine spot Bitcoin ETFs remained neutral, with no recorded inflows or outflows on Oct. 8. However, total trading volume across all Bitcoin ETFs surged to $1.35 billion, a sharp increase from the previous day’s activity. Cumulatively, U.S. spot Bitcoin ETFs have drawn in a net total of $18.72 billion since their inception.

At the time of reporting, Bitcoin (BTC) was trading sideways, hovering at $62,230—a price level that may have contributed to the hesitation among investors to further engage with these funds.

Spot Ethereum ETFs follow Bitcoin’s downtrend

Spot Ethereum ETFs also mirrored Bitcoin’s performance, with outflows recorded across the market. The nine spot Ether ETFs saw net outflows of $8.19 million on Oct. 8, following a day of neutral activity.

Fidelity’s FETH and Bitwise’s ETHW were the most affected, with $3.65 million and $4.54 million in outflows, respectively. The remaining seven Ethereum ETFs reported no significant activity, maintaining zero flows.

In addition to the outflows, trading volume for Ethereum ETFs dropped significantly, falling to $102.37 million from $118.43 million the previous day. The spot Ether ETFs have experienced a cumulative total net outflow of $561.85 million since their introduction, reflecting persistent investor caution in the Ether market.

At the time of publication, Ethereum (ETH) was exchanging hands at $2,434.

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Theo Crypto News

Altcoin

Spot Bitcoin ETF inflows surge nine fold, Ethereum ETFs stall

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Spot Bitcoin exchange-traded funds in the U.S. saw a significant jump in net positive flows, while Ethereum spot ETFs saw a complete standstill.

According to data from SoSoValue, the 12 spot Bitcoin ETFs logged inflows of $235.19 million on Oct. 7, a surge of over nine times compared to the $25.59 million inflows recorded the previous trading day.

Fidelity’s FBTC led the charge with $103.68 million in inflows, followed closely by BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, which saw $97.88 million. IBIT had reported zero flows the prior day, making its rebound notable.

Bitwise’s BITB continued its streak with $13.09 million in net inflows over three consecutive days, while Ark and 21Shares’ ARKB added $12.63 million.

Other Bitcoin ETFs also saw inflows, with Bitwise’s BITB logging $13.09 million, extending its three-day streak of net inflows. Ark and 21Shares’ ARKB followed closely with $12.63 million in net inflows, while VanEck’s HODL and Invesco’s BTCO reported more modest inflows of $5.37 million and $2.53 million, respectively.

Meanwhile, Grayscale’s GBTC and the remaining spot BTC ETFs recorded zero net flows on the day.

Total trading volume across the 12 Bitcoin ETFs saw a significant rise to $1.22 billion on Oct. 7 from the prior day’s levels. These funds have collectively attracted a net inflow of $18.73 billion since their inception.

Political and economic factors drive sentiment

The inflows coincided with Bitcoin’s (BTC) price recovery to $63,000, reflecting a 2% rise on Oct. 7 from the previous day. The positive market sentiment followed a brief decline triggered by escalating geopolitical tensions, notably the Iran-Israel conflict.

While these global uncertainties weighed on markets, Bitcoin’s recovery also seems tied to developments in the U.S. political landscape and broader economic trends.

Recent events, including a rally in Butler, Pennsylvania, where former President Donald Trump appeared alongside Elon Musk, may have buoyed optimism among investors. Musk’s endorsement of Trump’s candidacy invigorated political supporters, which some analysts believe spilled over into markets, creating a positive feedback loop for Bitcoin.

This rally, coupled with unexpectedly strong U.S. employment figures, has bolstered confidence in Bitcoin as investors assess the intersection of political, economic, and market trends.

Despite the significant inflows, Bitcoin’s price did not remain steady throughout the day. By the end of reporting on Oct. 8, Bitcoin had dropped 1.8% to $62,332, and the broader cryptocurrency market saw over $218 million in liquidations.

Ethereum ETFs log zero flow day

In contrast to Bitcoin, the spot Ethereum ETFs saw a quiet day. According to SoSoValue data, the nine spot Ethereum ETFs in the U.S. recorded zero inflows on Oct. 7, after registering modest net inflows of $7.39 million on the previous trading day. Trading volume for these ETFs also shrank significantly, dropping to $118.43 million from $148.01 million on the prior day.

Ethereum’s (ETH) price also reflected the broader market downturn, falling 2.9% to $2,417 at the time of reporting, as investors remained cautious despite the surge in Bitcoin-related products.

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DeFi

Ethereum’s lowered yield might signal a paradigmatic shift in the ecosystem | Opinion

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In mid-August 2024, Ethereum (ETH) gas fees dipped to 0.6 gwei—a record low since 2019. While some see this as a concerning drop, it is symptomatic of broader, healthier shifts within the ecosystem. 

Lower gas fees reflect decreased mainnet transaction volume, which has, in turn, led to reduced staking yields for validators. Simultaneously, the slow adoption of Ethereum exchange-traded funds in the US adds to the market’s uncertainty. These recent events have prompted some to question Ethereum’s viability and long-term future. But rather than signaling a crisis, these developments point to a new chapter in Ethereum’s evolution—one that marks a transition to a more mature and sustainable ecosystem. 

The reduced yields should not be viewed as a sign of diminished activity or liquidity but as a result of Ethereum’s success in scaling and distributing its load across layer-2 solutions. This shift, alongside new investment vehicles like spot ETH ETFs, is creating a more efficient and accessible market, bringing long-term benefits to Ethereum and decentralized finance as a whole.

Ethereum’s paradoxical growth

Ethereum is currently experiencing what can best be described as paradoxical growth. On the one hand, its mainnet is seeing reduced transaction activity and lower yields. On the other hand, L2 solutions—designed to reduce transaction congestion—are flourishing. Daily transactions across L2 ecosystems surged to an all-time high of 12.42 million in mid-August, coinciding with the lowest gas fees seen on the Ethereum mainnet in years. These dynamics reveal that rather than a slowdown in the ecosystem, Ethereum is shifting its activity to more scalable, efficient layers.

The lowered staking yields for validators, which many are concerned about, are a natural consequence of this migration of activity from the mainnet to L2s. Over time, Ethereum’s mainnet may evolve into a settlement layer reserved for high-value transactions, allowing the bulk of lower-value activity to be handled by L2s. This isn’t a sign of decline but of a maturing market capable of meeting the demands of a growing user base while optimizing costs and efficiency.

Instead of focusing narrowly on the mainnet’s yield, stakeholders would do well to consider Ethereum’s ecosystem as a whole. Attracting more users to the protocol, enhancing accessibility, and rolling out initiatives like incentivized airdrops and points systems could help Ethereum further solidify its position as the go-to platform for decentralized applications and DeFi innovations.

The expanding influence of DeFi

Ethereum’s role as the foundational layer of DeFi continues to shape the broader blockchain space. Despite current concerns, Ethereum’s growth remains a powerful driver of innovation, and this evolution is crucial for the future of decentralized finance. 

On the protocol level, Ethereum’s continued development and expansion create a more competitive and accessible network for users and developers alike. As Ethereum scales, its capability to support new dApps and financial products increases, further contributing to DeFi’s success. This, in turn, drives network effects, where increased participation enhances security, utility, and, ultimately, adoption. 

Ethereum’s influence is also spreading to traditional finance, most notably through the introduction of spot ETH ETFs, which provide a more familiar and regulated entry point for institutional and retail investors alike. These ETFs lower the entry barrier for those unfamiliar with blockchain technology but eager to invest in the space. By offering a regulated framework and a product perceived as safer than direct token purchases, spot ETH ETFs are attracting traditional investors to the Ethereum ecosystem. This not only expands Ethereum’s reach but also positions ETH as more than just a tech-driven asset—transforming it into a recognized store of value. 

As this trend continues, we can expect further integration between Ethereum and real-world assets, enhancing the network’s utility and long-term potential.

Supporting ecosystem transitions

As Ethereum navigates this paradigm shift, it’s important to recognize that these changes are a natural part of the ecosystem’s evolution. Lowered staking yields and gas fees are not indications of failure but reflections of Ethereum’s capacity to adapt and scale. Supporting this transition is crucial for the network’s long-term success, and this can be achieved through initiatives that prioritize user engagement and developer incentives.

For instance, platforms like Base—an L2 solution—handled over 109 million transactions in the past 30 days compared to Ethereum’s 33 million. This is a clear sign that L2s play a critical role in the network’s growth. However, acknowledging this shift isn’t enough; the ecosystem must prioritize collaboration among DeFi protocols to build dApps that maximize Ethereum’s potential. This is the only way for Ethereum to achieve its actual goal of serving the masses with decentralized technology.

A new dawn for Ethereum

The Ethereum mainnet’s lower yields and gas fees may appear to signal a slowdown, but they are, in fact, signs of Ethereum’s growing scalability and efficiency. As L2 networks take on more transaction activity and new financial products like spot ETH ETFs open the door for traditional investors, Ethereum is evolving into a more robust and versatile platform.

The ebbs and flows of market dynamics—like the recent yield reductions—are part of a larger shift that strengthens Ethereum’s role as the backbone of DeFi. The future of Ethereum lies in its ability to scale, integrate real-world assets, and foster a thriving community across its ecosystem. Far from being a calamity, the lower yields signal a new dawn in which Ethereum continues to lead the way in decentralized innovation.

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Theo Crypto News

Altcoin

Spot Bitcoin ETFs record second consecutive outflow day amid geopolitical uncertainty

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U.S. spot Bitcoin exchange-traded funds experienced a second consecutive day of outflows on Oct. 2, as Bitcoin’s price dropped below $61,000, driven by escalating tensions in the Middle East.

According to data from SoSoValue, the 12 U.S.-listed spot Bitcoin ETFs recorded $91.76 million in net outflows, continuing from the previous day’s $242.53 million withdrawal.

ARK 21Shares’ ARKB fund led the outflows, with $60.26 million exiting the fund, marking its third consecutive day of losses. Grayscale’s flagship GBTC followed closely, registering $27.31 million in outflows, bringing its total withdrawals since inception to $20.12 billion.

Notably, BlackRock’s IBIT ETF saw its first negative flow in almost a month, with $13.74 million withdrawn. This marks a shift from its previous strong performance, although the fund has still managed to attract $21.52 billion in inflows since its launch. Bitwise’s BITB also experienced significant outflows, with $11.51 million leaving the fund.

In contrast, Fidelity’s FBTC ETF stood as the only outlier on the day, posting inflows of $21.08 million, partially offsetting the broader trend of outflows across the market.

The overall trading volume across the 12 Bitcoin ETFs fell significantly, dropping to $1.66 billion on Oct. 2 from $2.53 billion the day before. Despite this recent downturn, these funds have attracted a cumulative $18.53 billion in net inflows since their respective launches, indicating that long-term institutional interest in Bitcoin ETFs remains resilient.

Eric Balchunas, Senior ETF Analyst at Bloomberg, recently noted BlackRock’s IBIT and Fidelity’s FBTC as top performers in terms of assets under management among ETFs launched since 2020. Both funds were introduced following the 2022 bear market, indicating the growing institutional focus on Bitcoin despite prevailing market volatility.

Bitcoin price under pressure as geopolitical risks mount

The recent wave of outflows aligns with Bitcoin’s (BTC) price struggles, as the cryptocurrency fell to a low of $60,100 earlier on Oct. 2 before recovering to just above $61,300. The ongoing tensions between Israel and Iran, specifically in light of Israel’s expected response to an Iranian attack, have intensified market instability, adding to downward pressure on Bitcoin.

Market analysts have expressed concerns about further downside risks.

Analyst Ali has forecasted a potential correction of over 15%, predicting that if Bitcoin fails to maintain support at $60,900, it could see a deeper plunge toward $52,000.

Crypto Capo, another prominent market commentator, warned that if Bitcoin reaches this level, Ethereum could fall to $1,800, signaling broader weakness across the cryptocurrency market.

Ether ETFs buck the trend with inflows

While Bitcoin ETFs continued to struggle, U.S. spot Ether ETFs saw a reversal in flows, registering $14.45 million in net inflows on Oct. 2 after two consecutive days of outflows.

BlackRock’s ETHA fund led the recovery with $18.04 million in inflows following a day of no activity, while Franklin Templeton’s EZET ETF attracted $1.81 million, marking its first inflow since mid-August.

However, Grayscale’s ETHE continued to experience outflows, with $5.4 million withdrawn on the same day. The remaining Ether ETFs saw zero flows on the day.

At the time of publication, Ethereum (ETH) was down 3.8%, trading at approximately $2,386, as the broader cryptocurrency market continued to face pressure from geopolitical events and investor uncertainty.

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Altcoin

Valour debuts physically-backed Ethereum staking ETP on LSE

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ETP issuer Valour has launched a fully backed Ethereum staking ETP on the London Stock Exchange, marking a pivotal step for institutional access to decentralized finance in the U.K.

Valour, a Swiss digital asset investment firm run by DeFi Technologies Inc., has introduced a physically-backed Ethereum (ETH) staking exchange-traded product on the London Stock Exchange, providing institutional investors with passive, non-leveraged exposure to ETH while allowing them to earn staking rewards.

In a Sept. 30 press release, the Swiss firm stated that the product complies with the Financial Conduct Authority’s stipulations and is supported by ETH held in cold storage by custodians Copper Markets AG, with staking services provided by Blockdaemon.

London welcomes first Ethereum ETP with staking

The launch follows LSE’s guidance for admitting physically-backed crypto ETPs. According to DeFi Technologies CEO Olivier Roussy Newton, the product bridges traditional finance and digital assets, offering institutional investors an efficient way to gain exposure to Ethereum and its staking benefits. For Valour, this latest product is an addition to more than a dozen crypto-linked ETPs already available to investors.

The move aligns with recent developments in the U.S., where the Securities and Exchange Commission approved Ethereum spot ETFs in mid-July, though without staking rewards. Ethereum staking yields, currently around 3.19% per data from Staking Rewards, are expected to gain prominence as analysts at FalcoX predict a bull market driven by increased liquidity and favorable outcomes in the 2024 elections.

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Altcoin

Bitcoin ETFs record nearly $500m inflows over five days, Ether ETFs continue positive streak

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Spot Bitcoin ETFs in the U.S. marked their fifth straight day of net inflows, with spot Ether ETFs also registering inflows for a second consecutive day.

Data from SoSoValue shows that the 12 spot Bitcoin ETFs recorded net inflows of $105.84 million on Sept. 25, marking the fifth consecutive day of positive inflows. Over this period, the funds have accumulated more than $496.56 million.

BlackRock‘s IBIT, the largest Bitcoin ETF, led the inflows for the second consecutive day with $98.9 million flowing into the fund, bringing its total net inflows to $21.2 billion. BItwise’s BITB drew in $2.1 million.

These inflows were partially offset by Fidelity’s FBTC and ARK 21Shares’ ARKB which experienced outflows totalling $33.2 million and $47.4 million, respectively. The remaining eight BTC ETFs including Grayscale’s GBTC remained neutral on the day

Since the conversion of GBTC into an ETF, investors have withdrawn more than $20.1 billion from the fund. However, the significant outflows that followed the conversion have eased in recent weeks.

Total trading volume for the 12 BTC ETFs dipped to $795.85 million on Sept. 25, lower than the $1.11 billion seen the previous day. Since launch, these funds have recorded a cumulative total net inflow of $17.94 billion. Bitcoin (BTC) was trading at $63,675 at press time.

The nine U.S.-based Spot Ethereum ETFs logged net inflows of $43.23 million on Sept. 25, continuing the positive performance seen the previous day. Most of the inflows went into Grayscale Bitcoin Mini Trust, which saw $26.6 million added to the fund.

BlackRock’s ETHA and Fidelity’s FETH followed with inflows of $ 9.4 million and $6.4 million respectively. 21Shares CETH also drew in a more modest inflow of $774.1K The remaining ETH ETFs saw no trading activity on the day.

The trading volume for these investment vehicles dropped to $124 million on Sept. 25 from $180.42 million seen the previous day. The spot Ether ETFs have experienced a cumulative total net outflow of $580.94 million. At the time of publication, Ethereum (ETH) was exchanging hands at $2,613.

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DeFi

SEC pushes back Ethereum ETF options decision to November

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The United States Securities and Exchange Commission has delayed its decision regarding the approval of options trading for spot Ethereum ETFs.

In two separate filings, the SEC said it requires “sufficient time to consider the proposed rule change” that would allow Nasdaq ISE LLC and NYSE American LLC to offer options trading for spot Ethereum ETFs.

Currently, BlackRock’s iShares Ethereum Trust (ETHA), Bitwise’s Ethereum ETF (ETHW), Grayscale’s Ethereum Trust (ETHE), and Ethereum Mini Trust (ETH) are the funds seeking the commission’s approval.

BlackRock filed for the rule change for its ETHA product in August 2024, while Bitwise and Grayscale followed with their respective filings via NYSE American LLC during the same month. 

Initially, a final decision was expected by September 26 and 27, 2024, but the regulator has extended the review period to Nov. 10 and 11, 2024. 

This is typical under Section 19(b)(2) of the Securities Exchange Act. It gives the regulator more time to consider these decisions and aligns with its cautious approach towards crypto-related ETPs.

Meanwhile, on Sept. 20, the regulator approved options on BlackRock’s iShares Bitcoin Trust, allowing Nasdaq to list IBIT options under its continued listing standards. However, the approval came after an almost eight-month review period.

Nasdaq had to refile multiple amendments throughout this process, starting from Jan. 11, 2024, to provide additional information regarding Bitcoin-based ETPs. These amendments were necessary for the SEC’s thorough review, ensuring all regulatory concerns over market manipulation and other risks were addressed before approval.

The SEC’s extension comes amid declining interest in spot Ethereum ETFs, with the nine funds experiencing seven consecutive weeks of outflows. To date, these outflows have exceeded $620 million. In contrast, spot Bitcoin ETFs have recorded over $17 billion in inflows since launch.

In other news, BlackRock recently filed an amendment requiring its custodian, Coinbase, to process Bitcoin ETF withdrawals within 12 hours. 

This change came in response to rising concerns among investors about Coinbase’s transparency in handling Bitcoin assets. The quicker withdrawal process is intended to reassure investors that their holdings are being appropriately managed and not through “paper BTC” or IOUs.

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