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XRP Surges as Ripple Moves 150 Million in Bold Transfer

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Ripple has once again moved a substantial amount of XRP, transferring 150 million XRP, worth $85 million, today. The transaction comes as speculation grows about a potential XRP exchange-traded fund (ETF). According to Whale Alert, a blockchain tracker, Ripple moved the large sum from a known Ripple address to an undisclosed wallet.

The transaction occurred at 4:40 AM UTC, with the sender being the Ripple-affiliated address “rBg…91m” and the recipient listed as “rP4…xv3.” This is not the first time Ripple has moved large amounts to this wallet. In August, the same address received 200 million tokens from Ripple, and another 150 million tokens was sent to the wallet on July 9.

Ripple’s continued relationship with this wallet is noteworthy. The receiving address, “rP4…xv3,” has a history of holding XRP transfers from Ripple, and it seems that this is part of an ongoing liquidity strategy. Data from Bithomp, a Ripple analytics platform, shows that this wallet held 218 million tokens after the latest transfer.

Ripple’s sending address, a multi-signature wallet, still holds 200 million tokens, indicating that the company has maintained a significant reserve of its native asset.

This consistent movement of the token raises questions about Ripple’s long-term strategy, especially as the market is increasingly speculating on an XRP ETF. The transfer coincides with growing optimism surrounding the asset and Ripple’s ongoing legal situation with the SEC.

XRP ETF Rumors Gain Momentum

Rumors about an XRP ETF have reached new heights following Grayscale’s recent announcement of launching the Grayscale XRP Trust. Grayscale has historically converted its other cryptocurrency trusts, such as Bitcoin and Ethereum, into ETFs. Now, the market is speculating that XRP could be next in line.

Industry experts, such as Blair Campbell, have suggested that an XRP ETF could become a reality within four to eight months. However, the uncertainty surrounding Ripple’s legal battle with the SEC casts a shadow over this timeline. Ripple has already achieved a partial victory, but the SEC has until October 6 to file an appeal.

Despite these challenges, the Ripple token has seen a positive market response. Following the announcement from Grayscale, the token rose by over 4% in the past 24 hours, trading at $0.5611 at the time of writing.

XRP’s bullish sentiment reflects confidence in Ripple’s resilience and the possibility of an ETF launch. Over the past week, the token has maintained steady growth, with a trading volume of $980 million and a market capitalization of $29.9 billion. This transfer adds to the momentum, with investors watching closely to see how Ripple navigates its regulatory and market developments.

As the countdown to the SEC’s decision continues, Ripple’s strategic moves, such as these large transfers, suggest the company is positioning itself for the next big step.

BlackRock’s Ethereum ETF on Fire: $1B Target Set

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BlackRock’s iShares Ethereum Trust is on the cusp of making history as the first US spot ETH fund to amass $1 billion in net inflows. Data from Farside Investors showed that the ETHA ticker has garnered around $901 million in net capital just three weeks after its launch. Experts have predicted that the ETF is well poised to hit the coveted $1 billion mark this week.

The ETF’s popularity has been underscored by its previous record-breaking performance. In particular, BlackRock’s iShares Ethereum Trust logged its highest daily influx of $109.9 million on August 6, despite the broader market downturns. This surge in interest was attributed to the then BlackRock and Nasdaq having filed a proposal to introduce options for ETHA, further expanding investment possibilities.

While ETHA has been a standout performer, the overall Ethereum ETF market experienced net outflows today, totaling $15.8 million. Fidelity’s ETH Fund, iShares ETH Trust ETF, Grayscale ETH Trust, and Grayscale Ethereum Mini Trust all contributed to the outflow.

Despite the mixed daily performance, the overall trend for Ethereum ETFs remains bullish, with BlackRock’s fund leading the charge.

Ethereum Rebounds, Bulls Eyeing Breakout

Having said that, market observers anticipate a huge capital influx similar to the events that followed Bitcoin ETF. However, a supply crisis looms large. Experts have noted two notable trends. One, the exchange balances have shrunk to just 10.2% of the total supply. Secondly, a whopping 40% of ETH is currently locked in smart contracts, significantly reducing the circulating supply available for trading.

On the price front, Ethereum is displaying strong signs of recovery after a period of consolidation. The leading cryptocurrency is currently bouncing off a key support level, indicating potential bullish momentum.

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Image Source: ImNotTheWolf

Analysts are closely watching the downtrend resistance line, suggesting that a decisive break above this level could trigger a significant price surge. The recent approval of ETH ETFs is expected to pour further liquidity into the market, potentially fueling a rally.

With the digital asset market showing signs of renewed optimism, Ethereum is well-positioned for a potential breakout.

Altcoins Set To Surge: Ethereum ETF’s Long-term Impact On The Crypto Market

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The popular crypto analyst, Michael van de Poppe has highlighted his altcoins portfolio approach in light of the newly launched Ethereum ETF. In a recent YouTube video, the analyst explained the steps he would take for this major market event.

The Ethereum ETF has been listed for trading and this has taken time to get approval and at the moment there has been no significant change in price. The analyst pointed out that the long-term effect could be quite large, comparing it to the situation with the Bitcoin ETF where the initial decline was followed by large inflows.

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According to Van de Poppe, the trading volume of the Ethereum ETF in the first trading day was around 25% of the volume that Bitcoin ETF experienced in the first day. Low inflation was his focus; he stated that there was a net $150 million to $160 million inflow on the first day of trading, thus decreasing the available supply.

Altcoins Poised For Growth

The analyst stated that as Ethereum gets adopted more in the future, the supply of Ethereum will reduce which is a deflationary model. Ethereum gains about 15% since the ETF approval, the broader market reaction has not yet taken place as several sell-offs that happened include the ones from the Grayscale Trust.

Van de Poppe also mentioned other important market occurrences, including the ending of Mt. Gox’s creditor reimbursement process that at first caused market stress but later minimal effects. He also stressed the role of macroeconomic factors where there is potential of FED rate cuts which may affect the markets.

In this regard, looking at the strategy of van de Poppe, he is still keen on trading within the Ethereum ecosystem’s altcoins. He stated that there is a possibility of short term price fluctuations which may be a discouragement to many, but the long run still looks good because of the enhancement and adaptation that is being made to Ethereum and its environment.

According to analyst, substantial inflows could propel Ethereum to new all-time highs with the estimates ranging from $5k to $7k. Despite the current market fluctuations, he is convinced that macroeconomic shifts and higher liquidity will be favorable for altcoins.

He explained that his go-big approach to altcoins, especially those associated with Ethereum, will be beneficial because the market will react differently to these events. The basis of his optimism stems from the fact that he feels that Ethereum and all of the associated projects are still extremely undervalued and have the potential to skyrocket as sentiment changes.

Looking at the future and market adjustments concerning the Ethereum ETF and other macroeconomic factors, the analyst remains bullish on the altcoins. He suggested investors to remain informed and have a believe that in the constantly developing world of crypto they would be eventually rewarded.

ETF Buzz: Game-changing Combo BTC, ETH, & SOL ETF Coming Soon?

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The crypto community is buzzing with anticipation after Nate Geraci, tweeted that ETF issuers may apply to launch a combined spot ETF of Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] in the next few months. “We’re quickly heading down the path towards index-based & actively managed crypto funds.” While the details of the issuers remain a mystery, the post has sparked speculation among market observers.

Some optimists believe that issuers might first capitalize on individual funds before moving on to combined ones, citing BlackRock’s recent addition of IBIT to other funds. Nevertheless, this might pave the way for tokenized assets, combining various cryptocurrencies also to enter the ETF arena.

However, skeptics are unsure about Solana in particular as the token’s previous enforcement actions for being an unregistered security might impede the SEC from approving any spot fund for it until legal matters are resolved, potentially taking several years. Despite the uncertainty, VanEck and 21Shares have still gone ahead to file applications to list SOL-based exchange-traded funds.

But what captured the market’s attention was the potential listing of crypto index ETFs. Not long ago, the U.S. Securities and Exchange Commission [SEC] confirmed receipt of the 19b-4 application for the Hashdex Nasdaq Crypto Index US exchanged traded fund, signaling a new era in the evolution of the crypto market in the United States. The fund will hold both spot Bitcoin [BTC] and Ethereum [ETH].

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ETF Buzz: Game-changing Combo BTC, ETH, & SOL ETF Coming Soon? 4

Market experts believe that the need for individual spot bitcoin/ether/etc ETFs might gradually wane down as more major brokerages roll out crypto trading. The key will be integrating user experience in terms of accounts, statements, etc. In the long term, the ETF space will be index-based & actively managed crypto funds.

Brokerages to Move Beyond Spot ETFs

One notable example is Grayscale’s Privacy ETF, an index-based fund that aims to track firms involved in data security & protection, cybersecurity products and services including blockchain-based technology solutions, etc. It would also hold the Grayscale Zcash Trust, seen as a strategic move by Grayscale to expand its exchanged trade funds lineup.

This comes amidst the upcoming Spot Ethereum ETF which is set to commence trading on July 23, SEC insider sources stated. As shared by Bloomberg analyst Eric Balchunas, the SEC has instructed the prospective issuers to submit the final S-1 form this week and apply for effectiveness after the market closes next Monday. This process will enable them to begin trading on Tuesday, July 23.

Shiba Inu Leader Hints at Exciting ETF Future for SHIB

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The enigmatic leader of the Shiba Inu (SHIB) project, Shytoshi Kusama, has sent a wave of congratulations to the Ethereum community following the U.S. Securities and Exchange Commission’s (SEC) approval of the spot Ethereum ETF. This landmark decision, announced on May 24, marks a pivotal moment for the cryptocurrency industry, and the Shiba Inu developer hinted at the potential for a similar future for Shiba Inu.

In a recent post, Shytoshi Kusama expressed his admiration for the Ethereum community, recognizing the approval of the spot ETH ETF as a monumental achievement. “Congratulations to our friends at Ethereum on this significant milestone,” Kusama wrote, adding that this could pave the way for a SHIB spot exchange-traded fund (ETF) in the future. While he did not delve deeply into this possibility, he emphasized that it is a topic for the community to discuss, as he remains focused on the ongoing developments within the SHIB ecosystem.

Could Shiba Inu ETF be a reality next?

The SEC’s approval of Ethereum ETFs follows its decision to greenlight spot Bitcoin ETFs earlier this year, marking a significant shift in regulatory attitudes toward crypto assets. Among the newly approved Ethereum ETFs are those from industry giants such as BlackRock, Grayscale, VanEck, Bitwise, Fidelity, and Ark Invest. Grayscale, which converted its Ethereum Trust into a spot ETF, now manages approximately $11 billion in ETH assets. Despite this being smaller compared to its Bitcoin holdings pre-conversion, it signifies a substantial commitment to the future of Ethereum in traditional finance.

This move has been lauded by venture investor Anthony Pompliano, who described it as the final barrier before Wall Street fully embraces crypto assets. The anticipation is that these ETFs will attract significant institutional investment, further legitimizing cryptocurrencies in the financial sector.

However, the journey has not been without its hurdles. Earlier this month, companies like Ark, Grayscale, and Fidelity had to amend their ETF filings to exclude staking services. This was in response to the SEC’s recent legal actions against Coinbase and Kraken, accusing them of offering unregistered securities through their staking programs.

As the cryptocurrency landscape continues to evolve, Shytoshi Kusama’s subtle hint at a future Shiba Inu ETF keeps the community abuzz with speculation and excitement. For now, the focus remains on the promising developments within the SHIB project, with many eagerly awaiting what comes next. #staytuned

Crypto Investment Products Rebound: $130M Inflows Signals Shift In Investor Sentiment

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CoinShares’ latest Digital Asset Fund Flows Weekly Report reveals that there’s been a significant milestone for crypto asset investment products, marking the first inflows in five weeks, amounting to $130 million. However, despite this positive development, Ethereum investors are still hesitant.

While the recent surge in funds is remarkable, note that volumes of Exchange-Traded Products (ETPs) are declining, with only $8 billion for the week against an April average of $17 billion. This drop in ETP volumes indicates that investors within this space are not as involved with the crypto market right now, making them account for only 22% of total volumes on trusted global exchanges, down from 31% over the previous month.

US Leads Inflows, Hong Kong’s Crypto Landscape Shifts

Geographically, the United States emerged as the primary recipient of inflows, with a total of $135 million pouring in, signaling a renewed interest in the market. Notably, Grayscale, a key player in the US, experienced its lowest weekly outflows since January, amounting to $171 million. Switzerland also saw a modest influx of $14 million.

However, the situation in Hong Kong presents a contrasting picture. After a record-breaking week of inflows, the region saw a sharp decline to just $19 million, indicating that much of the initial post-Bitcoin ETF launch capital was merely seed capital. Meanwhile, Canada and Germany continued to experience outflows, with a combined total of $35 million, bringing their year-to-date outflows to a significant $660 million.

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Bitcoin, the flagship cryptocurrency, experienced a notable uptick with US$144 million in inflows, marking a recovery from what had been a lackluster month. Conversely, short-Bitcoin ETPs witnessed outflows totaling $5.1 million, extending a trend of outflows over the past 8 weeks, totaling $18 million.

The regulatory landscape in the United States regarding Ethereum ETF applications has generated speculation. With minimal engagement from regulators, there is growing skepticism regarding the imminent approval of Ethereum ETFs. This sentiment was reflected in outflows from Ethereum-related products, amounting to $14 million for the week.

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Nevertheless, while the influx of funds into digital asset investment products is a positive indicator, there are nuances within specific regions and products. The crypto market continues to navigate regulatory uncertainties, which are impacting investor sentiment and behavior.

Related Reading | Bitcoin’s Reverse Flag Signals Potential Drop to $57.5-58K, Analysts Warn

Speculation Mounts Over Potential Ethereum ETF Approval Amidst Cryptocurrency Political Maneuvering

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As the cryptocurrency market continues its volatile dance, recent developments have stirred up excitement and speculation among investors. A series of seemingly coordinated actions by major players in the crypto space has sparked rumors of imminent approval for an Ethereum ETF.

The saga began with Grayscale’s filing for an S-3 conversion for its ETH trust to a spot ETF on April 23, followed by a surprise withdrawal of its ETH futures ETF application on May 7. Notably, Blackrock also filed an amendment for its 19b-4 ETH ETF on the same day as Grayscale, raising eyebrows within the community.

ARK Investment Management amended its staking plans for an Ethereum ETF on May 10, hinting at behind-the-scenes communications possibly preceding an ETF approval. Crypto enthusiasts have drawn parallels to the approval process of Bitcoin ETFs and have pointed to former President Trump’s vocal support for cryptocurrency, suggesting potential political implications for the current administration’s stance on crypto.

While scepticism persists, some traders are bracing for a potential surprise approval, with one observer dubbing it “max fuckery” if the SEC greenlights an Ethereum ETF in May. Whether these speculations will materialize into reality remains to be seen, but the crypto community remains on high alert for any developments.

SEC Extends Evaluation Period for Ethereum ETF

Citing the need for additional time to thoroughly evaluate the proposed rule change and the accompanying issues, the SEC expressed its intention to designate a longer period for consideration. This move follows previous postponements and requests for public commentary on the matter, underscoring the complexity and significance of the decision.

The delay comes amidst a series of extensions affecting various spot Ethereum ETF proposals, including those from industry giants like Grayscale, Franklin Templeton, VanEck, and BlackRock. Such repeated deferrals have contributed to a waning sense of optimism among market observers regarding the likelihood of SEC approval for these investment products.

Bloomberg ETF analyst Eric Balchunas notably revised his estimate of the chances for a spot Ethereum ETF approval by late May, reducing it from approximately 70% to a mere 25%. This shift reflects growing uncertainty surrounding the regulatory landscape and its implications for the cryptocurrency market.

Related Reading | SEC Chair Gensler ‘Trying to Destroy’ Crypto Industry, Billionaire Sounds Alarm

Hong Kong’s In-Kind ETFs Set To Launch On April 30

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Hong Kong will witness the launch of its Bitcoin and Ethereum Spot ETF according to a HashKey spokesperson. Slated to go live on April 30, the move marks a new era in the region positioning itself as the global digital asset hub. One particularly noteworthy feature is the structure of these ETFs. Unlike traditional cash-settled ETFs, these financial products will be based on an in-kind approach that facilitates the creation and redemption of shares directly with the underlying Bitcoin and Ethereum.

According to crypto trading firm Wintermute, the in-kind approach will draw more appeal from crypto natives, market makers, and digital-asset exchanges because of its greater efficiency and arbitrage opportunities. Besides closely tracking the actual market prices of Bitcoin and Ethereum, the in-kind mechanism also addresses concerns regarding market manipulation and excessive volatility, a bone of contention particularly between the U.S. SEC and ETF issuers.

While crypto enthusiasts in Hong Kong are allowed to own Ethereum ETFs. Meanwhile, the US: “You’re not allowed to own ETH ETFs or participate in airdrops because the SEC is protecting you. But if you want to get rich quick, why don’t you go to the casino or buy some lottery tickets?

Hong Kong Innovates as US Hesitates

Market experts worldwide are drawing comparisons to the ETF scene in the US market following the news. Besides the approval of a Bitcoin ETF, there is not much progress for an Ethereum ETF approval. Various issuers, such as Grayscale and BlackRock, have made moves regarding Ethereum ETFs. For instance, Grayscale has filed to convert its Ethereum Trust to an Ether ETF, and BlackRock has submitted an amendment to its 19b-4 ETH ETF application. However, the SEC has postponed decisions concerning Grayscale and Franklin.

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Hong Kong's In-Kind ETFs Set To Launch On April 30 8

Hong Kong’s latest launch also indicates the increasing integration of cryptocurrencies into mainstream financial systems and the growing acceptance of digital currencies by institutional investors globally. This step by Hong Kong could set a precedent for other financial centers in Asia and worldwide, promoting further adoption and innovation within the crypto space.

Ethereum Price Prediction: Analysts Eye $3,650 Breakout Beyond 1.63M Addresses Barrier

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Ethereum (ETH), the second largest cryptocurrency, is currently fighting a strong battle as it aims to push through a crucial resistance zone. According to renowned analyst Ali, this is a turning point where the price range should be between $3,170 and $3,270. Ali has identified that over 1.63 million addresses within this resistance zone are currently holding 4.45 million ETH which is pretty much significant enough for consideration regarding these areas of concentration in terms of their ownership pattern, as it means so much in its journey toward where it can go based on what such owners decide.

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For enthusiasts and investors who are passionate about ETH breaking past this ceiling, there is enormous potential here. Ali predicts that if the cryptocurrency clears this hurdle out of its way, then significant upward movement could be expected; thus the price of ETH might move higher to reach $3,650.

Potential Catalyst: Approval of Ethereum Spot ETF

The potential catalyst for this surge lies in the realm of financial regulation, specifically the approval of an Ethereum spot Exchange-Traded Fund (ETF). Recent insights from Bloomberg analyst James Seyffart shed light on significant movements in the Ether ETF arena.

Notably, Grayscale, a prominent player in the cryptocurrency investment space, has filed a prospectus with the U.S. Securities and Exchange Commission (SEC) for the creation of a new Ethereum ETF known as the Grayscale Ethereum Mini Trust. This ETF would be established through a spin-off and distribution from the existing Grayscale Ethereum Trust.

Craig Salm, Grayscale’s Chief Legal Officer, discussed details of its regulatory filings in during an exclusive interview. To enable the launching of the former, Salm stated that Grayscale submitted a registration statement for the Grayscale Ethereum Mini Trust and an Information Statement for the Grayscale Ethereum Trust (ETHE). As part of this process, there would be a “spin-off” where some Ether underlying ETHE shares would seed into the Grayscale Ethereum Mini Trust and distribute ETH shares pro rata to ETHE shareholders pending regulatory approval.

Investors are waiting for the SEC’s decision. The whole approval process consists of several steps, including the effectiveness of registration statements and compliance with regulatory requirements. The crypto community is so much eager to know what is happening with Ether ETFs before May ends in 2024.

Related Reading | IMF Report Indicates Positive Impact of Bitcoin on Global Cross-Border Transactions and Stability

Ethereum ETF Approval Still Viable, Says BlackRock’s Fink

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The head of asset management powerhouse, BlackRock, remains optimistic about the prospects of an Ethereum spot exchange-traded fund (ETF) coming to market, even if regulators deem the world’s second-largest cryptocurrency a security. Larry Fink’s confident stance emerges as the Securities and Exchange Commission nears a May deadline to rule on applications from eight issuers looking to launch such a product.

While the prevailing sentiment among industry observers is that the SEC will reject the Ethereum ETF proposals no matter how it ultimately classifies the digital asset, Fink believes approval remains a possibility. In a recent interview on Fox Business, the BlackRock CEO responded affirmatively when asked if an Ethereum ETF could still go forward under a security designation.

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Fink’s conviction likely stems from the overwhelming success of BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust. Branded by the CEO as “the fastest growing ETF in the history of ETFs,” the fund has raked in over $15 billion in assets under just two and a half months on the market.

The ability of the Bitcoin ETF to inject considerable liquidity and transparency into the market appears to have opened Fink’s eyes to the transformative potential of such products tracking other digital assets beyond just Bitcoin. If his firm’s wildly popular Bitcoin offering is any indication, there could be a substantial appetite among investors for convenient, regulated exposure to Ethereum through an exchange-traded fund.

However, not everyone shares Fink’s optimism. Bloomberg analyst James Seyffart has gone on record stating his expectation that the SEC will ultimately reject the current crop of Ethereum ETF applications when the regulator’s ruling comes down in May. While Seyffart acknowledged the need for further review of Fidelity’s recent filing for a staking Ethereum ETF, his overall assessment suggests the proposals face an uphill battle.

Advocates for Ethereum ETFs

But the asset management giants aren’t alone in their advocacy for an Ethereum ETF. Arthur Hayes, former CEO of pioneering crypto derivatives platform BitMEX, has argued forcefully that the success of Bitcoin ETFs essentially paves the way for similar products tied to other digital assets like Ethereum and Solana. Given the lucrative fees such offerings could generate for major financial institutions, Hayes contends banks have a vested interest in seeing them approved.

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Grayscale’s Chief Legal Officer Craig Salm has also voiced support, stating that the SEC’s perceived lack of engagement with issuers on technical details should not be viewed as an indicator of the final outcome. Many of those operational intricacies, Salm reasons, have already been ironed out through the approval process for Bitcoin ETFs.

However, the crypto world holds its breath as the back-and-forth plays out ahead of the SEC’s looming decision. The ramifications of the regulator’s ruling could profoundly impact the acceptance and accessibility of Ethereum for investors through mainstream, regulated investment vehicles.

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