As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and regulatory hurdles. But the recent developments surrounding Ethereum (ETH) have piqued my interest and left me optimistic about its potential growth.
In recent weeks, the price of Ethereum (ETH) bounced back from its four-month consolidation support at approximately $2,864, indicating a possible reversal of further decline. With a market capitalization of roughly $403 billion and daily trading volume around $20 billion, this leading altcoin has garnered considerable interest among individual investors and institutional players alike.
Additionally, Ethereum has demonstrated its dependability as a platform for tokenizing real-world assets while also fostering growth for businesses via its Web3 infrastructure.
Spot Ethereum ETF Soon in The United States
As a crypto investor, I’ve been closely following the developments surrounding the potential approval of US-based spot Ethereum exchange-traded funds (ETFs). The anticipation of this approval has been causing quite a stir in the market, fueling a sense of fear of missing out on altcoins. Recently, some positive news emerged as the Securities and Exchange Commission (SEC) granted preliminary approvals to at least three asset managers among the eight that have applied for spot Ethereum ETFs.
As a researcher, I’ve noticed some significant developments in the world of Ethereum Exchange-Traded Funds (ETFs). Specifically, three applicants – BlackRock, Franklin Templeton, and VanEck – are poised to initiate trading on their respective Ether ETFs as soon as Tuesday. These filings have been under review by the US Securities and Exchange Commission (SEC), and according to Eric Balchunas, a senior ETF analyst at Bloomberg, the SEC has asked these issuers to submit their final S-1 files before tomorrow in anticipation of next week’s market debut.
Revised: Nate’s intuition proved correct, as the SEC reached out to companies today, asking them to submit their final S-1 forms, including fees, by Wednesday. If all goes smoothly, the SEC will then grant effectiveness on Monday following the market close for a Tuesday, July 23rd launch. However, unexpected last-minute complications could still arise.
— Eric Balchunas (@EricBalchunas) July 15, 2024
The imminent debut of spot Ethereum ETFs in the US market is expected to ignite a fee battle amongst sponsors in the near future. Additionally, the race among issuers of these Ethereum ETFs is intense as they all aim to capture the same investor base.
Simultaneously, Fidelity, ARK 21Shares, Grayscale, Bitwise, and Invesco Galaxy, among other Ether ETF issuers, are making final preparations to introduce their respective products in the upcoming week.
Supply Crisis Looming
In the last while, there’s been a substantial surge in the number of new Ethereum network addresses. The growing acceptance and use of Ethereum-driven web3 projects in mainstream circles have contributed to this optimistic market sentiment.
At present, the Ethereum network boasts a total worth locked approximating $58 billion and a stablecoin market capitalization of approximately $79 billion, based on current data from Dune. Over 33 million Ether tokens have been deposited for staking by over one million validators.
Following the Shanghai update over the past year, approximately 12.8 million Ether have been transferred into the staking platform. On the other hand, around 4.3 million Ether, equivalent to roughly $12 billion, have been destroyed through the burning process in an attempt to instill deflationary characteristics within Ethereum.
In the approaching Ether Exchange-Traded Funds (ETFs), the issue of insufficient Ether supply is anticipated to worsen over the next few months.
Ether Price Expectations
Based on its strong fundamental foundation and technical indicators, it’s likely that Ethereum’s price will experience a significant increase in value within the short term. According to experienced trader Peter Brandt’s analysis, Ethereum is targeting a minimum price of $5,600 following its bounce back from the lower boundary of its four-month price range.
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2024-07-16 13:15