Category Archives: Ethereum
Solana Price overtakes Ethereum as Bull Traders Mount $2.1B Positions – The Crypto Basic
Solana price reached $163 on Wednesday, July 17, its highest in 40 days of trading, recent capital inflows into the SOL derivatives markets suggests more upside could follow.
Solana has recently experienced notable price action driven by a combination of internal developments and external market factors. Over the past few weeks, Solanas price has climbed significantly, reflecting growing investor confidence and the networks ongoing advancements.
The first leg of the Solana market rally began in late June after news broke that two investment first, 3iQ capital in Canada and VanEck in the USA applied for spot SOL ETFs within their jurisdictions.
While the rally was initially subdued, Solana bulls eventually gained a foothold over the weekend after the US authorities published dovish Non-Farm Payrolls and Consumer Price Index (CPI) data.
Looking at the chart above, we see how solana price of solana has increased from $121 on Friday July 5, to reach a daily timeframe peak of $163.81 at the time of writing on July 17. This reflects a 35.40% rebound in Solana prices over the last 12 days of trading.
While the rest of the crypto markets have been on an uptrend this week, thanks to dovish macroeconomic speculations, Solana appears to be a standout performer. For context, Ethereum price has witnessed only a 25% upswing in the last 12 days despite enjoying a much broader media coverage since it was announced that the ETH spot ETFs would now launch on July 23.
With Solana outperforming Ethereum by nearly 10% over the past two weeks, it suggests the presence of vital internal bullish catalysts driving SOL prices.
One of the primary internal catalysts for Solanas recent price surge is the speculation that Ethereum ETFs listing could significantly increase the likelihood that Solana ETFs will follow suit in the long-run. Market data trends show that many strategic traders have moved to front-run gains from this positive narrative.
In an indication of this, Coinglass Open Interest chart below tracks the real-time changes in the value of capital activity invested into Solanas derivatives futures contracts.
Looking at the chart above, Solana open interest has now reached $2.2 billion at the time of publication on July 17. Notably this is the first time the Solana open interest has crossed the $2.2 billion threshold in 40-days dating back to June 7.
A closer look at the data shows that Solanas 35% price uptick over the last 12 days has far outpaced the growth in Open Interest, which has only increased by 22% during that period.
When an assets open interest grows faster than its price, strategic investors may interpret it as a critical bullish signal for two main reasons. Firstly, it indicates increased participation and confidence in the assets future price movements, suggesting that more investors are opening new positions. This heightened activity often reflects positive sentiment and expectations of further price increases.
Secondly, higher open interest relative to price growth can signal that traders are willing to hold their positions longer, anticipating continued bullish momentum. This commitment to maintaining positions underlines a strong belief in the assets potential and will likely contribute to a sustained Solana price uptrend as buying pressure persists ahead of the Ethereum ETF launch scheduled for July 23.
Looking at the chart above, Solana (SOL) is demonstrating a robust bullish momentum, with the price currently sitting at $159.44. The recent 35% price increase over the past 12 days, accompanied by an increase in open interest, indicates a strong buying interest and growing confidence among investors. Notably, the RSI (Relative Strength Index) is hovering around 60.01, signaling that while the asset is nearing overbought territory, there is still room for further upward movement before reaching critical levels.
One key resistance level to watch is at $154.82, which corresponds to the 0.236 Fibonacci retracement level. This level has been tested recently and broken, suggesting that Solana has the potential to continue its upward trajectory.
If the bullish momentum persists, the next significant resistance to watch will be at the psychological level of $180. This level not only represents a round number resistance but is also likely to be a critical point where profit-taking could occur.
On the downside, the primary support level is located around $101.46, which aligns with the 0.786 Fibonacci retracement level. This level has provided strong support in the past and is likely to act as a safety net in case of a pullback.
In summary, Solanas recent market dynamics suggests a bullish outlook with the next target set at $180, and an immediate support buy-wall at $140. With the current technical indicators pointing towards continued upward movement and robust investor confidence reflected in the rising open interest, Solana is well-positioned for further gains.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Solana Price overtakes Ethereum as Bull Traders Mount $2.1B Positions - The Crypto Basic
Ethereum Foundation Deposits $12M+ ETH to Kraken as Market Rebounds – The Crypto Basic
Ethereum Foundation wallets have transferred 3,631 ETH worth $12.5 million to Kraken as the market witnesses a rebound.
In a notable move during the recent market rebound, two Ethereum Foundation and ICO-related wallets transferred 3,631 ETH, valued at $12.5 million, to the Kraken exchange over the past two days.
One wallet offloaded 2,631 ETH, equivalent to $9.01 million. This wallet received its ETH from both the Ethereum Foundation and an ICO participant. Since June 8, it has deposited a substantial 17,886 ETH, worth $65 million, to centralized exchanges.
Another wallet transferred 1,000 ETH, valued at $3.46 million, to Kraken. This ETH originated from an ICO participant who received 100,000 ETH at the Ethereum genesis in 2015.
Despite these recent transactions, the Ethereum ICO participant still holds a reserve of 49,000 ETH, valued at $171 million, across four different wallets.
Recall in January, the Ethereum Foundation was reported to have sold off 700 ETH through the Cow Protocol. The proceeds, approximately $1.68 million, were converted into DAI.
While the monetary equivalent seemed small, these sell-offs, coupled with bearish market sentiment, have contributed to a gradual downward pressure on Ethereums price. The digital currency experienced a 4.09% drop in the past 24 hours, bringing its seven-day cumulative loss to 6.72%.
The foundations recent transactions were executed through a specific wallet address. The Ethereum was sold at an average price of $2,406 across three sessions of 200 ETH transfers each, with an additional 100 ETH transfer completing the latest moves.
Additionally, in February, Ethereum Foundation transferred $13.3 million worth of ETH to Kraken. This move came as Ethereums price surged above $3,300, buoyed by Jim Cramers endorsement.
The surge allowed Ethereum to reclaim several key price levels, including the significant $3,300 mark. In response, the Ethereum Foundation, which supports the Ethereum ecosystem, moved 4,000 ETH to Kraken following this price increase.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Ethereum ETFs to launch July 23, Bloomberg analyst says – Crypto Briefing
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The starting date for spot Ethereum exchange-traded fund (ETF) trading in the US is July 23rd, according to Bloomberg ETF analyst Eric Balchunas. He shared on X that the SEC is answering issuers today, asking them to return their final S-1 forms on Wednesday, July 17th.
And then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course, he added.
The Ethereum ETF issuers filed their S-1 forms on July 8th but most of them left the fees out of their forms. According to Balchunas, this is likely a strategy from the asset managers to check how competitive the funds fees are, especially BlackRocks.
Notably, the S-1 form is an initial registration required by the US Securities and Exchange Commission (SEC) before a security can be publicly traded.
As highlighted by Balchunas fellow ETF analyst James Seyffart, this could mean that the Ethereum ETFs will start trading the same week as the Bitcoin Conference, set to happen in Nashville.
The launch of the spot Ethereum ETFs is a key step for crypto adoption by mainstream investors, as it solidifies the altcoin as a sound asset among institutional investors. An estimate by Bitwise CIO predicts that these investment instruments will capture $15 billion in inflows until the end of 2025, as reported by Crypto Briefing.
Moreover, the Ethereum ETFs open the door for the approval of exchange-traded funds indexed to other crypto. VanEck and 21Shares both filed their form for the approval of the first spot Solana ETFs in the US on the last week of June.
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Ethereum ETFs to launch July 23, Bloomberg analyst says - Crypto Briefing
Ethereum ETFs from BlackRock, VanEck, and Franklin Templeton Poised for SEC Approval on Monday – Crypto News Flash
In line with a recent update we covered, Ethereums rapid ascent suggests strong anticipation for a potential Ethereum ETF approval. BlackRock CEO Larry Finks endorsement of an Ethereum ETF highlights its importance in the journey towards tokenization.
Preliminary approval has been deemed for three of the eight asset managers by the SEC, hoping to launch exchange-traded funds tied to the spot price of ether to begin trading next Tuesday. A blockchain expert, Collin Brown, in his tweet today, shared this exciting development, where sources indicate the SEC is poised to approve Ethereum ETFs from BlackRock, VanEck, and Franklin Templeton next week.
In his view, this step could mark a significant milestone for institutional adoption of Ethereum, providing broader access and potentially boosting market liquidity.
According to SEC approval updates shared by Reuters, the approval hinges on applicants submitting final offering documents to regulators before the end of this week, the sources said. One source mentioned that all eight are expected to launch simultaneously.
The three industry sources include BlackRock (BLK.N), VanEck, and Franklin Templeton (BEN.N), among the eight asset managers whose applications are likely to be greenlit by the SEC next Monday afternoon, July 22, with trading in the products expected to begin the next day.
A senior ETF analyst for Bloomberg adds to this development, stating that he believes ETFs are likely to begin trading next Tuesday.
Hearing SEC finally got back to issuers today, asking them to return FINAL S-1s on Wednesday (including fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last-minute issues, of course!
Meanwhile, according to todays CoinMarketCap data, ETH is valued at $3,425.50, with a decrease of 1.67% in the past day and an increase of 11.63% in the past week. See ETH price chart below.
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Ethereum surges 5% to $3,300 ahead of key ETF decision – Crypto Briefing
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The price of Ethereum has rallied 5% to over $3,300 ahead of the key spot Ethereum exchange-traded fund (ETF) decision, according to data from TradingView.
The US Securities and Exchange Commission (SEC) is expected to greenlight the launch of several spot Ethereum ETFs by the end of this month. While the specific date remains speculative, ETF experts estimate that approval will come the week of July 15.
Nate Geraci, the president of the ETF Store, reiterated his prediction that the SEC will approve the S-1 filings this week after weeks of delays following initial listing acceptance in May. He believes theres no reason for further delay because issuers are ready for launch and recent filings require minimal changes.
Welcome to spot [ETH] ETF approval week. Im calling it. Dont know anything specific, just cant come up [without] good reason for any further delay at this point. Issuers ready for launch, Geraci stated in a Sunday post.
Bloomberg ETF analysts Eric Balchunas and James Seyffart previously predicted the spot Ethereum ETFs could be approved and begin trading as soon as mid-July.
Seyffart noted that Ethereum ETF issuers have been filing their final S-1 registration statements, which is the last regulatory hurdle before approval. Balchunas said the SECs minimal feedback on these latest filings suggests they are close to being satisfied with the applications.
Matt Hougan, the Chief Investment Officer at Bitwise, confirmed that minimal amendments suggest imminent approval.
The approval of a spot Ethereum ETF is anticipated to have a major impact on the Ethereum market and the broader crypto industry. It could drive remarkable inflows of institutional and retail capital into Ethereum, potentially mirroring the success of spot Bitcoin ETFs.
In a recent report, Hougan suggested that spot Ethereum ETFs could attract $15 billion in net inflows by the end of 2025.
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Ethereum surges 5% to $3,300 ahead of key ETF decision - Crypto Briefing
21Shares Ether ETF to waive fees for up to 6 months – Cointelegraph
Asset manager 21Shares set management fees for its 21Shares Core Ethereum ETF (CETH) at 0.21% and tipped plans to waive those fees entirely for up to six months after listing, or until the fund onboards at least $500 million, according to an amended S-1 filedwith United States regulators on July 17.
Competition is heating up among the issuers of spot Ether (ETH) ETFs now that US regulators have reportedly begun giving them tentative approval to begin listing as soon as July 23. A total of eight prospective issuers are vying to list spot ETH ETFs next week.
Related: SEC has given preliminary approval to at least 3 ETH ETF issuers: Report
21Shares joins a growing list of issuers that are slashing fees to woo investors during the spot ETH funds crucial first months of launch. In a July 8 filing, VanEck revealed plans to waive the VanEck Ethereum ETFs 0.20% management fee for up to one year after listing, or until the fund onboards at least $1.5 billion in assets under management (AUM).
Filings from other ETH ETF sponsors including Franklin Templeton and BlackRock also allude to the possibility of temporary discounts.
The emerging fee war is a repeat of what happened with Bitcoin (BTC) ETFs, which were listed earlier this year. Around half of the nearly dozen BTC ETFs on the market slashed management fees or temporarily waived them entirely in a bid to draw investor fund flows away from rivals.
Analysts say the ETH ETFs could attract up to $10 billion in inflows in the months after launch and send Ether prices soaring to all-time highs by the end of the year.
The expected approval of ETH ETFs is feeding mounting speculation that additional types of crypto ETFs may soon follow. On Jan. 8, the Chicago Board Options Exchange (CBOE) filed applications to list VanEck and 21Shares proposed spot Solana ETFs on its exchange platform. US regulators are expected to make a final decision on those funds around March 2025.
Magazine: Coinbase will not mention crypto in five years: Avichal Garg, X Hall of Flame
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21Shares Ether ETF to waive fees for up to 6 months - Cointelegraph
Why Is The Ethereum Price Up Today? – NewsBTC
Ethereum (ETH) is up in the last 24 hours. This is thanks to a recent development suggesting that the Spot Ethereum ETFs are set to launch anytime soon. These funds are expected to positively impact ETHs price, with the second-largest crypto token poised to reach new highs.
Ethereum experienced a price surge following Bloomberg analyst Eric Balchunas revelation that the Spot Ethereum ETFs could begin trading by July 23. Balchunas mentioned in an X (formerly Twitter) post that the US Securities and Exchange Commission (SEC) has gotten back to the fund issuers and asked them to submit their final S-1 filings by July 22.
The SEC also asked them to request effectiveness on July 22 so they can launch on July 23. Therefore, the Spot Ethereum ETFs should launch by next week, provided there are no unforeseeable last-minute issues, as noted by Balchunas. The launch of the Spot Ethereum ETFs is undoubtedly bullish for ETH, giving the amount of new money set to flow into its ecosystem through these funds.
Crypto research firm K33 predicted that these Spot Ethereum ETFs could attract as much as $4.8 billion in their first five months of trading. In line with this, crypto analysts predict that Ethereum could record massive gains thanks to these inflows. Crypto analyst Linda recently predicted that the crypto token could rise to as high as $4,000 soon enough.
Other analysts, like Altcoin Sherpa, have also predicted that ETHwill hit $4,000 soon. Meanwhile, crypto analyst and trader Tyler Durden has provided a more bullish prediction for ETH, stating that the crypto token will rise to $10,000 just the way the chips have fallen.
The crypto analyst alluded to the Spot Ethereum ETFs as what will spark such a parabolic move for Ethereum. He claimed that institutional investors had put so much effort into ensuring that the Spot Ethereum ETFs were approved and that they would ensure that they made money from these funds while pumping ETHs price.
The Spot Ethereum ETFs launch is also expected to spark massive moves for other altcoins and is likely to kickstart the altcoin season. Crypto analyst Crypto Rover advised market participants to prepare accordingly, boldly asserting that altcoin season will start once the Spot Ethereum ETFs begin trading.
From a technical perspective, crypto analyst Titan of Crypto mentioned that altcoins are ready to make major moves to the upside as Bitcoins dominance drops. Crypto analyst Mikybull Crypto also stated that the macro short-term correction for altcoins is about to end, meaning that the Spot Ethereum ETFs could be the catalyst that sparks a bullish reversal.
At the time of writing, ETH is trading at around $3,300, up in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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Report: Investors more bullish on Ethereum than Bitcoin – crypto.news
A recent report reveals a significant forking in investor sentiment between Ethereum (ETH) and Bitcoin (BTC).
Bybit, the worlds second-largest cryptocurrency exchange by trading volume, published its latest Crypto Derivatives Analytics Report in collaboration with BlockScholes.
According to that report, market trends and trading signals across spot trading volume, futures, options, and perpetual contracts show a growing bullish sentiment toward ETH.
Investors are optimistic about ETH because of the imminent launch of the first Ether Spot ETFs in the United States. This optimism is reflected in ETHs sustained volatility premium over BTC even amidst the recent market activity and sell-off.
Despite the recent market slump, ETH futures have recovered in open interest quicker than BTC. This indicates a robust market narrative around ETH and its prospects. Also, higher trading volumes in ETH perpetual contracts suggest substantial long positions driven by strategic positioning ahead of market developments.
During the recent crypto sell-off, there was a surge in trade volume for perpetual swaps, with many traders closing their long positions.
The larger trade volume activity in ETH suggests that traders were caught in long positions in greater magnitude, possibly due to positioning ahead of a expected ETF start-of-trading date, the report read.
Additionally, ETH options market volatility remains high, particularly in anticipation of ETF approval, contrasting with BTC options more defensive stance.
Per the report, ETH options have a 1015 point premium in volatility compared to BTC across all tenor points on the term structure. Additionally, ETH has recovered its volatility smile skew toward out-of-the-money (OTM) calls much faster than BTC.
There has also been significant trading volume in ETH calls, far surpassing the activity in its puts.
Eugene Cheung, Bybits Head of Institutions, commented The latest data underscores ETHs resilience and market appeal as we approach key regulatory milestones. Investors are demonstrably positioning themselves favorably amidst growing market expectations.
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Report: Investors more bullish on Ethereum than Bitcoin - crypto.news
Sam Altman’s AI-Themed ‘Ethereum Killer’ Worldcoin Surges 40%: What’s Going On? – Benzinga
Worldcoin WLD/USD has experienced a substantial 40% price increase following an announcement by Tools for Humanity (TFH) regarding an extension of token lockup periods for early contributors.
What Happened: This news has sparked renewed interest in Worldcoin, which aims to create a global identity and financial network.
According to a recent blog post by the Worldcoin Foundation, TFH has informed them that the unlock schedule for 80% of the WLD tokens held by TFHs team members and investors will be extended from 3 to 5 years.
This decision aligns with the long-term vision of the Worldcoin project and has been well-received by the market.
The original unlock schedule was set to begin on July 24, 2024, with tokens becoming available daily in a linear fashion over two years.
Under the new plan, while the first year remains unchanged, the subsequent unlocking will occur more gradually over four years, concluding by the end of July 2028.
Also Read: Multicoin Capital Announces $1M Match For Pro-Crypto Senate Candidates In Solana Donations
Why It Matters: This extension is expected to have a significant impact on WLDs circulating supply.
The daily unlock rate will decrease from approximately 3.3 million WLD to 2 million WLD, effectively slowing the rate at which new tokens enter the market by about 40%.
Its important to note that this change does not affect WLD grants for verified World ID holders, which constitute the majority of tokens in circulation.
As of the announcement, more than 211 million WLD have been claimed by World ID holders, representing over 77% of the 275 million WLD currently circulating.
The Worldcoin project, which boasts more than 6 million unique humans participating in its network, continues to focus on its mission of becoming the worlds largest identity and financial network.
The project emphasizes the importance of proving human uniqueness in an era of increasing AI influence.
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Sam Altman's AI-Themed 'Ethereum Killer' Worldcoin Surges 40%: What's Going On? - Benzinga
3 reasons why Ethereum price continues to underperform against BTC in 2024 – Cointelegraph
Ether (ETH) started the year strongly but began tapering off in mid-March. Although the ETH picked momentum in mid-May amid anticipation of the approval of spot Ethereum ETFs in the United States, it has underperformed Bitcoin (BTC).
ETH has surged approximately 60% over the last 12 months compared to BTCs 87% gain in their respective USD pairs.
A new Digital Assets: Insights and Market Trends report, a joint publication from CME Group and Glassnode, reveals some of the reasons why ETH has been underperforming BTC throughout 2024, as discussed below.
Data from Cointelegraph Markets Pro and TradingView reveals that Ether has experienced relatively deeper corrections in 2024, with the largest drawdown being 31% between March 12 and May 1. In comparison, Bitcoin dropped by 23% over the same period.
Zooming out, the drawdown profile of Ether has experienced relatively deeper corrections compared to Bitcoin, with the largest drawdown in the 2022-24 cycle being -42% thus far. Previous cycles have seen corrections exceeding -65% during both the early and later phases of macro bull markets.
The Glassnode-CME Group report also noted that the ETH/BTC ratio has continued to decline during the 2023-24 cycle, suggesting that the general investor risk appetite is still low for the current cycle.
According to the chart below, the ETH/BTC ratio has trended lower since the Merge, marking a period where Bitcoin outperforms Ethereum, a scenario that is still playing out at the moment.
The report records a number of reasons for Ether's underperformance, including the approval of spot Bitcoin ETFs in the US in January 2024 and the increasing competition from other proof-of-stake blockchains.
Using onchain metrics from market intelligence firm Glassnode, the report analyzed the Market Value Realized Value (MVRV) ratio to gauge the overall profitability of investors. The MVRV ratio tracks the divergence between the Market Cap and the Realized Cap and describes the average unrealized profit or loss held by the market.
The report noted that although this metric has improved steadily since October 2023, its current value of around 1.8 is still way below the 6.2 and 3.8 peaks witnessed during the 2017 and 2021 bull cycles.
In comparison, the report shows Bitcoins MVRV ratio at around 2.5, indicating that the average BTC investor holds larger unrealized profits than ETH investors.
This means that the investors still value BTC higher than ETH and that they would rather put their money in the pioneer cryptocurrency than in Ether.
This sentiment is shared by K33 Research, who noted that although ETH has mirrored BTCs performance throughout the year, with the ETH/BTC ratio stubbornly trading near 3-year lows, the market has under-appreciated Ethers potential.
K33 Research Senior analyst Vetle Lunde wrote,
Similar to Glassnode and CME Group, Lunde says he expects the ETH ETF effect could lead to ETH outperformance in H2 2024.
Related: BTC price risks double top 5 things to know in Bitcoin this week
According to the Glassnode and CME Group report, futures markets remain the primary source of trade volume in digital asset markets, generally being five times to ten times larger in size than spot trading volumes.
Although Ethers open interest remains high in 2024, reaching an all-time high of $17.09 billion on May 29, as per Glassnode data, the derivatives trading volumes still remain significantly lower than those of Bitcoin.
High futures trading volumes indicate high investor confidence and enthusiasm, which could lead to more buying and higher prices.
The chart below reveals that trade volumes in futures markets have picked up since October 2023, with Bitcoin seeing over $34.4 billion in daily contracts traded against Ethereums $26.7 billion.
Despite Ethers underperformance vs. Bitcoin, analysts are optimistic that spot Ethereum ETFs will see ETH reach new highs, as some speculate that Wall Street will use it as a bet on Web3s growth. Others speculate that the spot Ethereum ETFs could attract more than $15 billion during the initial months, propelling ETH price to $10,000 during this cycle.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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3 reasons why Ethereum price continues to underperform against BTC in 2024 - Cointelegraph