ETH ETF Gonna Be As Good As the Bitcoin ETF?

What Happened in the Crypto World Today: Will ETH ETF Be as Good as Bitcoin ETF?

Happy Ethereum ETF Day!

The day we’ve been waiting for is finally here. Ethereum ETFs are entering the market and Crypto Twitter is louder than ever.

While some predict institutional money will flow into Ether, others are keeping their champagne on ice.

Let’s get to the bottom of it and separate the signal from the noise.

Where is the cryptocurrency market headed?

Where is the market manager?

Ethereum ETFs are finally here! Starting July 23, 2024, you can buy Ethereum through regular exchanges. This is big news for both Wall Street and everyday investors.

Nine different Ethereum ETFs are coming to market. Five will launch on the Chicago Board Options Exchange, while the rest are likely to debut on Nasdaq and NYSE Arca.

So what’s the big problem with that?

Well, let’s take a look at what happens when Bitcoin ETFs launch in January 2024. The market went pretty crazy at first, then calmed down and eventually started climbing.

But here’s the thing: Ethereum is not Bitcoin. It has its own business powering DeFi and NFTs. So the market may react differently this time.

Experts are all over the place with their predictions. While some say Ethereum could reach $5,000 by the end of the year, others are not so sure about it.

But these ETFs aren’t just about price. They could make Ethereum seem more legitimate to old-school finance people and even easier to trade.

So what should you do?

One thing to watch out for is how much money is flowing into these ETFs. Estimates range from $3 billion to $45 billion in the first year. If there is a lot of cash flow, it could push the price of Ethereum (NFA) up.

Another interesting aspect is how these ETFs will compete with each other. Since they are all pretty similar, they could try to beat each other on fees, which could be good news for investors.

This whole Ethereum ETF thing could also spark more interest in other cryptocurrencies. When one crypto performs well, others tend to follow suit.

Remember, crypto can be quite unpredictable. Even if it has happened before, there is no guarantee it will happen again. So always do your homework before investing.

If you want to stay on top of all this, here’s a tip: Download the CoinMarketCap mobile app. You can create a watchlist of Ethereum and ecosystem projects and set alerts for major price movements.

This way, you get real-time information right on your phone. It’s very useful for keeping up with what’s happening without having to constantly check prices.

The story continues

With that in mind, let’s put aside the crypto chaos and look at today’s top news stories. Here’s your TLDR:

Grayscale is moving $1 billion worth of ETH to Coinbase Prime. Is this a sign of impending disaster or just routine housekeeping? 🤔

Wintermute predicts that demand for ETH ETFs will fall. So what is the reason for this pessimism? 🧐

BlackRock’s Bitcoin ETF sees its biggest inflow since March. What’s driving this sudden surge of interest? 💰

Telegram’s crypto gaming boom has pushed its user base to 950 million. What’s reviving the play-to-win era? 🎮

Memecoin trader lost $8 million in BODEN token. So did this whale have no idea? Or did Biden’s exit from the stage catch him off guard? 😱

Let’s start!

Grayscale’s $1 Billion Ethereum Move

Grayscale transferred $1.01 billion worth of Ethereum to Coinbase Prime.

This massive transaction has sent the crypto world into a frenzy, with some speculating about a possible sell-off, perhaps to jump on Solana.

Jon Campagna, a major player in the crypto hedge fund world, is pouring cold water on these rumors, saying that Grayscale is unlikely to divest its Ethereum holdings.

So what’s really going on?

It has been revealed that Grayscale has shifted 10% of its Ethereum Trust (ETHE) into a new Ethereum ETF. This new fund is scheduled to launch on Wednesday.

To do this, they transferred $1 billion, or 10% of their $10 billion worth of ETHE assets, to Coinbase Prime.

So is ETHE outflow coming? What exactly does that mean? Read the full story!

Wintermute Thinks ETH ETF Will See Lower Demand

While many analysts are predicting big things for Ethereum ETFs, Wintermute is taking a more cautious stance, expecting inflows of between $3.2 billion and $4 billion, well below the $4.8 billion to $6.4 billion range expected by others.

Wintermute thinks Ethereum ETFs will only capture 15% to 20% of the value seen by Bitcoin ETFs.

They predict a price increase of 18% to 24% for ETH. Not bad, but not exactly to the moon.

So what’s the reason for this slight pessimism? Read the full story!

BlackRock’s Bitcoin ETF Sees Biggest Inflow Since March

iShares Bitcoin Trust (IBIT) collected 7,759 Bitcoins on July 22. That’s worth over $523 million at current prices.

This brings IBIT’s total assets to 333,000 BTC, or $22 billion.

The seventh-largest single-day inflow for IBIT in dollar terms. A record? On March 18, they pulled in $849 million in one day.

So what’s causing this increase in investments? Read the full story!

Telegram’s Crypto Gaming Boom

Telegram has hit the jackpot in crypto gaming. According to CEO Pavel Durov, the number of monthly active users is currently close to 950 million. That’s a 50 million jump since spring!

So what is the reason for this increase?

Two words: crypto games.

Remember Notcoin? That simple tap-to-win game that had everyone tapping for virtual coins? It started a gaming craze on Telegram that shows no signs of slowing down.

And let’s not forget TON – Open Network. Now it’s back with a vengeance and fueling this gaming craze.

So what exactly is it that makes the play-to-win era come alive? Read the full story!

Memecoin Trader’s $8 Million BODEN Mistake

An unnamed investor has raised $8 million in the Biden-inspired Jeo Boden (BODEN) token.

This whale went all-in by selling a Jupiter (JUP) token at the peak of BODEN.

As crypto investor Toby put it, “They TWAP’d $8 million worth of JUP for BODEN at Piko summit.”

The result? A sickening 98% loss.

So did this whale have no idea? Or did Biden’s exit from the stage catch him off guard? Read the full story!

And that’s it. See you tomorrow with more updates!

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