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ETH ETFs approved - what does it mean?
Last week was exciting. The SEC did something that no one expected, and they approved the Ether ETFs.
However, this is ‘just’ 19b-4 approval, and as James Seyffart, a Bloomberg ETF analyst, explains below, it will take a couple more weeks to start trading.
Yet, the whole market reacts positively with ETH gaining 28% and attacking $4,000 levels.
@PhoenixTrades_@EricBalchunas TO BE CLEAR: This does not mean they will begin trading tomorrow. This is just 19b-4 approval. Also needs to be an approval on the S-1 documents which is going to take time. We’re expecting it to take a couple weeks but could take longer. Should know more within a week or so!
— James Seyffart (@JSeyff)
9:15 PM • May 23, 2024
Learn more: Theblock
Thoughts
This is an important regulatory milestone and the price reaction is justified.
Crucial will be to see the real inflows and the interest in ETH from the US investors.
I expect the ETH price to be volatile in the next weeks and for those still timing the entry, you are quite late, but we might have another dip before inflows take the full effect in ~2 months.
I try to buy ETH every time it gets around $3k levels.
Bitcoin ETFs now hold over 1 million BTC
There will ever be only 21 million bitcoins.
Nearly 8 million* are lost due to forgotten passwords and lost wallets.
From the remaining 13 million, the exchange-traded products now hold over 1 million. That’s roughly 7.5% of the circulating supply.
The US ETFs together hold 855,619 BTC with Blackrock (IBIT) leading the way with 287,168 BTC.
Learn more: Cointelegraph
Thoughts
7.5% might sound like a small amount, but these funds started buying 4 months ago and already own 1 million BTC.
Just last week the US ETFs bought $1,056.7 million of bitcoin*.
This creates a demand shock that keeps driving the price up.
Trump’s crypto wallet hits $10m
A crypto wallet linked to presidential candidate Donald Trump holds around $10 million worth of assets.
The biggest asset is $7.12 million worth of MAGA tokens, which have a ticker TRUMP.
According to blockchain data tracker Arkham Intelligence, these tokens were purchased with ETH on Uniswap - not given for free.
Do not forget that Trump still has his own NFT collection and recently allowed crypto donations for his presidential campaign.
BREAKING: Donald Trump now holds $10M in crypto
Donald Trump’s on-chain holdings surpassed $10 Million this morning, mainly fuelled by the rise in price of the $TRUMP coin - of which Trump currently holds $7.3M. x.com/i/web/status/1…
— Arkham (@ArkhamIntel)
1:32 PM • May 27, 2024
Learn more: Theblock
Thoughts
On one side these events are funny to watch.
On the other, these bring major milestones in the regulatory space.
Thanks to both Trump and Biden trying to fight over 50+ million Americans holding crypto, we have progressed on passing important regulatory bills that will help us get clarity, customer protection, and easier operation.
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All the best,
 | Matt Curda |
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