Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: TomPluz on July 27, 2024, 05:31:49 AM
-
Right off the get-go, the United States Securities and Exchange Commission finally gave the last regulatory nod of approval for spot Ethereum ETF issues to launch their products. This was a highly-anticipated moment for many ETH investors, but the price took a nosedive following the launch. It’s important to note that ETH ETFs generated over $1 billion of trading volume on each of the first couple of trading days, which accounted for roughly 20% of the volume that BTC generated. This was in line with the experts’ expectations.
However, in the three days since the ETF began trading, the products saw outflows of around $180 million, predominantly caused by selling from Grayscale. This has obviously discouraged the price, which is currently trading at a 4% weekly loss. Nevertheless, the launch of ETH ETFs is largely considered a very positive event as it opens the doors for traditional investors to get involved through a familiar and regulated investment vehicle.
Ripple’s XRP and Solana (SOL) are this week’s top performers among large-cap cryptocurrencies, and they’re not even close. XRP gained a whopping 26%, while SOL performed even better, increasing by 30% during the same period. The altcoins have clearly returned to a positive trend, and industry participants are wondering if this is the start of another rally.
More of this development here! (https://cryptopotato.com/ripple-and-solana-steal-the-show-as-ethereum-etf-launch-disappoints-this-weeks-crypto-update/)
What can you say with this news? Not the way many people are expecting, there seems to be some luckluster performance for spot Ethereum ETFs right now, I still beleive that the market will be making some good rebounds at the right time. In fact, it would be better that things are starting this way rather than have things so spectacular and then will just suddenly slide down.
-
Well, I think it’s like what happened with Bitcoin when it was announced that it would be accepting and launching the ETFs. It’s still early in the announcement and we will be waiting for the investment firms to implement and have people get into the ETF.
Hopefully, by then, we could see a rise from the price.
-
Well, I think it’s like what happened with Bitcoin when it was announced that it would be accepting and launching the ETFs. It’s still early in the announcement and we will be waiting for the investment firms to implement and have people get into the ETF.
Hopefully, by then, we could see a rise from the price.
I saw some people thinking that ethereum can control the market just as bitcoin is doing in a way that if it falls, that other coins will fall also and that if it rises, that other coins will rise. I hope they see how bitcoin is controlling the market. It is possible that the price of ethereum might still later rise but what people should be looking at more is bitcoin price. If bitcoin starts to fall today, ethereum and other altcoins will follow and fall.
-
Maybe someone is trying to manipulate the price of ETH (and succeeding), because according to what I see in the last 7 days, the price has drop by about 6%, while at the same time BTC has risen by about 3%. It looks a bit unusual, especially since some of the other mentioned altcoins are already showing significant growth, which is of course caused by the "recovery" of the BTC price in recent days.
Many are again wondering if this is the beginning of something bigger, but I will just say (my personal opinion) that we have already witnessed many times the attempt to attack $70k, and that we can very easily bounce back again. I don't know if Trump will say something "significant" at the long-announced Bitcoin conference, but it seems to me that the price could be between $60k (potentially even lower) and $70k for at least another two months.
This may seem "boring" to some, but for those who know how to take advantage of such situations, it only means regular profit.
-
Maybe someone is trying to manipulate the price of ETH (and succeeding), because according to what I see in the last 7 days, the price has drop by about 6%, while at the same time BTC has risen by about 3%. It looks a bit unusual, especially since some of the other mentioned altcoins are already showing significant growth, which is of course caused by the "recovery" of the BTC price in recent days.
When ethereum got below $3100 recently, I saw 8% drop on the exchanges that I saw it, but I do not know the time interval exchanges are using for it. Maybe it is daily or weekly. If you remember when bitcoin ETF was approved, bitcoin price increase slightly and later decrease more. Exactly this happened to ethereum as it was not decreasing as bitcoin and other cryptocurrencies were until all of a sudden that it started. With time this will change.
Also we should consider that as when coins are decreasing, they can decrease more than bitcoin and sometimes the decrease can be far more. If you check the price of ethereum during bull run in the past time, you will see it increased than bitcoin and also decrease than bitcoin during bear market. I have seen this before very well but many people may not noticed or see it as usual because most altcoins are also decreasing at the time.
-
Most likely all the ETFs were bought from Grayscale just like Bitcoin so it didn't have a positive impact on the price. If demand for Ethereum ETFs continues and most of Grayscale's holdings are bought then we will see a positive impact.
-
Well, I think it’s like what happened with Bitcoin when it was announced that it would be accepting and launching the ETFs. It’s still early in the announcement and we will be waiting for the investment firms to implement and have people get into the ETF.
Hopefully, by then, we could see a rise from the price.
Yeah, we're facing two negative events in the market: sell-the-news from investors who have made profits and selling pressure from Grayscale clients as they've held ETHE for too long. The price drop is only short-term, and I believe we'll soon see a strong recovery and price increase for ETH once the selling pressure is fully absorbed and buying pressure starts impacting the ETH balance on CEXs.
The temporary lack of success of the ETH Spot ETF for ETH price has diverted investor attention to SOL and XRP and tokens that are likely to have Spot ETFs soon. They're really naive and greedy but have also helped SOL and XRP price recover quite well. I hope that this price increase can boost market sentiment so that we can have an altseason in the next few months.
-
Well, I think it’s like what happened with Bitcoin when it was announced that it would be accepting and launching the ETFs. It’s still early in the announcement and we will be waiting for the investment firms to implement and have people get into the ETF.
Hopefully, by then, we could see a rise from the price.
Yeah, we're facing two negative events in the market: sell-the-news from investors who have made profits and selling pressure from Grayscale clients as they've held ETHE for too long. The price drop is only short-term, and I believe we'll soon see a strong recovery and price increase for ETH once the selling pressure is fully absorbed and buying pressure starts impacting the ETH balance on CEXs.
The temporary lack of success of the ETH Spot ETF for ETH price has diverted investor attention to SOL and XRP and tokens that are likely to have Spot ETFs soon. They're really naive and greedy but have also helped SOL and XRP price recover quite well. I hope that this price increase can boost market sentiment so that we can have an altseason in the next few months.
It would also mean few others will have its own ETFs in the future if XRP and SOL got theirs. Its a bit early for them to speculate this to happen but because crypto investors are already expecting bull market this coming months I thinks its good to prepare and profit more for it.
I would do the same if I have the means but probably for SOL only.
-
If we look at the price from a BTC/ETH perspective, we will notice that the decline is 6%, but compared to the beginning of the year, the performance is good, so waiting for a few weeks may give us the real impact.
The temporary lack of success of the ETH Spot ETF for ETH price has diverted investor attention to SOL and XRP and tokens that are likely to have Spot ETFs soon. They're really naive and greedy but have also helped SOL and XRP price recover quite well. I hope that this price increase can boost market sentiment so that we can have an altseason in the next few months.
Or it may be just FUD, as the impact of more ETFs will not be the same as the impact of the bitcoin ETF, assuming that SOL and XRP ETFs will happen.
-
-snip-
The temporary lack of success of the ETH Spot ETF for ETH price has diverted investor attention to SOL and XRP and tokens that are likely to have Spot ETFs soon. They're really naive and greedy but have also helped SOL and XRP price recover quite well. I hope that this price increase can boost market sentiment so that we can have an altseason in the next few months.
It's not about being naive and greedy, maybe they just want to diversify into coins that look good enough for the future as well.
Ethereum may be the first, but it needs other coins such as SOL and XRP that are still holding up with the bull market this time.
ETH Spot ETFs are not the same as Bitcoin, and the trend now is different.
In the past there may have been fewer new coins appearing, but look now how new coins always appear every second.
-
XRP doesn't seem like that much up to be fair, but SOL definitely looks like its having a good time. I feel like we are going to end up with something quite decent at times, and some coins do look like better than others at times as well, and SOL looked liked one this week. I am not sure if ETH launch had anything to do with this to be fair, having a bad ETF doesn't automatically mean people invest into something else, I mean it could, but doesn't mean to. I guess that these two things could be totally irrelevant to each other as well, so we need to really make sure we know what the connection would be if we insist on it.
-
XRP doesn't seem like that much up to be fair, but SOL definitely looks like its having a good time. I feel like we are going to end up with something quite decent at times, and some coins do look like better than others at times as well, and SOL looked liked one this week. I am not sure if ETH launch had anything to do with this to be fair, having a bad ETF doesn't automatically mean people invest into something else, I mean it could, but doesn't mean to. I guess that these two things could be totally irrelevant to each other as well, so we need to really make sure we know what the connection would be if we insist on it.
It's just that attention has moved away from the ETF announcement. To be honest, I think the news of final approval is already old. I mean everyone was already expecting it that's why they bought early on. By the time of SEC decision release, traders started unloading. Ain't that the classic selling the news?