ETF Takes The Centre Stage With Rising Bitcoin Inflows, ETH ETF Date & More
Exchange Traded Fund (ETF) has been the most discussed topic of the market for some time because of new milestones and updates related to the industry. These ETFs are a way to be part of the trading industry without bearing the risk, making it easier for beginners to trade. However, the adoption is not limited to beginners only, as experienced investors are also moving towards the same because of its hype in the market.
The hype of these exchange-traded funds began with the approval of Spot Bitcoin ETF at the beginning of 2024, moving towards the spot Ethereum ETF approval and the filing for many other altcoins. The industry is growing rapidly and making new milestones, impacting the performance of the crypto market, especially of Bitcoin.
Bitcoin ETF Inflow Maintains High Volume For Week
Bitcoin ETF has maintained a steady flow over the last few days, pushing the Bitcoin price from its earlier crash to $54k to the current value of $ 63k despite the selling pressure with the Mt. Gox transactions. On analyzing the last 15 days’ reports, the Bitcoin ETF net flows are positive, with a net inflow of $310 Million on July 13, the highest since May.
The cycle of the high inflows continued as on July 15, the net flow reached $301 Million, which was quite high. Based on the Spotonchain data, the total net flow is $16.11B since the launch.
ETH ETF To Hit Market On July 23
The Ethereum ETF has already was approved weeks ago, but there was a delay in the clearance of trading. However, that has changed as the SEC has set a launch date of July 23, 2024, for trading of this ETF.
Update: Nate’s instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course! https://t.co/D21FD9Qf94
— Eric Balchunas (@EricBalchunas) July 15, 2024
The better news is that analysts have predicted witnessing an inflow of $5 Billion with the Ethereum ETFs within six months. But that is just a start, as Steno’s research has predicted $20 billion in a year.
The impact will also be visible on Ethereum, and many have claimed the price to surge to $6K. With the announcement, the ETH price had a minor surge, where it is currently at $3,408.93 after a 2% surge in the last 24 hours.
Which Altcoin Is Next In Line?
Right after the Ethereum Exchange-Traded Fund approval, investors and companies began to push the other crypto ETF’s hype in the market. Companies like VanEck and many others have already filed the S-1 form for the Solana ETF, as it is next in line because of its popularity.
The Shiba Inu team has also recently stated why the Shib ETF will be a great success. On the other hand, industry leaders are also focusing on Cardano and a few other altcoins.
The SEC decision on Bitcoin ETF has opened the doors for others to do the same, and the impact will also be on the crypto market. It has to see how the market offers these.
Continue Reading The Biggest Bitcoin Controversy: Kevin Day’s Mt. Gox Nightmare of $16 Billion
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