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- 🥜 Ethereum ETF Approved
🥜 Ethereum ETF Approved
PLUS: ETH Price Prediction
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What we’ve cooked up for you today…
🚨 Ethereum ETF approved
🧨 Ethereum post-ETF price prediction
⚖️ Exchange balances
💰 And more…
MARKET WATCH ⚖️
Prices as at 8:10am ET
Only the top 20 coins measured by market cap feature in this section
ETHEREUM ETF APPROVED🚨
BREAKING: Spot Ether ETFs receive official approval from the SEC
It happened.
The SEC has given the green light to the Ethereum ETFs. 🥳
Despite speculation that the SEC may label ETH as a security, on May 23rd they approved the 19b-4 filings from: VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK, Invesco and Bitwise.
(FYI, we had faith the whole time that they were eventually going to be approved. Remember, BlackRock doesn’t lose…)
However…
This approval doesn’t mean that the Ethereum ETFs can immediately begin trading.
The SEC still has to approve the S-1 filings from each issuer.
And analysts have said this could take days, weeks or even months.
“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!”
VanEck also wasted no time, posting an ad for it’s Ethereum ETF 30 minutes after it was approved.
Click to watch
But why the sudden change? 🤷♀️
Just a week ago, the consensus was that the SEC was going to deny the Ethereum ETFs.
Well, ETF analyst James Seyffart believes politics was the core reason for this sentiment shift:
“The political winds shifted. Trump saying hes pro crypto. SAB 121 votes in congress. Fit21 Votes in congress. Dems realizing pro-crypto people actually may have some voting power for elections this November. No other reasonable explanation IMO.”
Today was another massive win for crypto. 🏆
Times truly are changing.
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The crypto bull run is now well underway.
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ETH POST-ETF PRICE PREDICTION 🧨
The approval of the Ethereum ETFs is going to send Ethereum to new all-time highs.
That’s the latest prediction out from $725 billion dollar asset manager, Bernstein.
In a new research report, analysts Guatam Chhugania & Mahika Sapra predict that Ethereum will follow a very similar path to Bitcoin.
To jog your memory, following the approval of the Bitcoin ETFs in January, we first saw Bitcoin prices pull-back.
Then, prices rose 75%, hitting new all-time highs, 3-months later.
With Ethereum dipping 5+% on news of ETF approval, things have already begun playing out in a similar way…
Bitcoin dipped immediately after ETF approval, on Jan 10
Bernstein goes on to predict we will see ETH reach $6,600 following the ETF approval.
However, one thing to note: Ethereum’s supply dynamics are even better than Bitcoin’s.
Ethereum has been deflationary for almost ~2 years now.
Ethereum supply since the Merge
The floodgates to over $20 trillion in institutional capital just got given the green light. 🟢
A huge unlock in demand to a deflationary asset?
That’s unprecedented. 👀
EXCHANGE BALANCES ⚖️
Today we’ll be taking a look at the amount of Bitcoin available for sale on exchanges.
Here’s how to interpret this metric:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Currently there is only 2,326,603 Bitcoin available for sale on exchanges.
That’s ~11.81% of the entire circulating supply.
Decreasing exchange balances is one of the key reasons that many believe this bull run is different.
There simply isn’t that much BTC available for sale. And it’s decreasing every single week.
Bitcoin investors have begun to realise 1 thing.
On a long enough timeline, the price of Bitcoin is inevitably going upwards.
And soon, there won’t be any Bitcoin left to buy… 🚀
CRACKING CRYPTO 🥜
Ethereum ETF approval will set stage for Solana ETF, commodity classification. Industry experts, including Bernstein, believe Ethereum securing spot ETF approval will pave the path for Solana ETFs.
U.S. House Passes Bill Banning Federal Reserve From Issuing a CBDC. The bill's prospects in the Senate are unclear, however.
Bitcoiner raises the orange flag on Mount Everest. A crypto enthusiast hiked to the summit of Mount Everest on May 20, showing the Bitcoin flag at an altitude of 8,849 meters.
Supreme Court denies Coinbase's request to compel arbitration in Dogecoin sweepstakes dispute. The US Supreme Court denied Coinbase motion to compel arbitration in a dispute over its Dogecoin (DOGE) sweepstakes on May 23.
WHAT WE’RE READING 📚
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CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
In what year did popular Bitcoin exchange Mt. Gox get hacked? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) 2014 🥳
Mt Gox was hacked in 2014 and subsequently went bankrupt
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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
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