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The long-awaited Ethereum exchange-traded funds (ETFs) are finally here, with volumes exceeding $100 million in the first 15 minutes. Investors are anticipating the impact of the launch on the cryptocurrency market, while some market watchers believe the ETH ETF’s performance will kick off the altcoin season.
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Ethereum Spot ETFs Are Officially Available
On Monday, the U.S. Securities and Exchange Commission (SEC) issued its final decision. gesture To the Ethereum spot ETF, with the launch date set for Tuesday, July 23. Following the approval, investors have raised alarm bells following some online reports.
According to Whale Alert, Grayscale has transferred $1 billion worth of ETH to Coinbase Institutional. This has led many investors to fear that the digital asset manager’s move could add selling pressure to the asset and impact its price performance ahead of launch.
However, ETF expert Eric Balchunas says: progress This brought some relief to investors after it was noted that Grayscale did not move tokens to be eliminated. The company moved 292,262 ETH “from $ETHE to its minuscule = $ETH.” Balchunas sees this as “a new variable in this race that was not present in the Bitcoin race.”
The initial numbers are now out now that the highly anticipated products are available. Balchunas shared on X that the Ethereum ETF saw $112 million in the first 15 minutes of trading. That number rose to $361 million in total after 90 minutes.
Bloomberg’s expert praised the trading volume, calling it a “strong performance” despite accounting for 20-25% of Bitcoin (BTC) ETF numbers. Despite the healthy performance, Ethereum’s price is still hovering between $3,440 and $3,540.
Are ETH and Altcoins About to Take Off?
Prior to the launch, some market watchers predicted that the ETF’s performance could lead to a price spike. Alternative currenciesAccording to many analysts, the altcoins chart shows similarities to the 2016-2017 performance, indicating that the altcoins season is “brewing”.
For Crypto Jelle, “altcoins are still following the traditional bull market readiness playbook.” According to the macro chart, altcoins have broken out of the accumulation zone and moved around key support levels over the past period. Courses.
The “market consolidation before the bull run” was followed by a surge that pushed cryptocurrency prices to new highs. Gilley noted that altcoins are currently in a consolidation zone, similar to previous cycles. He also suggested that “a new bull run won’t be long” following the launch of Ethereum ETFs.
Cryptocurrency trader MikyBull is also Spotlight For the trader, the recent “trick” has made investors think that the altseason for this cycle is “written off,” but he expects altcoins to “explode like 2017” following the same path as PA.
The trader believes that the price of Ethereum could be positively influenced by Ethereum spot ETFs. This performance will be the primary driver of the “massive rally in the coming months.” Additionally, he identified a price range Goal $10,000 USD to ETH.
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Other market watchers suggested that investors should remain calm if prices fall. Analyst and trader with the pseudonym Moustache Named “We have to be patient because it’s just a matter of time,” he noted. “The Ethereum chart looks like it did in the last cycle, before the altcoin bull market started,” he added.
At the time of writing, the second-largest cryptocurrency by market cap is trading at $3,419, down 1.1% in the last 24 hours.
Featured image from Unsplash.com, chart from TradingView.com
