{"id":569078,"date":"2024-01-11T09:54:35","date_gmt":"2024-01-11T09:54:35","guid":{"rendered":"https:\/\/ktsl888.com\/?p=569078"},"modified":"2024-01-11T09:54:35","modified_gmt":"2024-01-11T09:54:35","slug":"bulls-charge-as-ethereum-barrels-past-2600-is-an-etf-the-secret-weapon","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bulls-charge-as-ethereum-barrels-past-2600-is-an-etf-the-secret-weapon\/","title":{"rendered":"Bulls Charge As Ethereum Barrels Past $2,600 – Is An ETF The Secret Weapon?"},"content":{"rendered":"

Ethereum (ETH) continued its upward trajectory<\/a> Wednesday, clocking a 10% gain in 24 hours to breach past the vaunted $2,600 mark. Market watchers attribute this surge to a confluence of factors, primarily fueled by anticipation of a forthcoming Ethereum exchange-traded fund (ETF) in the wake of the expected approval for a Bitcoin ETF in the US.<\/p>\n

In a historic move that cryptocurrency aficionados hope will bring more individual and institutional investors into the market, the US Securities and Exchange Commission has approved the first spot bitcoin<\/a> exchange traded funds on Thursday.<\/p>\n

Related Reading: Crypto Chaos Meets BONK Bliss: 15% Rally Bucks The Trend<\/a><\/div>\n

Ethereum ETF Buzz Sparks Strategic Moves<\/strong><\/h2>\n

“There’s a noticeable trend towards frontrunning the ether ETF,” noted Alex Onufriychuk, CEO of Kaminari, in a Telegram message. This sentiment aligns with the prevailing belief that Ethereum<\/a>, the second-largest cryptocurrency by market cap, would be the next candidate for an ETF after Bitcoin.<\/p>\n

\"\"<\/p>\n

\n
Source: Santiment<\/pre>\n<\/div>\n
Adding fuel to the fire, a prominent investor, dubbed a “whale” in the crypto universe, made a strategic move by transferring 9,705 ETH (nearly $23 million) from Binance to Compound. This was followed by a 12 million Tether (USDT) loan, seemingly used to further accumulate ETH. The whale subsequently executed three profitable ETH transactions, netting roughly $5 million.<\/p>\n
This decisive action signaled two things: confidence in Ethereum’s future and the potential for profit-taking, which could introduce short-term volatility. Despite the risk, the whale’s activity bolstered positive market sentiment.<\/p>\n
Ethereum currently trading at $2,607.8 on the daily chart: TradingView.com<\/a><\/pre>\n
Further validating this optimism, Ethereum’s network metrics experienced a surge. Both network growth and token velocity saw increases, indicating heightened interest from new addresses and more token movement. These on-chain metrics paint a promising picture for ETH’s future.<\/p>\n
ETH Futures Surge Amid ETF Optimism<\/strong><\/h2>\n
Also adding to the bullish case, Open Interest for ETH futures contracts jumped 15% in recent days, reaching $4.57 billion at the time of writing. This signifies more traders entering the market and anticipating significant price gains following a potential ETF approval.<\/p>\n
\"\"<\/p>\n
Ethereum vs. Bitcoin Open Interest | Source: Velo Data<\/a><\/pre>\n
According to reports, crypto traders expect Ethereum’s price to rise after a favorable ETF judgment, even though Bitcoin is getting more attention in the media. If this situation plays out, the price of ETH could soon go beyond $2,600.<\/p>\n
Related Reading: Is Stacks The New Safe Haven? STX Soars 16% In Turbulent Market<\/a><\/div>\n
However, it’s crucial to remember that the cryptocurrency market remains volatile, and unforeseen factors could still impact prices.<\/p>\n
The timeline for an Ethereum ETF approval is uncertain, and regulatory hurdles could create delays. Additionally, broader market conditions and news on Ethereum development could also play a role.<\/p>\n
Investors should carefully consider their risk tolerance and conduct thorough research before making any investment decisions, particularly in the dynamic and unpredictable world of cryptocurrencies.<\/p>\n
Featured image from Medium<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Ethereum (ETH) continued its upward trajectory Wednesday, clocking a 10% gain in 24 hours to breach past the vaunted $2,600 mark. Market watchers attribute this surge to a confluence of factors, primarily fueled by anticipation of a forthcoming Ethereum exchange-traded fund (ETF) in the wake of the expected approval for a Bitcoin ETF in the US. In a historic move that cryptocurrency aficionados hope will bring more individual and institutional investors into the market, the US Securities and Exchange Commission has approved the first spot bitcoin exchange traded funds on Thursday. Related Reading: Crypto Chaos Meets BONK Bliss: 15% Rally Bucks The Trend Ethereum ETF Buzz Sparks Strategic Moves “There’s a noticeable trend towards frontrunning the ether ETF,” noted Alex Onufriychuk, CEO of Kaminari, in a Telegram message. This sentiment aligns with the prevailing belief that Ethereum, the second-largest cryptocurrency by market cap, would be the next candidate for an ETF after Bitcoin. Source: Santiment Adding fuel to the fire, a prominent investor, dubbed a “whale” in the crypto universe, made a strategic move by transferring 9,705 ETH (nearly $23 million) from Binance to Compound. This was followed by a 12 million Tether (USDT) loan, seemingly used to further accumulate ETH. The whale subsequently executed three profitable ETH transactions, netting roughly $5 million. This decisive action signaled two things: confidence in Ethereum’s future and the potential for profit-taking, which could introduce short-term volatility. Despite the risk, the whale’s activity bolstered positive market sentiment. Ethereum currently trading at $2,607.8 on the daily chart: TradingView.com Further validating this optimism, Ethereum’s network metrics experienced a surge. Both network growth and token velocity saw increases, indicating heightened interest from new addresses and more token movement. These on-chain metrics paint a promising picture for ETH’s future. ETH Futures Surge Amid ETF Optimism Also adding to the bullish case, Open Interest for ETH futures contracts jumped 15% in recent days, reaching $4.57 billion at the time of writing. This signifies more traders entering the market and anticipating significant price gains following a potential ETF approval. Ethereum vs. Bitcoin Open Interest | Source: Velo Data According to reports, crypto traders expect Ethereum’s price to rise after a favorable ETF judgment, even though Bitcoin is getting more attention in the media. If this situation plays out, the price of ETH could soon go beyond $2,600. Related Reading: Is Stacks The New Safe Haven? STX Soars 16% In Turbulent Market However, it’s crucial to remember that the cryptocurrency market remains volatile, and unforeseen factors could still impact prices. The timeline for an Ethereum ETF approval is uncertain, and regulatory hurdles could create delays. Additionally, broader market conditions and news on Ethereum development could also play a role. Investors should carefully consider their risk tolerance and conduct thorough research before making any investment decisions, particularly in the dynamic and unpredictable world of cryptocurrencies. Featured image from Medium<\/p>\n","protected":false},"author":557,"featured_media":569083,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,8323,16163,1946,10384,8686],"class_list":["post-569078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-eth","tag-eth-price","tag-ethereum","tag-ethereum-etf","tag-ethusd"],"acf":[],"yoast_head":"\nBulls Charge As Ethereum Nears $2,600 - Is An ETF The Secret Weapon?<\/title>\n<meta name=\"description\" content=\"Ethereum (ETH) continued its upward trajectory Wednesday, clocking a 10% gain in 24 hours to breach past the vaunted $2,600 mark. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/ktsl888.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bulls Charge As Ethereum Barrels Past $2,600 – Is An ETF The Secret Weapon?","url":"http:\/\/ktsl888.com\/news\/bulls-charge-as-ethereum-barrels-past-2600-is-an-etf-the-secret-weapon\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bulls-charge-as-ethereum-barrels-past-2600-is-an-etf-the-secret-weapon\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/a-66.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/a-66.png?fit=743%2C370"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","eth","eth price","ethereum","ethereum etf","ethusd"],"dateCreated":"2024-01-11T09:54:35Z","datePublished":"2024-01-11T09:54:35Z","dateModified":"2024-01-11T09:54:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bulls Charge As Ethereum Barrels Past $2,600 – Is An ETF The Secret Weapon?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bulls-charge-as-ethereum-barrels-past-2600-is-an-etf-the-secret-weapon\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bulls-charge-as-ethereum-barrels-past-2600-is-an-etf-the-secret-weapon\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/a-66.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/a-66.png?fit=743%2C370\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"eth\",\"eth price\",\"ethereum\",\"ethereum etf\",\"ethusd\"],\"dateCreated\":\"2024-01-11T09:54:35Z\",\"datePublished\":\"2024-01-11T09:54:35Z\",\"dateModified\":\"2024-01-11T09:54:35Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/a-66.png?fit=743%2C370","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/569078"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=569078"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/569078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/569083"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=569078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=569078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=569078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}