Dear Readers,
As we all anticipate the formal approval of ETFs on cryptocoins, would encourage the wide range of investments from all segments would be pouring in to the crypto markets and this is a mainstream adoption of cryptos widely.
Having after the formal approval of BTC ETF in January 2024 this year; on 23rd May 2024 the Ethereum ETFs were also approved by the SEC in US.
So, we need to understand the progress that BTC ETF created in the market would also be followed with the ETH ETF too.
According to the Alpha Report by Decrypt media, the BTC exchange traded funds (ETFs) are now holding over 1 million Bitcoin as of now.
As of May 24,2024 more than 30 Bitcoin ETFs collectively own 1,002,343 BTC, as confirmed by MicroStrategy executive chairman Michael Saylor and verified by Decrypt through public reports and Coinglass’s Bitcoin ETF dashboard.
This news denotes us the very important lesson to us.
Their holdings is about 5% of the circulating BTC supply worldwide, valued at $70.5 billion.
Out of this ETF holdings, the Grayscale Bitcoin Trust (289,040 BTC) and BlackRock’s iShares Bitcoin Trust (287,168 BTC) shares more than half of these total holdings. The rest were with Fidelity Wise Origin Bitcoin Trust (161,538 BTC), Ark 21Shares Bitcoin ETF (48,444 BTC), and Bitwise Bitcoin ETF (36,185 BTC).
With these figures, we came to understand the power of ETFs and the inflow of money into the BTC ETF crypto space.
This is an indication for the ETH ETF also. With the approval of ETH ETFs by SEC, this will also attract the inflow of investments towards ETH and into the cyrpto space again.
As mentioned in our previous article, $ 3700 is going to be a big buying zone for ETH in the near term and until then the ETH would move sideways and from $ 3700 it is anticipated a big pump in ETH price movement.
We also need to make a conscious remark on this.
Here is what Mathew Dixon, CEO of Evai Crypto Ratings mention in his X page:
So every dip in the Crypto leaders that is in BTC & ETH is a chance for DCA and for fresh buying zone for all the investors and ETFs.
Be ready and select your cryptos and the position size for the big reap.
So ensure your investment discipline accordingly.
