Now It's the Ethereum ETF's turn?
What a Week It Was!
Last week, the Bitcoin Spot ETF was finally approved. Bitcoin, which pushed above the $ 48,000 level after approval, lost all the gains of a profitable week towards the last days of the week. Bitcoin Spot ETFs are seen as long-term positive price catalysts for bitcoin. For this reason, many investors and analysts have full confidence that bitcoin can reach or even exceed the all-time high of $69,000. Wald and de Kempenaer state that bitcoin's overall upward trend is still continuing and could push the cryptocurrency to a new record high this year. “Once the resistance area around $48,000 is breached, it will open the way for a continuation of the rally and the all-time high around $69,000 will definitely come into view,” De Kempenaer says. Rob Ginsberg of Wolfe Research adds that bitcoin is not yet in the overbought zone and may move towards the heavy resistance zone of $ 48,000-50,000 in the short term, where the real work will begin, but he expects it to eventually reach the peaks of $ 69,000 in November 2021. Despite these expectations, short-term pricing still brings with it many question marks. Let's take a look at Efe Bulduk's article in which he traces the question marks in the market on the subject.
When we examine the futures metrics on the US side, we see an increasing investor interest in bitcoin after October 2023. This interest seems to have shifted to Ethereum as of the current situation. This is the main reason for the price action in ethereum and altcoins in the past two days. When we turn our attention to the CME side to analyze the continuity of the movement, we see that it is a situation we need to be careful about in the medium/short term (until May). Because this time, US investors may be shorting Ethereum through futures transactions.
Is Market Interest Shifting from Bitcoin to Ethereum and Altcoins?
When we examine the derivative bitcoin investment instruments on the CME side in the high time period, we see that the volumes increased starting from the end of October.
“The chart that says BTC CME Annualized Basis, which you can see in the upper right corner of the chart, is used to observe the price difference between bitcoin investment instruments traded in the futures and spot markets.”
As you can see from the graph, the graph, which started to increase after October 2023, has now started to decline and the premium has fallen to 7-8% levels. This is another element that points to a paradigm shift.
BlackRock CEO Lary Fink Sets Her Eyes on Ethereum ETF!
After the spot bitcoin ETF was approved, the industry giants turned their eyes to ethereum. “I think there should be an ethereum ETF as well,” he told CNBC on Friday. said.
BlackRock's iShares Bitcoin Trust (IBIT) was one of several such products that began trading in the US on Thursday, after the Securities and Exchange Commission (SEC) gave its much-anticipated ETF approval on Wednesday. IBIT accounted for approximately $1 billion of the $4.6 billion in total trading volume seen by ETFs collectively. The giant asset management company is now looking to list an equivalent product for the Ethereum blockchain's native token as part of its ongoing journey towards tokenization. Tokenization is the term used for representing assets (real or digital) in the form of a token on the blockchain. Fink believes that tokenization can eliminate money laundering and other corruption-related issues. Fink also said he views cryptocurrency as an asset class, not a currency, and specifically described bitcoin as "an asset class that protects you" against fears of geopolitical risk.
