NFT News by Thebittimes.Com

With the Bitcoin ETF witnessing a huge surge in inflows, driving the asset’s price to a new all-time high, the anticipation surrounding an Ethereum ETF has reached fever pitch. The price of Ethereum (ETH) has significantly increased due to the growing buzz around a potential Ethereum ETF, increasing institutional investments, and community support. Bulls have managed to push the ETH price towards the $4,000 mark, setting a new 52-week high and signaling a strong bullish sentiment in the market. Also read: Shiba Inu: Machine Learning AI Predicts SHIB’s Price for March 31 ChatGPT’s Predictions for Ethereum’s ETF Rally We shared the weekly ETH price chart with ChatGPT to gain further insight into the potential impact of an Ethereum ETF on the asset’s price. Based on its Analysis of the recent price action and utilizing Fibonacci retracement levels, ChatGPT predicts that Ethereum could surge to new heights, reaching a target of $6,835 amidst the gr...

Financial products provider Direxion has filed to register five Bitcoin (BTC) ETFs. Bloomberg analyst James Seyffart reported that on Jan. 18, Direxion filed to register five leverage d Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC). UPDATE: @DirexionLETFs joins the leveraged #bitcoin ETF filings with 5 funds. 2x, -2x, 1.5x, -1.5x, and -1x. Rex Shares, ProShares and Direxion all filed now. pic.twitter.com/ZKhM4rhRtT — James Seyffart (@JSeyff) January 18, 2024 Direxion’s documents show plans to create Bitcoin funds with long leverage of 1x, 1.5x, and 2x, and one for each fund with short leverage . Leveraged ETFs are exchange-traded funds structured to mirror the daily returns of an underlying index. Bloomberg ETF analyst Eric Balchunas also noted in a commentary that leveraged Bitcoin ETFs could soon outnumber long-only positions. Direxion became the third company last month to file for a leverage d ETF, joining ProShares, which filed f...

During the first two days of trading in the newly SEC-approved spot bitcoin ETFs, nine tickers took in approximately $1.4 billion of new cash inflows. According to Bloomberg, a single ETF, Blackrock’s IBIT, took on $497 million of new cash. Eight other ETFs, namely FBTC, BITB, ARKB, EZBC, BTCO, BRRR, HODL, and BTCW, took on $900 million of new cash. Meanwhile, Grayscale’s Bitcoin Trust (GBTC) converted into an ETF over the weekend after experiencing $579 million in outflows on Thursday and Friday. In total, inflows into the nine ETFs minus outflows from GBTC’s trust-turned-ETF totaled $819 million . When the SEC reluctantly approved 11 bitcoin ETF s, some enthusiasts expected the price of bitcoin to jump. Of course, the Wall Street adage “Buy the rumor; sell the news” applied to this news event, as it usually does. One day before the ETFs were approved, the price of bitcoin did briefly spike to over $48,625 on a fake approval tweet from a hacked SEC social media account. Howeve...

Despite regulatory action against Binance, a surge in Ethereum network activity and the expectation of a spot ETF approval fueled a price move above $2,000. Ether (ETH) price is trading slightly higher on Nov. 23, maintaining support above the $2,000 level after briefly retesting $1,930 on Nov. 21. Over the past week, Ether's price has increased by 2.5%, while the total market capitalization has grown by 0.5%. This uptrend can be attributed to improved decentralized applications (DApps) metrics, increased protocol fees, and Ethereum's dominance in the non-fungible token (NFT) market. To assess whether Ether can sustain its $2,000 price point, one must consider the repercussions of Binance's recent regulatory challenges following its plea deal with the U.S. Department of Justice (DoJ). Investor fear drops as Ethereum network conditions improve Binance leads in Ether spot trading volume, accounting for 30% of ETH futures contracts' open interest. The closure of Binan...

Bloomberg ETF analyst Eric Balchunas doubts the SEC will deny ETFs after XRP’s price spiked on a faked BlackRock XRP trust filing, but it is a “bad look.” The Nov. 13 XRP (XRP) price action stemming from a falsified BlackRock XRP trust filing shouldn’t sway the United States securities regulator’s decision to approve or delay spot Bitcoin (BTC) exchange-traded funds (ETFs) — but it isn’t a good look, say industry observers. The Securities and Exchange Commission has previously claimed the Bitcoin market can be manipulated and has knocked back spot Bitcoin ETFs, citing a lack of market manipulation controls. Bloomberg ETF analyst Eric Balchunas told Cointelegraph the fake XRP filing should have little to no impact on the SEC’s final decision. “We doubt this will impact the situation with spot Bitcoin ETFs,” Balchunas said. However, he added the incident could validate the SEC’s beliefs. “There’s no doubt it is a bad look that arguably validates the ‘fraud and manipulation’ that the SEC...

ProShares and Grayscale lead a surge of activity in Bitcoin investment products, with analysis confident of implied demand for a Bitcoin spot ETF. Bitcoin (BTC) institutional investment vehicles are seeing a major volume boost as excitement over possible United States regulatory changes takes hold. Data from resources including Bloomberg showed Bitcoin exchange- trade d funds (ETFs) and others nearing record weekly inflows. BITO, GBTC trade $2.5 billion  Hints that the U.S. might soon allow a Bitcoin spot price-based ETF have not only impacted BTC price action — the surrounding ecosystem has benefitted in kind. In addition to exchanges and mining firms, embattled institutional investment options are also seeing a resurgence in demand. As noted by Bloomberg senior ETF analyst Eric Balchunas, at least two household names saw “notable” volume in the trading week through Oct. 27. Among them was the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get the green light i...

The Protocol Guild, a team of over 150 Ethereum core developers, will be the beneficiary. VanEck argues that asset managers should give back some Ether ETF proceeds to the community. Global asset manager VanEck will donate 10% of all profits from its upcoming Ether futures exchange-traded fund (ETF) to Ethereum core developers for ten years, the company announced on X (formerly Twitter) on Sept. 29.  The beneficiary will be The Protocol Guild, a group of over 150 developers maintaining Ethereum’s core technology. According to VanEck, it’s only fair for asset managers to return part of their proceeds to the community building the crypto protocol. It stated: “If TradFi stands to gain from the efforts of Ethereum’s core contributors, it makes sense that we also give back to their work. We urge other asset managers/ETF issuers to consider also giving back in the same way." With this move, VanEck joins other crypto-native communities supporting the Ethereum network, including Lid...

The price of BTC rose sharply and fell almost as fast over the past three days amid two recent events impacting pending applications for spot Bitcoin ETFs. In less than a day, Bitcoin (BTC) has shed nearly all the gains it made from Grayscale Investment's court victory against the United States Securities regulator. On Aug. 29 Bitcoin popped to a two-week high after a judge ruled that the Securities and Exchange Commission was “arbitrary and capricious” when it rejected Grayscale’s spot Bitcoin ETF application. However, the SEC’s recent delay to seven pending spot Bitcoin ETF applications has sent Bitcoin’s price downwards, falling nearly 5% in the last 24 hours. Cointelegraph Markets Pro data shows Bitcoin’s price is currently around $26,000, falling steeply from around the $27,300 level it had been sustaining since the Grayscale win. BTC's seven-day price chart shows its gains erased. Source: Cointelegraph Markets Pro BlackRock, WisdomTree, VanEck, Bitwise, Valkyrie and Fid...

Bitcoin manages another attack on $31,000, while traders hope for further BTC price upside in the coming days. Bitcoin (BTC) challenged $31,000 again after the June 27 Wall Street open as traders hoped for upside continuation. BTC/USD 1-hour chart. Source: TradingView $31,000 returns amid Fidelity Bitcoin ETF rumor Data from Cointelegraph Markets Pro and TradingView showed BTC price action edging higher after holding $30,000 support. The start of U.S. trading saw fresh positive news as asset manager Fidelity Investments reportedly prepared a filing to launch its Bitcoin spot-based exchange-traded fund (ETF). "First it happens slowly, then all at once," financial commentator Tedtalksmacro wrote in part of a reaction, referring to existing ETF plans from largest global asset manager BlackRock and others. Despite not yet repeating the rapid gains seen last week, BTC/USD preserved the majority of its progress, with commentators hopeful that bulls would come through. “Bitcoin r...

CoinShares’ latest weekly inflow report shows a substantial increase in investor appetite for digital asset investment products with Bitcoin leading the rally. A recent surge in activity surrounding exchange-traded funds has led to the largest weekly inflow for digital asset investment products since July 2022, according to a June 26 report via CoinShares. Totalling $199 million, inflows for the week of 19–23 June turned around a nine-week string of consecutive outflows, with Bitcoin (BTC) representing the lion’s share at $187 million (94% of overall inflows). This week in Fund Flows, by @jbutterfill: A sharp shift to bullishness among investors, injecting US$199m in digital asset investment products. This marks the largest single weekly inflow since July ’22, correcting almost half of 9 consecutive weeks of outflows. (1/5) pic.twitter.com/TvZ0EM2KLU — CoinShares (@CoinSharesCo) June 26, 2023 CoinShares analysts attributed the reversal to increasing activity from exchang...