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  • Ethereum exchange-traded funds (ETFs) have seen a rise in value following the US election

    Ethereum exchange-traded funds (ETFs) have seen a rise in value following the US election with approaching favorable net flows. Spot Ethereum (ETH) ETFs received $295. 5 million in inflows on Nov. 11, their peak daily positive net flow since inception bringing them $29 million away from achieving positive net flows.

    As per Farside Investors data, Fidelity’s FETH led the inflows, recording $115. 5 million, while BlackRock’s ETHA saw the second highest inflows at $101. 1 million.

    Grayscale’s Ethereum Mini Trust experienced the third highest inflows, with $63. 3 million captured throughout the trading day.

    Promising times ahead

    According to Bloomberg senior ETF analyst Eric Balchunas, Grayscale’s Ethereum Trust (ETHE) has not reported any outflows in the past six days, which he interprets as a indication that ETHE’s unlocks have concluded.

    He stated:

    “Sunny days ahead, although still trailing behind BTC ETFs. “

    Balchunas mentioned that while Ethereum ETFs are still behind Bitcoin (BTC) ETFs, their individual performance is commendable. ETHA, for example, stands as the sixth-largest exchange-traded fund (ETF) debut in terms of capital inflow in 2024 within a pool of over 600 new ETFs. Institutional backing drives expansion. CEO of The ETF Store, Nate Geraci, highlighted a noteworthy pattern in Ethereum ETFs following the outcome of the US election, with a total of more than $500 million in inflows within a span of merely four days. One primary reason for this rise is the growing institutional adoption, exemplified by the recent investment made by the Michigan Retirement System.

    According to the most recent 13-F filing, the Michigan State pension fund disclosed an $11 million contribution to Grayscale Ethereum exchange-traded funds in the third quarter, marking the first instance of a public pension fund incorporating Ethereum into its investment portfolio. Significantly, the Michigan fund currently possesses a greater amount of Ether than Bitcoin, with $7 million in Bitcoin investment as of September 30.

    Balchunas also proposed that the introduction of options trading for Ethereum ETFs may quicken the flow of funds, drawing in increased interest from major institutional investors. Nevertheless, advancements in this area may be gradual.

    The SEC in the United States has postponed its ruling on this issue, with certain experts, like James Seyffart from Bloomberg, forecasting that a conclusive decision might be pushed back to April 2025.

    adminAiden

  • Goldman Sachs Reveals $418 Million Bitcoin ETF Holdings

    Goldman Sachs has disclosed new positions in several Bitcoin-related exchange-traded funds, revealing, for the first time, just how much the banking giant has invested into such products on behalf of clients.

    The disclosure came via the bank’s latest 13F filing for the quarter ending June 30, released after markets closed on Tuesday.

    The financial services giant reported new holdings in BlackRock’s iShares Bitcoin Trust valued at $238.6 million, representing 6,991,248 shares, per the filing.

    decrypt.co

    adminAiden

  • Hong Kong vs the US in ETF Race for Crypto

    As we all know, the competition between Hong Kong and the US in the realm of cryptocurrency exchange-traded funds (ETFs) heats up. No one knows exactly what will the final outcome be.

    However, here’s what we know…

    Hong Kong is considering granting retail investors access to spot ETFs, pending stringent regulatory measures.
    Recent developments show significant progress in Hong Kong’s cryptocurrency ETF landscape, indicating a potential shift in the global ETF market.

    CSOP Asset Management’s ETFs and HSBC’s crypto offerings have catalyzed Hong Kong’s growing integration of digital assets.

    Hong Kong’s regulatory framework prioritizes investor protection, highlighted by the recent JPEX crypto exchange scandal.

    The US anticipates the approval of a spot Bitcoin ETF, with market experts projecting a surge in Bitcoin’s price and increasing investor interest.

    Firms like Grayscale and BlackRock are actively pursuing ETF conversions, contributing to the competitive landscape in the US market.

    Recent trading volume surges for Bitcoin ETFs indicate growing investor confidence and interest in the digital asset market.

    Potential US approval of a Bitcoin ETF could lead to substantial market inflows and the entry of institutional investors into the crypto sphere.

    Strategic speculators are eyeing the pre-ETF phase as an opportunity for accumulating Bitcoin, anticipating significant market shifts post-approval.

    Source: BSC News

    Hong Kong finds itself at a critical juncture, evaluating the potential launch of exchange-traded funds (ETFs) directly investing in cryptocurrencies. As per recent reports, the city is carefully considering the possibility of granting retail investors access to spot ETFs, provided that stringent regulatory concerns are effectively addressed. This a good move that stresses the importance of embracing innovative technology to enhance operational efficiency and customer experience.

    Clearly, Hong Kong is making significant strides in the realm of crypto ETFs, and that’s signaling a potential shift in the global ETF landscape. Sure enough, there’s a growing acceptance and integration of digital assets in the region.

    On the other side…

    The US crypto ETF scene is witnessing dynamic shifts and significant developments, with the spotlight firmly fixed on the impending approval of a U.S.-based spot Bitcoin exchange-traded fund (ETF).

    Recently, market analysts and presenters project a promising outlook, even suggesting the possibility of a Bitcoin ETF materializing before the end of this year.

    Notably, the anticipation surrounding the potential seeding of the iShares Bitcoin ETF by BlackRock has propelled investors to elevate the price of Bitcoin, surpassing the $35,000 mark, reflecting a price surge unseen for nearly a year and a half.
    Challenges and Transition Strategies

    While the Grayscale Bitcoin Trust (GBTC) has provided an avenue for U.S. investors to access Bitcoin, the transition towards more liquid and exchange-traded products remains a pressing need within the market. With an understanding of this shift in demand, Grayscale’s strategic move to convert GBTC to an ETF highlights the increasing industry emphasis on fostering a more conducive and accessible investment environment.

    While the future remains uncertain, strategic speculators are looking at the pre-ETF phase as a crucial opportunity for accumulating Bitcoin, anticipating the potentially lucrative outcomes once the ETF gets into the US market.

    Although Hong Kong has made a number of regulatory advances in the crypto ETF space, the approval of BlackRock’s spot Bitcoin ETF could spur a renewed vigor in the cryptocurrency space, shaping global digital asset investments.

    adminAiden