Altcoin
Here’s Why US Spot Ethereum ETFs See Largest $79M in Outflows Since July?
Unlike the spot Bitcoin ETFs in the United States seeing renewed demand, the spot Ethereum ETFs have seen waning interest in recent times. On Monday, these Ether ETFs saw the largest single outflows of $79 million since the launch in July. This shows that the Ethereum investment products have failed to garner enough investment participation and institutional attention.
Grayscale Leads Spot Ethereum ETF Outflows
O Monday, the total outflows from the spot Ethereum ETF stood at a staggering $79.3 million, the highest since July this year. Grayscale’s ETHE played a major spoilsport yesterday with more than $80.8 million in outflows. Of the other market players, only Bitwise Ether ETF (ETHW) saw negligent inflows of $1.3 million. All other Ether ETFs saw zero inflows yesterday.
Inflows into US spot Ethereum ETFs have significantly dried down in recent times. In the past eight trading sessions, five of the eight listed Ether ETFs have seen zero inflows. Even big market players like BlackRock aren’t able to cross $10 million in inflows on a daily basis. On the other hand, the total outflows since launch have surged to $686 million, per the Farside Investors data.
This development is despite the Ethereum price showing a strong recovery recently. On the weekly chart, the ETH price is trading 15% up at $2,653.08 levels as of press time. However, Ethereum has continued to lose ground against Bitcoin in recent weeks. The ETH/BTC ratio has dropped to its lowest level since April 2021.
What’s Behind the Waning ETH Interest
Unlike Bitcoin, the world’s second-largest crypto Ethereum doesn’t enjoy the status quo of being the “digital gold”. Thus, institutional liquidity first enters into BTC before it goes into ETH. Furthermore, the outflows from spot Ethereum ETF suggest that institutional players are clearly moving money out of this altcoin.
On the other hand, the recent ETH selloff by the Ethereum Foundation and Vitalik Buterin has dampened the sentiment among investors. This year so far, the Ethereum Foundation has sold more than 3,500 ETH.
On the other hand, the Ethereum exchange supply has been growing steadily at more than 21.46 million coins. this has further heightened the risk of potential selling moving ahead.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst Egrag Crypto has provided insights into how high the XRP price could rise following its rally above $1. XRP’s rally above $1 marked a two-year high for the crypto, which had before now remained stagnant even while the broader crypto market enjoyed significant gains.
XRP Price To Rally To $4 After Breakout Above $1
In an X post, Egrag Crypto predicted that the XRP price could rally to as high as $4.96 following the breakout above $1. This came as he analyzed XRP’s market cap and explained why it could reach $1.83 trillion. He noted that the market cap is closing above Fib 0.07 ($51.35 billion) and has reached Fib 0.786 ($60.06 billion).
The analyst also revealed that XRP is breaking through a multi-year ascending trendline that goes back to 2017. He remarked that this is super bullish for the crypto. Egrag Crypto said that a monthly candle close above the Fib 0.786 would lead to a confirmed market cap of $283.42 billion (Fib 1.618), which would be next for the XRP price. A market cap of $283.42 billion would put XRP at $4.96.
In the short term, Egrag Crypto said that the goal for this week is for XRP to close the partial weekly candle above $1.10. His accompanying chart showed that a close above this candle could further confirm the rally to $4.96 and even higher.
Amid this price prediction, it is worth mentioning that XRP whales are actively accumulating the coin, which presents a bullish outlook since these whales could also contribute to a sustained price rally. These XRP whales have bought over 320 million XRP in the last 72 hours.
Meanwhile, in an X post, crypto analyst Javon Mark predicted that another $190% rally to XRP’s current all-time high (ATH) was loading. He indicated that the crypto would break well above $3.3 once it reaches its current ATH.
A Repeat Of The 2017 Bull Run
Crypto analyst Charting Guy suggested that the XRP price could replicate its 2017 bull run. In an X post, the analyst stated that the XRP monthly Bollinger bands are finally expanding and giving the 2017 vibes. In 2017, the crypto rallied by over 61,000%, eventually hitting its current ATH the following year.
Crypto analyst Mikybull Crypto also suggested that the XRP price could replicate its 20217 bull run. He stated that his technical analysis instinct was telling him that XRP would pull a hated rally like 2017. His accompanying chart shows that XRP could rally above $5 when this hated rally occurs.
Ripple CEO Brad Garlinghouse recently cited the imminent pro-crypto policies under Donald Trump as one of the reasons for XRP’s recent rally. The crypto is up over 100% in the last seven days amid rumors that the US SEC Chair could resign soon enough, a development which further presents a bullish outlook for XRP.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto whales continued to remain bullish on newly listed tokens on Binance — Peanut the Squirrel and Goatseus Maximus. On Saturday, a whale withdrew $7.12 million worth of PNUT from Binance today as the price rallied 2000% in a week. Alongside this, the whale also holds GOAT, which has risen 60% in the past week. The whale activity signals growing interest in meme coins.
Crypto Whale Accumulates PNUT Worth Millions
According to Solscan, a crypto whale withdrew 3.848 million PNUT from Binance to a personal address on November 16. The total value of this transfer was $7.12 million, attracting attention as crypto whales often indicate upcoming market movements. PNUT price has skyrocketed a massive 2000% over the week.
In addition to PNUT, the whale made another notable move with GOAT recently. The trader spent $6.1 million to buy 10 million GOAT tokens at an average price of $0.61. GOAT, which has recently seen a 60% surge, has now increased by 90% since the whale purchase. The whale is currently sitting on a floating profit of $5.5 million from this investment.
This surge in PNUT and GOAT prices aligns with the broader rise in meme coins, particularly on the Solana blockchain. As PNUT continues to trade at an all-time high, its potential for further gains has captured the attention of crypto investors and traders alike.
Solana Meme Coins on the Rise
The rise of Ethereum-based meme coins has paved the way for a surge in Solana meme tokens this bull market. Solana meme coin sector is gaining momentum, with coins like ACT and PNUT hitting ATH.
Currently, PNUT trades at $1.85, boasting a 24-hour low and high of $1.63 and $2.17, respectively. Its weekly gain stands at 2000%, and it has surged by 3000% over the past month, with a 24-hour trading volume reaching $2.88 billion.
Meanwhile, Goatseus Maximus- GOAT, another Solana-based meme coin, is also riding this bull market wave. Named after a viral tweet by @truth_terminal and supported by an AI bot, GOAT has rapidly gained traction within the crypto community. Trading at $1.155, GOAT price is projected to hit $5. The 24-hour low of $0.899 and a high of $1.26. Over the last week, it has increased by 52%, and it’s up by 300% over the month, with a daily trading volume of around $593.36 million.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana meme coin SLERF price noted a staggering 56% uptick on Saturday, gaining massive attention from investors. Notably, recent reports indicate that the meme coin whales and market makers are shifting their focus towards the crypto, which may have contributed to the recent gains.
Besides, the soaring trading volume and other on-chain metrics also indicate further rally ahead for the asset.
SLERF Price Rallies Amid Soaring Buying Pressure
According to recent market trends, the top Solana meme coins appear to have witnessed considerably increased buying pressure in the market. Amid this, Arkham data indicates that the market maker Wnitermute bagged $940,000 worth of SLERF from the Asian crypto exchange OKX a few days ago. The massive buying pressure with this purchase aided the token in taking a bullish trajectory over the past few days. Furthermore, two whales were recorded to make massive accumulations, adding to investor optimism about the asset.
As per on-chain data, the whale address 3.15 spent 4642 SOL to bag 2.35 million SLERF, worth $1.02 million, at an average cost of $0.4325. In addition, the address AkxGU…wfyqW spent 1.03 million USDC to buy 2.52 million coins, at the price of $0.4103. Overall, the abovementioned whale data underscored heightened market interest in the asset, paving a bullish path for the Solana meme coin’s future movements.
The Solana Meme Coin Rockets 60%
SLERF price noted gains worth 56% in the intraday to trade at $0.4240. Its 24-hour low and peak were $0.2616 and $0.4544, respectively. Notably, the token’s intraday trading volume surged 116% to $228.55 million in light of the massive buying.
Coinglass data indicated that the Solana meme coin’s futures OI witnessed a 72% uptick to $22.05 million. Further, the derivatives volume also soared 133% to $157.28 million. This data underlines increased investor interest, further escorted by the massive whale buying, sparking optimism on future movements. Crypto market participants anticipate additional gains in the token as no massive selloffs have been recorded yet, which could cause downside pressure on the asset.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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