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BlackRock Ethereum ETF Nets $108M Inflows As Nasdaq Seeks ETHA Options Trading

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Despite the global macros headwinds this week, the spot Ethereum ETFs have seen strong inflows with BlackRock’s ETHA leading the show. On Tuesday, August 6, the BlackRock Ether ETF netted more than $108 million in inflows leading the pack by a huge margin.

BlackRock Ethereum ETF Leads the Inflows

Despite the black Monday event where Japan’s Nikkei and Topix Indexes tanked by a staggering 12%, the BlackRock Ethereum ETF (ETHA) managed to pull over $57 million in inflows that day. On Tuesday, the net inflows across all spot Ether ETFs doubled to $99 million despite Grayscale ETHE’s $39.7 million in outflows. Besides, the Fidelity Ether ETF FETH also saw $22 million in inflows.

ETF Store President Nate Geraci said that the BlackRock Ethereum ETF could occupy a space among the 10% of top ETF launches this year in 2024 with such massive inflows. BlackRock’s Bitcoin ETF IBIT already occupies a spot in the top ten ETF launches this year. Besides, the Bitcoin ETF outflows have also been on a dropping trajectory hinting at positive developments ahead.

Also Read: Bitwise Bitcoin ETF: $40B Wealth Manager Taps BITB For BTC Investments

Nasdaq Seeks Approval for ETHA Options Trading

On Tuesday, August 6, the Nasdaq International Securities Exchange along with BlackRock, proposed a rule change to the USE SEC to allow the options trading of the iShares Ethereum Trust (ETHA). The filing submitted to the SEC reads:

“The Exchange believes that offering options on the Trust will benefit investors by providing them with an additional, relatively lower cost investing tool to gain exposure to spot ether as well as a hedging vehicle to meet their investment needs in connection with ether products and positions.”

Comments on the proposal are due within 21 days of the filing. The final decision by the US SEC on the proposal will happen sometime around early April 2025. On Tuesday, the Ethereum price bounced back above $2,500 and the global market staged a strong recovery with the US recessionary fears abating. Crypto market veterans like Justin Sun have been buying the Ethereum dips.

Also Read: Ronin Network Recovers $10M ETH, USDC Recovery Underway

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore 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.





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Pi Coin Price Crashes 15%, Is Coinbase Listing Only Hope?

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Pi Network’s native cryptocurrency Pi Coin price is down by another 15% today, slipping all the way to $0.55 and another 60% surge in daily trading volumes to $477 million. With this, the PI cryptocurrency has extended its weekly losses to more than 33% as investors are losing hope of any recovery to $1. As a result, the community is now pinning hopes on a Coinbase listing for any revival.

Will Pi Network Make Way to Coinbase Anytime Soon?

Although the Pi Network listing on Binance has faced multiple delays, the community is still hopeful for a Coinbase listing. On March 14—Pi Day—Coinbase’s Chief Legal Officer, Paul Grewal, posted a tweet featuring Pi’s logo, stating, “We take Pi Day very seriously at Coinbase.”

A Coinbase listing could provide a major liquidity boost, pumping up the Pi Coin price higher to $1 and beyond. The exchange often considers community engagement when adding new assets, making Pi Network’s 60 million+ user base a strong factor in its favor.

Additionally, such a listing could significantly boost PI cryptocurrency’s adoption in both U.S. and global markets. This would be a historic milestone for the ecosystem, increasing the visibility and accessibility to millions of crypto users worldwide.

While Coinbase stirs speculation, Binance has yet to make any official comments regarding a potential $PI listing.

Pi Coin Price Drop to $0.3 Coming?

As the Pi Coin price continues to lose crucial support levels, analysts are turning pessimistic about it moving ahead. Crypto analyst Moon JEFF has projected that Pi Network price could drop to $0.30 if exchange deposits continue at their current rate.

More than 375 million PI tokens have already moved to exchanges. Moon JEFF notes that with total supply reaching 500 million $PI, the token’s price could stabilize around $0.30. This is similar to our Pi Coin price prediction, which shows that altcoin to trade under $0.40 for the month of April.

Source: Moon JEFF

A Major Challenge for the Core Team

The Pi Community backlash is growing stronger with every passing day as the altcoin selling pressure increases. Popular community member Dr Altcoin stated: “Pi’s price has been in free fall, hovering around $0.5. If this was the end goal, why did the Pi community wait six years? Pi could have easily reached this value if it had launched in 2022”.

He further stated that major cryptocurrency exchanges are unlikely to list PI crypto unless the Pi Core Team (PCT) provides full transparency regarding its tokenomics. The two major challenges as highlighted by Dr Altcoin, are:

  • At current low prices, Pi holders may struggle to engage with decentralized applications (DApps) within the Pi ecosystem.
  • If these challenges persist, a significant portion of Pi users could sell off their holdings and migrate to other crypto projects.

The analyst added that the only viable path forward for the Pi Core Team, without relying on major exchange listings, is to burn billions of Pi coins from the Pi Foundation wallets.

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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.





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Solana Price Drops 15% Amid $46M Whale Dump, Will SOL Recover Anytime Soon?

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Solana price has extended weekly losses to 14% amid heightened selling pressure for the cryptocurrency. Whale data on Friday revealed that roughly $46M worth of SOL was unstaked and offloaded to exchanges in recent days. The outcome? Crypto market traders and investors are speculating if a recovery is even possible ahead as the broader market faces turmoil amid Trump’s reciprocal tariff announcement.

Solana Price Takes Bearish Turn Amid Rising Whale Dumps, What’s Happening?

As of press time, Solana price traded at $115.91, down slightly over 3% in the past 24 hours. The weekly chart for the crypto showcases a 14% decline, further accompanied by a monthly drop of over 18%. This waning action falls in line with the recent broader market trends and heightened selling pressure for the cryptocurrency.

Data from the tracker Lookonchain suggested that crypto whales are on a SOL dumping spree in tandem with the coin’s slumping action. Notably, 4 wallet addresses collectively unstaked and offloaded $46 million worth of coins in the past 24 hours, per whale data.

Here Are The Addresses & Amounts of SOL Dumped

  • ‘HUJBzd’ – $30.3 million worth of coins.
  • ‘BnwZvG’ – $9.47 million worth of coins.
  • ‘8rWuQ5’ – $3.53 million worth of coins.
  • 2UhUo1′ – $3 million worth of coins.

For context, usual market sentiments reflect bearishness in light of such massive dumps as the selling pressure for a crypto increases. Solana’s waning price action has contributed to investors’ cautious outlook toward the coin amid negative market dynamics.

SOL Price Faces Pressure Amid Broader Trends

It’s worth pointing out that SOL is currently facing immense heat due to broader macro trends presenting risk assets with uncertainty. CoinGape recently reported that Bitcoin price saw an offsetting movement with Donald Trump’s reciprocal tariffs commencement. In turn, even the altcoin market mimicked a bearish movement lately.

Another report revealed that BTC price is expected to follow the stock market action in light of the new reciprocal tariffs. Matrixport strongly asserted that the broader crypto market could potentially sustain volatility in the short run as BTC price is expected to mimic stock market movements.

Analyst Forecasts Bullish Outlook Despite Downtrend

However, a crypto market analyst named ‘Brandon Hong’ has conversely highlighted a bullish outlook for Solana price regardless of the broader turmoil. The analyst recently posted on X, stating, “SOL is about to have its biggest breakout ever.”

Solana priceSolana price
Source: Brandon Hong, X

This bullish anticipation rides the back of the coin about to break its 400-day range. “Buy now or regret later,” the analyst concluded, sparking contrary speculations. Crypto market participants continue to extensively eye the token for price action shifts amid uncertain dynamics.

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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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Cardano Price Can Clinch $1 As It Eyes Bounce From New Support Zone

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While predictions for Cardano to $1 may seem like a far cry, a cryptocurrency expert has injected new life into the claims. Cardano’s price is headed below 50 cents in search of a new support zone that can serve as a springboard to reach new highs.

Cardano Price Can Still Clinch $1 Despite Price Slump

Market technician Jonathan Carter in an analysis on X predicts that Cardano’s price can reclaim the $1 price point in the coming months. According to Carter, the recent ADA correction will not be a hindrance for Cardano’s price to reach $1.

ADA has lost a jarring 13% over the last week and trades at $0.64 in an unremarkable week for the cryptocurrency. On the daily charts, prices have generally moved sideways, underscoring a lack of investor enthusiasm.

For Carter, Cardano’s recent decline has seen it fail to stay above the $0.65 support level. The analyst opined that a downtrend is the offing for the Cardano price that could see a new support zone of $0.59. Carter says the new $0.59 support zone will hurl Cardano price to reach $1.

cardano headed toward new support levelcardano headed toward new support level

“Despite the long correction, the price still has a chance to bounce off this support and rise towards $1,” said Carter. “Otherwise, we will fall to the lower border of the broadening wedge.”

While some investors are eyeing an ADA bounce to $0.70, a plausible play will be a slump below $0.60 before the start of a rally.

A Slew Of Positives For ADA

Despite the pervading negative sentiment around ADA price, the cryptocurrency has a wave of positive fundamentals going for it. Cardano price spiked following Charles Hoskinson’s confirmation of Ripple’s RLUSD on ADA.

Furthermore, Charles Hoskinson reveals that Cardano will play a major role in Bitcoin decentralized finance (DeFi) application. In more positive technicals, Cardano price is forming a cyclical pattern from 2024 that can send prices to astronomical proportions in May.

While the prediction pegged prices at $2.5, optimists say ADA price to $10 is not a crazy hypothesis. The report cites present solid fundamentals and ADA’s over 1,000% spike to set its all-time high back in 2021 as pointers for the seismic rally to $10.

 

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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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