Altcoin
Ethereum Sees $634M Inflow Sparking Optimism, What’s Next For ETH?
Ethereum witnessed $634 million inflows last week, pushing its year-to-date inflows to a record-breaking $2.2 billion. The surge signals rising institutional confidence in ETH, reflecting a dramatic turnaround in sentiment.
Experts point to favorable demand-supply dynamics, bolstered by these inflows and Ethereum’s adoption across blockchains, as key factors driving the renewed optimism around ETH.
Ethereum Inflows Indicate Growing Institutional Confidence
Ethereum has witnessed a significant surge in institutional interest, as evidenced by the recent $634 million inflows into Ethereum investment products. According to CoinShares blog, ETH year-to-date inflows have now reached an impressive $2.2 billion. This dramatic turnaround signals renewed optimism in its long-term growth prospects, fueled by growing adoption and strong demand from institutional investors.
The rising institutional interest is closely tied to the performance of ETH ETFs. In recent weeks, Ethereum-based exchange-traded funds have gained traction, with strong inflows contributing to the demand-supply dynamics that continue to favor ETH. These ETFs have become a key instrument in driving ETH’s institutional adoption, with investors increasingly turning to Ethereum as a part of their digital asset strategy.
This uptick in ETF inflows is part of a broader trend in the digital asset market. Digital asset investment products saw a total of $270 million in inflows last week, while Ethereum’s continued growth indicates that its adoption is outpacing other assets. As institutional investors flock to ETH, the asset continues to solidify its position as a leading digital asset, driven by its role in blockchain technology and Layer 2 scaling solutions.
Global ETF Inflows and Their Broader Impacts
The cryptocurrency market saw $270 million in digital asset inflows last week. Ethereum dominated with $634 million, while Bitcoin recorded outflows of $457 million, marking its first significant outflow since September. Analysts attribute Bitcoin’s decline to profit-taking following its recent rally past the psychological $100,000 level.
Ethereum shines, seeing US$634m inflows last week, in stark contrast to bitcoin which saw US$457m outflows due to profit taking.https://t.co/TlJtOZYhVt
— James Butterfill (@jbutterfill) December 2, 2024
XRP also saw notable inflows of $95 million, driven by excitement around a potential U.S. ETF. Recently, WisdomTree has filed an S-1 form for the XRP ETF fund with the US SEC.
On the other hand, the total crypto ETF inflows reached a record $37.3 billion this year worldwide, underscoring growing investor interest. However, crypto ETFs remain a small fraction, only around 5%, of total ETF assets, as noted by Eric Balchunas.
A Closer Look Into ETH Market
At the time of writing, Ethereum (ETH) price trades at $3,615, down 3% in the past 24 hours. Its 24-hour low and high stand at $3,570 and $3,761, respectively. Its market cap is $435 billion, with a 24-hour trading volume of $40 million.
Although Ethereum has underperformed Bitcoin year-to-date, with a 59% gain compared to Bitcoin’s 124%, its fundamentals remain strong. Analysts, including Rekt Capital, believe that if the price can reclaim key levels like $3,650, it could signal a breakout.
Additionally, the Ethereum whale activity is also increasing, as highlighted by the prominent crypto market expert Ali Martinez. Recently, Martinez said that with over 280,000 ETH, worth $1 billion, being purchased within just 96 hours.
Ethereum’s growing ETF inflows, combined with its solid fundamentals, indicate a promising future. With demand-supply dynamics favoring ETH and blockchain activity surging, the asset seems well-positioned to attract further institutional interest.
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.
Litecoin whales have shaken the crypto market to its core on Saturday, embarking on a massive buying spree amid the latest ETF advancement. Renowned crypto analyst Ali Martinez revealed that these whales accumulated nearly 1 million tokens over the past two weeks. Investors are eyeing this as a highly bullish event, given that the market has also seen Canary Capital’s LTC ETF on the Depository Trust & Clearing Corporation (DTCC) recently.
Litecoin Whales Buy Heavily, Investors Bullish Amid ETF Development
According to an X post by Ali Martinez on February 22, Litecoin whales acquired 930,000 tokens in the past two weeks. This data reverberated substantial market optimism for the crypto, underscoring heightened buying pressure despite the broader market turbulence.
Notably, crypto whales are large-scale investors with considerable trading experience in the market. Their trade maneuver to accumulate coins surfaces as bullish news, underlining market confidence in the token’s potential to gain on the back of recent developments.
Canary Capital’s ETF Emerges On DTCC
The latest ETF development for the token has solidified hopes of an approval ahead. CoinGape reported that Canary’s LTC ETF appeared on the DTCC platform under the ticker LTCC this week. This saga has solidified investor bullishness as an exchange-traded product backed by the crypto may be available soon.
Also, renowned ETF analyst Eric Balchunas further anticipated that there is a 90% chance of approval in 2025. The Litecoin whale accumulations amid this bullish event have further boosted the coin’s market sentiment, indicating potential gains ahead.
LTC Price Eyes Rally?
However, despite the massive buying, LTC price tanked over 5% on Saturday, closing in at $128.13. The coin hit a bottom and peak of $123.93 and $139.86 in the past 24 hours. The weekly chart for the token also illustrated a 3% drop. This waning action primarily falls in with the broader crypto market volatility.
Nevertheless, renowned crypto trader Carl Moon took to X, revealing that a $143 price target looms for the token. As per Carl, LTC is forming a bullish flag on lower timeframes, signaling an uptrend ahead. The significant buying pressure brought by Litecoin whales further supports this bullish prediction.
Crypto market traders and investors thoroughly monitor the token, reflecting optimism amid recent ETF developments and strong whale support.
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.
Amidst the SEC’s positive approach to XRP exchange-traded funds (ETFs), anxiety is building around the potential resolution of the Ripple lawsuit. Notably, the recent settlement of the Coinbase case has fueled community optimism about a potential dismissal of the XRP lawsuit. According to legal expert Jeremy Hogan, a settlement in the Ripple vs. SEC case is possible as early as Q2 2025.
Will XRP Lawsuit be Settled by May 2025?
As the community awaits an imminent resolution in the XRP lawsuit, advocate Jeremy Hogan shared his insights. In an X post, Hogan stated that the Ripple vs. SEC case could witness a settlement by the first half of April or early May. However, he clarified that the prediction is merely his intuition and not based on any concrete evidence.
Hogan’s comments came in response to Good Morning Crypto host Johnny Krypto’s post. Addressing Hogan, Johnny Krypto shared a thread, seeking the lawyer’s opinion on the impending conclusion of the XRP lawsuit. The message read, “Do you think the XRP case can get dropped sooner than you originally thought or does May still feel right to you gut??
Coinbase Case Closure and XRP Lawsuit Settlement
In a surprising development, the US SEC agreed to drop the prolonged Coinbase lawsuit, marking a significant milestone in the crypto space. The move also highlights the SEC’s regulatory changes that visions the establishment of the US crypto environment.
Celebrating the significant development, Coinbase CEO Brian Armstrong posted on X that the platform reached an agreement with the SEC after “years of litigation, millions of your taxpayer dollars spent, and irreparable harm done to the country.”
Meanwhile, Jeremy Hogan sees the Coinbase suit dismissal with prejudice as a strong win, as it permanently closes the case. He means that there is no room for the SEC to refile the case.
Notably, as per Hogan’s words, the SEC’s bold move suggests they’re not waiting for Commissioner Atkins’ confirmation to take decisive action on crypto regulation. This implies the SEC might make more crypto-friendly moves even before Atkins takes office, potentially indicating an imminent XRP lawsuit settlement.
SEC’s XRP ETF Acknowledgements Spark Enthusiasm
Over the last few days, the SEC has taken significant steps towards potentially approving XRP ETFs. Particularly, the SEC acknowledged XRP ETF applications submitted by multiple asset managers including Grayscale, 21Shares, CoinShares, Bitwise, and Canary Capital.
This optimistic move, coupled with the SEC’s decision to drop the Coinbase case, has sparked speculations of an early XRP lawsuit settlement. Previously, Jeremy Hogan posited that the XRP lawsuit conclusion could be possible before the SEC’s approval of an XRP ETF.
Although the SEC’s ETF nod doesn’t assure approval, it has fueled community optimism about a potential ETF launch and lawsuit dismissal. As per wider speculations, with the SEC recognizing XRP ETF applications, a lawsuit dismissal is now within reach.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
The Pi coin finally launched on the mainnet today, which has already led to predictions on how high the crypto could rise following the launch. Now, crypto analyst Gem Hunter has provided a bullish outlook for the coin, suggesting that it could even surpass the XRP price after it gets listed on Binance.
Pi Coin Could Surpass XRP Price After Binance Listing
Gem Hunter recently suggested that the Pi coin price could surpass the XRP price after a potential Binance listing. In an X post, the analyst noted that Pi network’s chart doesn’t look bad at all and hinted that the current price was the bottom.
The analyst further remarked that the Pi coin had recorded almost $1 billion trading volume in eight hours despite listing on only a few centralized exchanges (CEXs). Gem Hunter stated that the real fun will start when Binance and other top crypto exchanges list Pi. As such, he urged market participants to buy the dip and hold.
The analyst’s accompanying chart showed that the Pi coin price could rally to as high as $2.8 when Binance and these top exchanges potentially list the coin. A rally to this price level could put Pi above the XRP price, which is currently trading at around $2.6.
It is worth mentioning that Binance is currently running a community poll on whether it should list Pi. Most community members have voted for the top crypto exchange to list the coin. As such, there is the possibility that Binance could list the crypto at some point, which would provide some bullish momentum for its price.
The Pi network mainnet officially launched today. Consequently, the Pi coin also went live on several exchanges, including OKX, and reached an all-time high (ATH) of $2.2 before witnessing a price correction.
XRP Price Could Surge Before Then
Crypto analyst Dark Defender recently predicted that the XRP price could surge to $3 soon enough, a move which would see the crypto surpass the projected $2.8 level for Pi coin. According to the analyst, XRP will see a break towards $2.77 first and then towards $3 “within hours.”
Meanwhile, in his analysis of XRP in the 12-hour time frame, crypto analyst Egrag Crypto noted that the coin has bounced off the low edge of the ascending triangle, showing bullish momentum. The analyst stated that targeting $2.83 is the next bullish milestone for XRP.
Egrag Crypto further remarked that a bullish signal will occur when XRP closes above the $2.90 and $3.10 range with confirmation. He claimed this would turn this range into strong support for a bullish continuation and a major milestone from a structural perspective.
The XRP price is already up today thanks to bullish fundamentals such as the SEC’s acknowledgment of the XRP ETFs and Hashdex’s XRP ETF, which is set to launch in Brazil.
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.
Ethereum Rollback Debate Intensifies After Bybit Hack
US SEC Faces Backlash as Bybit Hack Highlights Lack of Oversight
Berachain (BERA) Falls 15% After Recent Rally Surge
Bitcoin Could Rebound to $100,000 Soon Despite Bearish Pressure
Myanmar Junta Leader’s Social Media Hijacaked for Crypto Fraud
Kanye West is Launching His Token Despite Past Criticism
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Ethereum23 hours agoExtremely Strong Support And Monthly 55 EMA Says ETH Is Headed For $4,867
-
Market23 hours agoPI Surges, CZ Comments, Safe Denies Breach
-
Regulation22 hours agoConsenSys Submits Letter to SEC on DeFi Rule Amendment Concerns
-
Market24 hours agoWhat It Means for the XRP Lawsuit
-
Market22 hours agoFARTCOIN, POPCAT Decline, BRETT Rallies
-
Altcoin18 hours agoWill XRP Price Hit $300 If US SEC Calls Off Ripple Lawsuit?
-
Market17 hours agoSEC Ends OpenSea Investigation, No NFT Securities Action
-
Altcoin17 hours agoAnalyst Identifies Key Support For Cardano Price Bullish Momentum
✓ Share: