BREAKING: Ethereum spot ETFs approved by SEC

The US Securities and Exchange Commission said it has approved the launch of spot Ethereum ETFs for accelerated launch, according to Phoenix News.

Ethereum ETFs face a weeks-long process of finalizing S-1 registration statements, a form required by the SEC for ETFs to list securities, and establishing exchange agreements through multiple rounds of SEC communication.

The move is expected to bring a substantial influx of institutional capital into the Ethereum market, with Standard Chartered Head of Digital Assets Research Geoff Kendrick predicting inflows of $15 to $45 billion in the first 12 months.

To address SEC concerns, potential spot ETH ETF issuers, including Fidelity, Franklin Templeton, Ark, Invesco, Grayscale, Bitwise, and VanEck, have updated their filings to confirm they will not stake ETH for yield.

Earlier this week, Bloomberg analysts Eric Balchunas and James Seyffart have increased the odds of a spot Ethereum ETF being approved this month from 25% to 75%.

The approval of Ethereum ETFs and the passage of the FIT21 crypto bill suggest a shift in the Biden Administration’s stance on crypto, following former President Trump’s pledge to support the industry and foster a business-friendly environment in the US.

The approval comes just five months after the SEC gave the green light to 11 spot Bitcoin ETFs, marking a significant shift in the regulatory landscape for crypto in the US.

#EthereumETFApprovalExpectations #ETHETFsapproval #ETHETFS

Grayscale, Coinbase sit down with SEC over spot Ether ETF

Grayscale and Coinbase met with the SEC on March 6 to address concerns about the conversion of Grayscale’s Ethereum Trust into a spot ETF.

Crypto firms Grayscale and Coinbase recently met with United States Securities and Exchange Commission (SEC) officials to discuss a rule change for the launch of spot Ether exchange-traded funds (ETFs).

Grayscale is seeking to convert its Ethereum Trust — which tracks the market price of Ether into an ETF, similar to the conversion of its Bitcoin Trust to an ETF in January. The meeting, held on March 6, followed the end of the commenting period for the proposal and addressed concerns about possible market manipulation should the fund be approved.

According to a presentation shared by the SEC, Coinbase argued that the same reasoning that led to the approval of Bitcoin ETFs should be applied to Ether since the token has “mechanisms that significantly limit ETH’s susceptibility to fraud and manipulation.”

Another presentation point relates to Coinbase’s surveillance-sharing agreement with the Chicago Mercantile Exchange (CME). The mechanism was implemented for Bitcoin ETFs at the request of the SEC to improve trading monitoring.

Grayscale is also proposing a second ETF for Ether futures trading. The main difference between spot and futures markets is that spot market assets are traded immediately, whereas, in the futures market, contracts are made to buy or sell assets at a future date for a specific price.

#Etherrum #ETH✅ #Coinbase. #Graysacle

Shytoshi Kusama Issues Crucial BONE Call on Shiba Inu Community: Details

The enigmatic leader of the Shiba Inu team known to the community under the alias Shytoshi Kusama has issued a crucial call on the SHIB army, urging them to vote for the Bone ShibaSwap (BONE) token as it stands a chance to be listed on the Binance Futures platform.

"I understand that not all countries can vote so #SHIBARMY if you can, DO IT. #BINANCE   SHOW YOUR POWER!!!! "

Earlier this week, the world’s largest cryptocurrency trader Binance announced the launch of a new voting feature called Binance Futures Next, allowing the community to vote for the tokens they wish to be listed on the Binance Futures market.

So far, along the other numerous tokens, BONE holds the third position by picks – 33,462. It is behind another meme cryptocurrency BabyDoge (BABYDOGE) with its 37,054 votes and ahead of Milady meme coin (LADYS) (23,709 votes).

Shytoshi Kusama addressed the SHIB army on Friday and today as well, adding that since users not in all countries are allowed to access Binance and vote for BONE, he urged the SHIB army to press on and help the token to get to the first spot. On Friday, fueled by the news of the potential Binance listing, BONE soared by more than 23%.

#SHİBA #BONE #memecoin‬⁩ #BinanceFutures

Image via Binance

Floki Dominates Times Square New York with Three-Month Campaign

In an assertive move, Floki, the popular memecoin, is reclaiming the spotlight in the heart of New York with an extensive marketing campaign in Times Square Plaza. This development is following FLOKI price surge of over 300% last week.

Commencing on March 15th and spanning a remarkable three months, Floki will be showcased on a colossal double-sided HD LED screen, strategically positioned beside the Nasdaq billboard in Times Square.

The impressive digital billboard, measuring 56 feet wide by 29 feet high and located five stories above the intersection at 1500 Broadway and West 43rd Street, covers a staggering 1,624 square feet of viewing space, surpassing the size of the average Manhattan home.

Notably placed in the core of Times Square Plaza, recognized as ‘The Gateway to New York,’ the 1500 Broadway Spectacular is set to display Floki’s captivating ten-second advertisement at least four times per hour, airing for 20 hours each day, throughout the 93-day campaign. This extensive coverage equates to a minimum of 7,440 ten-second spots, ensuring Floki’s presence.

Times Square, a daily hub for 330,000 visitors and an annual thoroughfare for 50 million people, solidifies its status as the busiest attraction in the United States. The strategic placement of Floki’s campaign in this iconic location aligns with the coin’s mission to capture the attention of a vast audience.

appeared first on Crypto News Land

#FLOKİ #Flokii

Binance Burns 2.21 Billion Terra Luna Classic

LUNC price soars over 30% as crypto exchange Binance burned 2.21 billion Terra Luna Classic in 19th batch of its LUNC burn mechanism.

The world’s largest crypto exchange Binance burned 2.21 billion Terra Luna Classic (LUNC) tokens in the 19th batch of the LUNC burn mechanism. As a result, the net LUNC burn by the crypto exchange reaches over 53 billion and the total tokens burned by the Terra Luna Classic community reaches over 102 billion.

The 100 billion LUNC milestone uplifted Terra Luna Classic community’s sentiment and confidence amid a collaborative effort to remove LUNC tokens from the circulating supply.

Binance sent 2.21 billion Terra Luna Classic (LUNC) tokens to the burn address terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu, as per the transaction on March 1.

Notably, the 19th batch of the LUNC burn mechanism Binance burned over 270 million trading fees for the period January 31 to February 28. After the latest burn, Binance’s total LUNC burn reaches 53.48 billion Terra Classic tokens from trading fees on LUNC spot and margin trading pairs.

#LUNC. #USCT #TrendingTopic

3 Cryptos Set to Skyrocket This Weekend

Ride The Wave of Innovation with ScapesMania

The ScapesMania public sale wrapped up, becoming the talk of the crypto community. The project managed to secure over $6,125,000 at an unprecedented rate and there’s a strong probability that the token's value might increase exponentially in the future.

The spotlight has shifted to the upcoming PancakeSwap listing. The date was already announced in a recent AMA with the CEO, so don’t miss out!

Starknet (STRK): Surging TVL and the Quest for Stability

Starknet (STRK) garnered interest among users and developers to further see its Total Value Locked (TVL) increase dramatically, indicating a regained trust in the STRK market.

Despite recent controversies and a price dip below $2, the increase in TVL and potential market dynamics suggest that the Starknet (STRK) price could stabilize or even increase if the broader Ethereum market performs well.

Optimism (OP): A Beacon of Recovery and Growth

Recently, Optimism (OP) observed a significant recovery, rooted in escalated platform usage after the integration of Worldcoin (WLD) privacy token. In fact, Optimism (OP) even surpassed its rival Arbitrum in transaction volume - an undeniable demonstration of its growing appeal.

This year, Optimism (OP) is expected to surge, potentially reaching $7.49. Next year could witness an even more impressive ascent with forecasts hinting at a possible peak of $10.62. These projections, underpinned by both technical analyses and market sentiment, signify a pronouncedly bullish stance towards the token, are indeed robustly supported in their foundation.

Disclaimer: This article is for informational purposes only.

#Optimisim #StarkNetTradingSignal #ScapesMania

Terra Classic Revolutionizes with Tritium Bridge: A New Dawn for Cross-Chain Connectivity

In a significant development for the Terra Luna Classic community, Terra Tritium has unveiled the Tritium Bridge, an innovative solution designed to enhance utility and facilitate seamless token teleportation between different blockchains.
Validator VegasMorph highlights the potential return of utility to the chain through recent advancements, with the Tritium Bridge positioned as a pivotal component.

Tritium Bridge Launch: A Gateway to Cross-Chain Interaction
The Tritium Bridge establishes connectivity between Terra and BSC, fostering cross-chain interaction. Transaction fees for utilizing the Tritium Bridge are charged in TRIT, the native token of Terra Tritium. Notably, 100% of the fees collected through the Tritium Bridge will be burned, contributing to a deflationary mechanism within the ecosystem.

To amplify the impact of the Tritium Bridge, Terra Tritium encourages token owners to actively participate by including their tokens in the bridge. This involvement is seen as a crucial step in expanding the versatility of the bridge and fostering cross-chain engagement. Token owners interested in this next level of interaction are invited to send direct messages to Terra Tritium.

In Conclusion

Terra Tritium’s Tritium Bridge emerges as a transformative development in the Terra Luna Classic ecosystem, offering a gateway to enhanced utility and cross-chain connectivity. With its burning mechanism and community participation, the Tritium Bridge not only facilitates token transfers but also contributes to the deflationary dynamics of the ecosystem.

Source: CoinPedia News

#LunaTerraClassic #LUNC. #TRITIUM #BSC

MicroStrategy With Another Huge Bitcoin Buy

MicroStrategy continues with its Bitcoin shopping spree, adding another 3000 BTC to its name.

It appears that Michael Saylor was completely serious when he recently said that he plans on buying Bitcoin forever.

MicroStrategy just announced that they bought another 3,000 BTC, each priced at $51,813. This means they paid around $155 million for it.

With this most recent move, MicroStrategy is currently the proud
owner of 193,000 BTC. They’ve paid a total of $6.09 billion for it,
putting their average price at $31,544 per BTC.

At current prices, their stack is worth a little less than $10 billion, netting them a return of close to 63%.

#BTC‬ #MicroStrategyBTC #MicroStrategyMoves

Uniswap Skyrockets 80% as Bitcoin Stalls at $51K
Uniswap’s UNI stole the show in the past 24 hours, exploding by nearly 80% following a proposal to reward UNI holders with a percentage of the fees generated by the DEX.

Uniswap has been the main story of the past day, as its native cryptocurrency exploded by 80% following a proposal for a major upgrade.

Meanwhile, Bitcoin’s price remains stuck at around $51K as bulls and bears continue their fight for control over the market.

Uniswap (UNI) Leads Altcoin Push

The sentiment in the altcoin market is mostly mixed, with the majority of them charting slight gains or losses over the past 24 hours.

However, Uniswap’s UNI token is the obvious exception. The cryptocurrency exploded by almost 80% in the past 24 hours, driven by a proposal to change an important component of the protocol.

Namely, the Uniswap Foundation proposes that UNI holders receive a percentage of the fees generated by the DEX. This turns UNI from a mere governance token into a yield-generating one, should the proposal pass.

The surge in UNI propelled other DEX-related tokens also to soar. These include dYdX (up 29%), Quickswap (up 14.1), and so forth.

All in all, the past 24 hours turned out to be relatively eventful, and it’ll be interesting to see how the market unfolds next.

Bitcoin Price Stalls at $51K

Bitcoin has been unable to break above $51,000 in the past 24 hours. The good news is that the bears were unable to push below it either – and it wasn’t for the lack of trying.

The price dipped to as low as $50.6K at one point, but that’s when buyers stepped in and managed to push it back up to where it currently trades at $51K.

Bitcoin’s dominance has declined to 48.6% in the past 24 hours – down from 49.25%. This is indicative of the fact that the altcoin market is outperforming BTC.

The cryptocurrency fear and greed index remains in “Greed” territory, clocking in at 72, down from 76 yesterday.

#Bitcoin‬ #Uniswap’s #Halving #TRX.

Shiba Inu’s Progress

Shiba Inu’s L2 scaling solution – Shibarium – continues to make waves, recently blasting through another milestone. As CryptoPotato reported on February 19, daily transactions on the network reached 3 million, whereas total transactions surpassed the 360 million level. 

The feature went live in August last year, aiming to service the needs of the Shiba Inu ecosystem by lowering transaction fees and improving speed. 

Some experts have claimed that Shibarium’s advancement could propel a SHIB price rally. Nonetheless, the meme coin has not performed so well as of late, with its value being down 3% on a weekly scale.

Important Ripple v SEC Development

The company’s recent developments are related to its lawsuit against the US Securities and Exchange Commission (SEC).
Recall that the regulator sued Ripple in December 2020, accusing it of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. For its part, the firm argues that its native token should not be classified as a security, thus standing aside the Commission’s jurisdiction.

The trial between the entities is scheduled for April 23, with Ripple seemingly being the top dog after securing three vital (yet partial) court wins last year. The SEC also achieved a small victory, with Judge Sarah Netburn ordering the firm to disclose important financial records for 2022 and 2023 (as insisted by the watchdog).

Most recently, Ripple had to provide essential data included in the remedies-related discovery phase. The company had until February 12 to do so but requested an extension of the deadline with an additional eight days.

Besides its efforts in the legal field, Ripple has been working on a global expansion. Earlier this week, one of the biggest financial institutions in Egypt – the Commercial International Bank (CIB) – partnered with the company “to implement blockchain technology, enhancing the efficiency of cross-border payments.”

#XRP🚀 #BTC‬ #Ethereum(ETH)

Justin Sun suspected to have purchased $160m in Ethereum

An address suspected of Justin Sun recently acquired $160.7 million in ETH, potentially indicating a bullish drive for Ethereum.

Lookonchain said the purchase was made through leading cryptocurrency exchange Binance and various decentralized exchanges (DEXs). The wallet, identified with the partial address “TWGHNc,” has been scrutinized for its large-scale transactions, including a withdrawal of 500 million USDT in Tether from HTX, formally Huobi, on Sunday.

The same wallet also deposited 50 million USDT into Binance today, with analysts and observers emphasizing that Sun would have the potential capability to withdraw such a large amount from HTX.

Further comparisons of transaction patterns have linked the “TWGHNc” wallet to another address, “0x7a95,” noting parallel activities between the two. On Feb. 7, TWGHNc deposited $5.4 million to HTX, followed by a similar amount in ETH withdrawal by 0x7a95 from HTX the next day.

Additionally, a 50 million USDT deposit to Binance on Feb. 1 by TWGHNc correlated with a subsequent withdrawal of 9,959 ETH from Binance by 0x7a95 on Feb. 12. The high-value transactions from HTX suggest that the wallet could potentially belong to Sun, although it’s speculative.

If Sun were accurately identified behind these transactions, it would signal a bullish interest in Ethereum from the TRON founder.

#Ethereum(ETH) #TRON. #HTX #BTC‬ #JustinSun

WLD skyrockets by 180% in week, surpassing 1m daily active users

Over the past two weeks, Worldcoin (WLD) has seen impressive growth. On Feb. 19, 2024, the asset hit a new all-time-high and is now trading at $7.27.

Over the past 24 hours, the price of the Worldcoin token has increased by more than 40%, setting a record at $7.57.

At the time of writing, WLD is trading at $7.27, the highest level in the project’s entire history. This is 673% more than in September 2023, when the asset fell to a historic low.

Over the past 24 hours, the coin’s value has increased by 41%. On a weekly basis, the growth amounted to 192.6%.

WLD’s capitalization is currently $950.8 million, and its trading volume is $966 million. There are 130,724,553 coins in circulation out of a total supply of 10 billion tokens.

The jump in the asset’s price occurred against the backdrop of the team’s publication that the number of daily users of the World App crypto wallet exceeded 1 million.

In addition, on Feb. 16, the company connected to WorldCoin co-founder Sam Altman, OpenAI, also unveiled a neural network called Sora. The artificial intelligence (AI) model allows to generate videos up to 60 seconds long from a given text.

In January, the Worldcoin team announced that it was preparing to release the second version of the Orb device for scanning the iris of the eye. Despite this achievement, the startup constantly faces regulatory pressure in various countries around the world, for instance, in France, Kenya, Hong Kong, and Argentina.

#WLD. #WorldCoin. #BTC‬ #SamAltman

Next Cryptocurrency to Explode Saturday, February 17 – Worldcoin, TRON, Stacks

1. Worldcoin (WLD)

Worldcoin announced on its social media platform that Clade Club has secured a spot in the Community Grants Program Wave0 by the Worldcoin Foundation, signifying a significant step forward for the project’s growth and recognition in the crypto community.

With the current price at $4.38, Worldcoin has witnessed a remarkable trading volume of $605.56 Million in the last 24 hours, positioning it as a notable contender in the market. Despite its market cap of $574.56 million, representing just 0.03% of the overall crypto landscape, Worldcoin has surged by 13.66% within the past day.

2. TRON (TRX)

Tron DAO recently unveiled a significant development by unveiling a roadmap for integrating a Bitcoin Layer Two solution onto the TRON Network. This move could revolutionize the TRON Network and positively impact BTTC. Integrating Bitcoin’s Layer Two solution into the TRON Network holds promising prospects for TRONICS and could lead to substantial changes in the cryptocurrency landscape.

TRX, the native asset of the TRON network, has been experiencing consistent gains throughout February. However, starting from the monthly low of $0.111, the coin’s value surged by 18% to reach the $0.13 mark. Amidst this rally, the coin’s price breached a resistance trendline of the channel pattern, signaling that buyers are pushing for a higher recovery.

3. Stacks (STX)

The integration of Stacks (STX) into Ortege aims to streamline access to crucial data, bolstering the development of robust Bitcoin solutions through Stacks. Additionally, Ortege will incorporate Stacks (STX) into its open-source Extract Transform Load Library, facilitating seamless data export.

However, this collaboration with Ortege follows closely after Stacks’ native-Stacking DAO announced a Total Value Locked (TVL) milestone of $35 million. Market analysts anticipate Stacks (STX) will lead the charge in expanding Bitcoin’s DeFi ecosystem.

#tron #BTC‬ #Stacks #WorldCoin.

Justin Sun Unveils Tron DAO’s Roadmap for Bitcoin Layer-2 Solution

The TRON DAO, a decentralized autonomous organization governing the TRON network with over 210 million user accounts, has disclosed its plans for an innovative Bitcoin Layer-2 solution, as shared by Tron founder Justin Sun in a tweet on Thursday.

Justin Sun expressed the belief that this solution will revolutionize blockchain interoperability and the utilization of stablecoins within the Bitcoin ecosystem, aiming to bring back a sense of fun to Bitcoin. Justin Sun outlined the protocol’s ambitious roadmap, emphasizing its goal to inject funds into the BTC network, enhancing scalability, speed, and security.

Furthermore, TRON aims to foster seamless interactions and interoperability between its network and the Bitcoin blockchain by integrating tokens. In a three-phased approach, Sun highlighted TRON’s commitment to advancing blockchain interoperability and utility. The first phase involves integrating various TRON network tokens, including TRX, SUN, JST, BTT, WIN, NFT, USDT, and USDC, with the Bitcoin blockchain using cross-chain technology.

The second stage of TRON’s roadmap includes strategic collaborations with diverse Bitcoin Layer-2 protocols to boost the growth of the ecosystem and enable TRON users to participate in restaking programs on Bitcoin Layer 2 networks. Finally, the third stage aims to create a Bitcoin Layer-2 solution integrating TRON, BTTC, and BTC.

Additionally, TRON DAO is developing a wallet and tools compatible with BRC-20 tokens, contributing to the Ordinals and Bitcoin Layer-2 solutions. The resurgence of Ordinals, introducing decentralized finance (DeFi) and non-fungible tokens (NFTs) to Bitcoin, has generated both praise and criticism within the community due to increased transaction fees and network congestion, leading some critics to label it as a scam.

#Bitcoin‬ #Trondao #JustinSun #ordinals #BRC20

Bonk Coin Gains Momentum with Potential New Exchange Listing

The popular altcoin of recent times, Bonk (BONK), is the subject of speculation regarding the possibility of being listed on another exchange. European banking fintech Revolut is planning to launch a campaign worth 1.2 million dollars to list Bonk and encourage its users to learn about the cryptocurrency.

Excitement Over BONK Listing

The prepared campaign plan is being evaluated by BONK’s management council. At the time of writing, the approval has surpassed the required 75% majority with eight affirmative votes. Although the voting has been approved, there is still more than three days left in the voting period. After the listing is completed, it could be added to the significant listings that the meme token has secured over the past few months.

In November, major exchanges like Binance and Coinbase added BONK to their listings. An analysis of Bonk’s daily chart shows a positive response to the latest development. On February 14th, the chart showed a notable increase of over 14%, which could indicate the second-highest rise of the month so far. Additionally, this increase pushed the token above 60 on the Relative Strength Index (RSI).

#bonk #memecoin #solana #CardanoADA #Bitcoin‬

Bitcoin ETFs are sucking up 10X more BTC than miners can produce

Over the last two trading days, inflows into Spot Bitcoin ETFs have surpassed the amount of production from miners by over 10 times.

On Monday, February 12, spot Bitcoin exchange-traded funds (ETFs) acquired ten times more Bitcoin than the amount that miners could create.

As of February 12, at least $493.4 million, or about 10,280 Bitcoin, have entered spot Bitcoin ETFs, according to preliminary figures.

The majority went to BlackRock's iShares Bitcoin Trust, which received an incredible $374.7 million. In the meantime, $151.9 million came into Fidelity's Wise Origin Bitcoin Fund, of which $40 million went into the Ark 21Shares Bitcoin ETF. Grayscale outflows of $95 million and $20.8 million from the Invesco Galaxy ETF slightly offset this, though net inflows were almost half a billion dollars.

According to Blockchain.com, Bitcoin miners generated about 1,059 BTC worth about $51 million on the same day. This is only 10% of the total amount of BTC that spot ETFs are grabbing.

A comparable pattern was also noted on February 9, when a total of 12,700 BTC, or $541.5 million, were deposited into the ETFs in aggregate, compared to 980 BTC worth around $45 million added through mining.

With $250.7 million invested, BlackRock took the lead, followed by Fidelity once more with $188.4 million. Large inflows of $136.5 million were seen in Ark 21Shares, while Grayscale withdrawals dropped to $51.8 million, the lowest amount for the week, resulting in the bumper day of aggregate inflows.
During an interview on CNBC's Squawk Box on February 12, Anthony Pompliano, one of the pioneers of Bitcoin, stated that "Wall Street loves Bitcoin."

“There is 12.5x more demand for Bitcoin than what is being produced on a daily basis.”

Around 80% of the total supply has not moved in the past six months, he continued by saying that just about $200 billion of the overall supply is marketable, meaning that these ETFs "have sucked up 5% of the entire tradable supply of Bitcoin in 30 days.

The CEO of SafeMoon is out on bail, but he may lose his attorneys
Braden John Karony, the CEO of SafeMoon, is out on a $3 million bond, but his attorneys want to withdraw, arguing he hasn't paid their fees.
Braden John Karony, the CEO of SafeMoon, a bankrupt cryptocurrency company, was granted bail and may now be under the supervision of a public defender because of a "lack of funds to pay for private counsel."
Karony has been involved in an alleged "multimillion-dollar international fraud scheme." In November 2023, the US Justice Department filed charges against Karony and his associates for conspiring to commit securities, wire fraud, and money laundering.
But as early as January 22, Karony's attorneys, Petrillo Klein & Boxer, sought to step down from their representation, citing the SafeMoon CEO's "apparent lack of funds" to cover the cost of private counsel.
Petrillo partner Adam Schuman filed a revised move to resign as counsel on February 12th, citing SafeMoon's previous declaration on January 22nd that it would pay Karony's legal bills, but that company ultimately failed to provide the money for the firm's retainer and declared bankruptcy.
Additionally, Schuman mentioned that Karony has a public lawyer assigned by a magistrate judge as of February 9, and the two are "now in direct communication."
Judge Eric Komitee gave Karony's attorneys instructions on January 31 to assist him in applying for a Criminal Justice Act attorney, which provides representation to indigent defendants. After that, he would "consider and likely grant" their application, even though failure to pay legal fees is typically not a good enough reason to withdraw.

Bitcoin Moves Into a High-Risk Area, Indicating the Beginning of a Bull Market

According to cryptocurrency analytics platform Glassnode, on-chain indicators evaluating the value of Bitcoin (BTC) have moved into a "high-risk" zone, which could signify the early stages of a bull market.

Glassnode’s Report :

In a post from February 10, Glassnode revealed that an indicator that measures the long-term valuation of Bitcoin relative to its market value has crossed over from the "medium risk" range into the "high risk" range. High risk levels are usually seen in the early phases of a Bitcoin bull market, as they signify that long-term investors have returned to profitability, according to a report published on February 8.

Long-term holders can use the Market Value to Realized Value (MVRV) indicator to gauge when Bitcoin is undervalued or overvalued in relation to its "fair value." Seven out of ten overall indicators, including net unrealized profit-loss and supplier profitability status, received a "high" or "very high" risk assessment from Glassnode.

Interest in ETFs

Glassnode, noting that Bitcoin block space demand and short-term profits for new investors are definitely in the “low risk” categories, added that sales have decreased following the approval of spot Bitcoin exchange-traded funds (ETFs) in the US. CoinGecko reports that last week saw a steady climb in the price of Bitcoin, which went from $42,317 on February 4 to $48,582. Last week’s strength in Bitcoin was attributed to decreased outflows from Grayscale Bitcoin Trust (GBTC) and $9.1 billion worth of inflows into nine spot Bitcoin ETFs since they launched on January 11.

With $541 million in net inflows on February 9, new United States Spot Bitcoin ETFs saw their biggest entry day, according to statistics from the cryptocurrency analytics platform SoSoValue. Furthermore, Grayscale’s GBTC marked its lowest day on February 9 with only $51.8 million in outflows, a 91% decrease compared to the record daily outflow of $620 million on January 23.

Ether (ETH) ETF spark optimism because of Bitcoin ETFs, but is it realistic?

The approval of the Bitcoin ETF has many people excited about the prospect of an Ether ETF shortly, but experts warn that the process may take some time.

On January 10, the Securities and Exchange Commission (SEC) of the United States approved ten spot Bitcoin exchange-traded funds (ETFs), making it possible for investors in the U.S to invest in Bitcoin-backed securities. Since their launch on public markets on January 11, spot Bitcoin ETFs have seen billions flowing in.

Similar to the spot Bitcoin ETF submissions in 2023, major financial institutions, including BlackRock, ARK Invest, Fidelity, Invesco Galaxy and others, are submitting applications for a spot Ether ETF. In September 2023, Ark was the first to submit a spot Ether ETF application; BlackRock and other parties followed.

Like with the various postponements in determining whether to allow spot BTC ETFs, the SEC repeatedly delayed its judgment on spot Ether ETFs.

While the deadlines for the seven applicants for Ether ETFs vary, the SEC may decide on all of the applications at once, just like it did with the spot BTC ETFs.

The approval of spot Bitcoin ETFs was a turning point in the history of Bitcoin after multiple years of rejections. However, with spot Bitcoin ETFs now approved, everyone's attention is focused on spot Ether ETF applications, the final deadline for which is in May.