During periods when the price of Ethereum (ETH) rises steadily, a recovery is also observed in altcoins. This is related to the decline of BTC market dominance; Investors direct more capital to altcoins in this process. So, what is the current situation?
Ethereum (ETH) ve Altcoinler
We must not forget that the Ethereum ETF approval and upcoming listing is a significant event. Although it has been postponed by the SEC, a date is expected no later than mid-July. The SEC's setting of July 8 as the deadline for S-1 Form approvals is an indication of this.
Since these forms have been updated many times, final updates are now expected. The latest filings indicate that details such as ETH's initial capital and annual management fees have been completed.
Will Ether Price Rise?
Interest in spot Bitcoin ETFs has created great excitement in the global ETF market. It is estimated that up to $20 billion may inflow into spot Ethereum ETFs in the first 12 months. The impact of this entry on the spot price is a matter of curiosity. According to analyst Mads Eberhardt, the year-end forecast is $6,500.
Ether Supply on Exchanges is Decreasing
According to CryptoQuant data, the total ETH supply across all cryptocurrency exchanges has dropped to July 2021 levels. Considering those who hold large amounts of ETH in wallets due to NFT enthusiasm, it is a great success that today's supply has fallen to its previous level.
The total value of ETH staked on the Ethereum Beacon Chain has also increased steadily since September 2021. This makes the supply contraction on exchanges logical and attractive for price growth as it reaches 33.33 million ETH.
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