Ethereum ETF Process.

This week marks a significant moment in the crypto industry's journey toward institutional adoption, but this time the focus is on the largest altcoin, Ethereum. Six months after the launch of Bitcoin exchange-traded funds (ETFs) in the US, Ethereum ETF funds will also be launched.

The effects on Ethereum's price movement are unknown, but investors are preparing for volatility similar to what hit the BTC/USD pair at the beginning of the year. Popular investor Jelle questioned this process in an X post:

ETH/USD pair remains relatively cool compared to Bitcoin despite the ETF process, increasing by about 4% last week compared to Bitcoin's 7%.

Notable Developments.

This month, social media data shows how much Bitcoin bears have lost their dominance over the market narrative. According to research firm Santiment, terms like selling or dropping are decreasing in social volume. However, bulls are afraid of making mistakes in price direction. In a July 22 X comment, the following statements were made:

"Bitcoin and cryptocurrency have experienced a surprising recovery in the last two weeks, silencing the crowd. The voices predicting a bear market at the beginning of July disappeared as Bitcoin once again approached $70,000."

Meanwhile, according to data from the classic sentiment indicator Crypto Fear and Greed Index, which measured 70/100, crypto market sentiment remained in the greed zone as the week began.