Ditha Angrainy

The crypto community's eyes have been on the performance of the highly anticipated Ethereum futures exchange-traded fund (ETF) that launched this week. But analysts have provided an explanation for why the initial week did not live up to expectations in terms of price and value. The crypto community's eyes have been on the performance the highly anticipated Ethereum futures exchange-traded fund (ETF) that launched this week. But analysts have provided an explanation for why the initial week did not meet expectations in terms of price and value. Lack of Significant Attraction for Ethereum Futures ETFs The launch of several Ethereum Future ETFs this week has left many speculators who have been looking forward to it for more than a year feeling disappointed.Nine Ethereum Futures ETFs were introduced to the market this week. It was launched by investment firms ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares. However, after launching on October 2, Ether Futures attracted less than $2 million in flows, according to a recent report. Anticipating the price increase, the price of Ethereum rose about 4.5% to reach $1,734 the day before its launch, on October 1. However, the price closed on October 2 at $1,659, marking a decline of 4%. At the time of publication, the price of Ethereum was $1,643. On October 2, the six funds accumulated a total trading volume of $1.92 million. However, the largest among them, the ProShares Ether Strategy ETF, made a significant contribution with a trading volume of $878,560, which was 45.7% of the total volume. This represents a stark contrast compared to the rapid achievement of $1 billion in flows in just two days for the ProShares Bitcoin Strategy ETF (BITO) on its launch in 2021. However, the crypto market as a whole was in a strong phase at that time. Meanwhile, another user on X (formerly Twitter) highlighted that it only represented 0.2% of trading volume compared to the initial day Bitcoin futures trading.However, there is no need to worry. According to Eric Balchunas, senior ETF analyst at Bloomberg, this has happened before: “Every crypto-related launch tends to be a ‘buy the rumour, sell the news’ event,”

Bitcoin ETF Chances Increase On October 4, crypto trader and analyst Alex Krüger said that the chances of his Bitcoin ETF approval were 70%. He added it would likely happen in January, and the event could be traded. “Crypto traders are ‘Selling the News’ professionals,” he said before adding, “Selling the news requires openness.”The SEC strongly opposes spot-based crypto derivatives that need to own the underlying asset. Instead, they only approve contracts that are based on futures contracts, citing volatility and market manipulation. ETF shop president Nate Geraci echoed that sentiment, stating : “This is why you launched an Ether futures ETF even though you knew a spot ETF would likely be approved in time which is not that long.”Following Ripple's latest partial victory against the SEC this week, “Crypto Rover” said :“The SEC now has no valid argument to reject a spot Bitcoin ETF. They will be forced to accept it.” The “Bitcoin Therapist” agreed, adding: “I think this is mostly true. Except they will be the scapegoats for crypto fraud for as long as the narrative allows. Ultimately, this thing will be approved and trillions of dollars will flow through it,” According to “Mister Crypto,” the former BlackRock director said that the SEC will approve a spot Bitcoin ETF within three to six months. He also said there could be capital inflows of up to $200 billion.$BTC $ETH

Leaked cellphone numbers have given scammers an easy way to drain friends.tech users' accounts. A fraudster reportedly managed to steal around $385,000ETH worth of Ether in less than 24 hours, amid the specter of SIM-swap hacks apparently targeting friends.tech users. One reported victim of the latest series of SIM swapping attacks posted to X (Twitter) after the attack: “His SIM was swapped. Apparently, you can do it from the Apple store and switch it to the iPhone SE. Don't buy my keys, the wallet has already been compromised.”X user “KingMgugga” reported the attack targeting them happening in real time, posting to ” confirmed they were also attacked, lamenting “ I got mixed up, sorry.” Earlier this week, four other Friend.tech users claimed their accounts were drained as a result of a SIM swap or phishing attack, with a total of around 109 ETH stolen.

Valr, a South Africa-based crypto exchange, recently said it has won initial approval from Dubai's virtual assets regulator. The crypto exchange's Head of Growth, Blake Player, said Valr was attracted by the significant crypto flows in the Middle East region and in particular Dubai's growing reputation “as a forward-thinking and pragmatic jurisdiction.”Valr Cannot Offer Any Virtual Asset Services Yet South African cryptocurrency exchange , Valr, recently said it had “won preliminary approval” from Dubai’s crypto asset regulator, the Virtual Assets Regulatory Authority (VARA). According to the crypto exchange, winning this approval is an important step for Valr as it looks to build its presence outside South Africa. But the approval “does not yet authorize Valr to perform any virtual asset services.” Explaining the reasoning behind the decision to seek an operating license from VARA, crypto exchange CEO Farzam Ehsani highlighted VARA's role as the world's leading regulator and his company's desire to reach a more global audience. “Over the past 5 years, VALR has worked closely with regulators to inform a regulatory framework that protects the public while enabling responsible innovation to flourish. "This initial approval from VARA is an important milestone for VALR to bring our products and services to a more global audience under the auspices of the world's leading regulator," said Ehsani. Dubai's Reputation as a Forward-Thinking Jurisdiction At the beginning of 2022, Valr stated that it had successfully raised $50 million in a Series B funding round led by Pantera Capital. At the time, the crypto exchange said the capital raised would be used to expand into other African markets and emerging markets such as India. Valr also said it will add more products and services to its customers.$BTC

The co-founder's exit expands a long list of similar departures from leading crypto projects in 2023. Polygon co-founder Jaynti Kanani revealed on Tuesday that he had been absent from day-to-day work on the project for the past six months, after switching to “a new adventure” after helping launch it in 2017. “I decided to step back from the daily grind,” Kanani wrote on Twitter on Wednesday. The developer said he remains confident in Polygon's future, and is “optimistic on Polygon 2.0.” This makes Kanani the third of Polygon's 10 founders to announce his departure this year. And in the crypto industry—although this is not unique to digital finance—the departure of some executives could be a sign of trouble. Former Alameda Research CEO Sam Trabucco stepped down last August, three months before the FTX collapse. Matteo Liebowitz, Uniswap Labs' venture leader, announced his resignation last week amid speculation that despite recent court wins, the project was not faring well while under SEC investigation. To be fair, it's entirely possible that all the departing founders decided to moving to a new project at the same time. But it's also true that it's been a tough year for Polygon. Polygon Labs did not respond to Decrypt's request for comment. Polygon is a layer-2 scaling solution for Ethereum, using a multi-chain ecosystem to enable cheaper, faster, and more private transactions. Its governance token, $MATIC , is the thirteenth largest cryptocurrency by market capitalization, reaching $5.2 billion, according to CoinGecko. In addition to being one of Polygon's ten founders, Kanani co-wrote Polygon's own whitepaper, alongside Anurag Arjun, Mihailo Bjelic, and executive chairman Sandeep Nailwal.