Spot ETH ETFs Now Trading on U.S. Stock Markets -

After a short wait of just 6 months following the launch of the Spot Bitcoin ETF, the U.S. Securities and Exchange Commission (SEC) has approved the S-1 filings for 7 asset management firms: BlackRock, Fidelity, 21Shares, Bitwise, Franklin Templeton, VanEck, and Invesco Galaxy. Spot Ethereum ETFs trading will commence on the Nasdaq, NYSE, and CBOE starting on July 23.

Bitwise states that the launch of the Spot Ethereum ETF will attract more capital than anticipated, potentially pushing Ethereum prices above 5 billion USD by the end of 2024. However, volatility is expected at the beginning due to sell-offs from investors in the Grayscale Ethereum Trust (ETHE).

Grayscale has announced plans to split a portion of the Grayscale Bitcoin Trust (GBTC) into a new ETF named Grayscale Bitcoin Mini Trust (BTC), to be listed on the NYSE. Current GBTC investors will receive BTC shares proportionately, converting their investments into the new ETF.

Former U.S. President Donald Trump has declared that the United States should lead the world in digital currencies, surpassing China and other nations. He fully supports this policy and plans to launch a new NFT series soon.

CryptoQuant has assessed that the 9 billion USD worth of Bitcoin from Mt. Gox being sold off is minor and unlikely to significantly impact the market. They point out that the 3 billion USD worth of Bitcoin held on Kraken represents only 1% of the realized capital, which had increased during the bull market.

Arkham Intelligence reports that some Bitcoin has been transferred from Mt. Gox wallets to Bitstamp wallets, a secondary exchange used for returning Bitcoin to creditors. This is likely a test run before actual transfers occur.

Grayscale Investments has announced the launch of a new digital asset fund, the Grayscale Decentralized AI Fund, focused on decentralized artificial intelligence projects. This fund is exclusively for accredited investors and institutional clients.

Markus Thielen, an analyst from 10X Research, predicts that Gary Gensler will resign as SEC Chairman within the first two months of 2025, coinciding with the end of President Joe Biden’s term, who is not running for re-election. Gensler’s term officially ends on June 5, 2026.

Technical Graph Analysis: July 23-29 2024

Bitcoin (BTC)

Bitcoin (BTC) is expected to test the significant resistance level at 69,000 USD. If it breaks through, the price could resume an upward trend. If it pulls back, the first support level is at 63,000 USD, which could be considered a buying opportunity. The anticipated sell-off from Mt. Gox creditors are not expected to be substantial, likely causing only a temporary market dip.

Support: 2,200,000 THB / 63,000 USD
Resistance: 2,600,000 THB / 69,000 USD

Ethereum (ETH)

Ethereum (ETH) might face sell-off pressure from “sell on fact” after the Spot Ethereum ETF enters the U.S. stock market. However, support at 3,200 USD is seen as a buying point. The medium-term target resistance is 3,900 USD, but if it falls below 2,800 USD, the trend could turn bearish.

Support: 117,500 THB / 3,200 USD
Resistance: 140,000 THB / 3,900 USD

Dogwifhat (WIF)

Dogwifhat (WIF) returned 27.41% last week, showing signs of a bullish reversal. Breaking through the resistance at 3.17 USD will confirm this trend. However, be cautious of a sell-off, with the buying point at 2.40 USD.

Support: 80 THB / 2.40 USD
Resistance: 116 THB / 3.17 USD

Raydium (RAY)

Raydium (RAY) yielded 16.48% last week, surpassing the critical resistance at 2 USD. Use this level as a buying point if prices dip. However, if the price drops below this, consider cutting losses. The profit target resistance is the previous high of USD 2.8.

Support: 75 THB / 2 USD
Resistance: 100 THB / 2.8 USD

Investment Trends

The Spot Ethereum ETF has been officially approved for trading on U.S. stock markets, but prices may fluctuate due to “sell on fact” pressures and speculative buying. A potential upward price trend could result from reduced sell-off pressure from the Grayscale Ethereum Trust (ETHE).

A key highlight this week is the Bitcoin Conference, where Donald Trump is scheduled to speak on July 27. He may announce supportive policies for Bitcoin, potentially driving pre-conference speculation.

However, market volatility is expected, partly due to Joe Biden’s withdrawal from the presidential race. While Vice President Kamala Harris is mentioned as a potential Democratic candidate, uncertainty remains. If a strong competitor emerges against Trump, the cryptocurrency market might see sell-offs.

Despite high market volatility, this is viewed as an opportunity to accumulate both Bitcoin and Ethereum for the long term. Positive factors outweigh negative ones, and it’s highly likely that all U.S. presidential candidates will support cryptocurrency policies. Additionally, monetary policies are expected to become more relaxed.

Investment strategies should focus on gradually accumulating large market cap coins like Solana (SOL), benefiting from the Spot Ethereum ETF, or liquid staking, which offers solutions to liquidity issues arising from locking cryptocurrencies in the proof-of-stake system.

References

Disclaimers

Cryptocurrencies and digital tokens are highly risky; investors may lose all investment money. Investors should study information carefully and make investments according to their own risk profile.
Past returns or performance of digital assets do not guarantee future returns or performance.

Remark: views, information, knowledge and opinions are considered as contents that come from individuals involved. They do not constitute an expression of Bitazza and its employees. Neither email nor content presented constitutes the investment advice.

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