Ethereum Eclipses Bitcoin in Holder Activity Amid Predicted ETF Boom ⋆ ZyCrypto
The post Ethereum Eclipses Bitcoin in Holder Activity Amid Predicted ETF Boom ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Ethereum (ETH) has emerged as a frontrunner in recent weeks, overshadowing Bitcoin in holder activity and speculative fervor amidst anticipation of an Ethereum Exchange-Traded Fund (ETF) trading debut. This comes even as Bitcoin’s price grapples to recover amidst immense selling pressure from miners this month. On Sunday, crypto analytics platform Intotheblock highlighted a notable shift in strategy among large Ethereum holders, particularly miners, who have adopted a cautious “risk-off” approach. This starkly contrasts Bitcoin holders, who began profit-taking earlier this year. “The behavior of long-term holders is pivotal in understanding the market cycle,” the firm wrote. “Ethereum’s holders continue to accumulate, driven by attractive yield opportunities and anticipation of ETF-related price movements.” As per the firm, a significant factor contributing to Ethereum’s momentum is the emergence of lucrative yield opportunities within its ecosystem. Currently, 27.5% of the total ETH supply is staked, with a substantial portion being re-staked through protocols like Eigenlayer, highlighting a strong demand for native yield among ETH holders. This comes alongside recent data shared by crypto analyst Ali Martinez, illustrating that Ethereum whales have acquired over 700,000 ETH in the past three weeks, totaling approximately $2.45 billion. Additionally, on Friday, the pundit highlighted a notable surge in active ETH addresses, reaching 617,170, marking the highest level in three months. Advertisement   Notably, the potential approval of an Ethereum ETF has been a focal point in driving market sentiment. On Friday, major financial players, including BlackRock, VanEck, and Grayscale Investments, filed applications for the products to the U.S. Securities and Exchange Commission (SEC), underscoring this optimism. Notably, the latest filings showed that issuers lowered the fees for their products considerably, which could make ETH ETFs more attractive to investors compared to BTC. On June 13 SEC Chairman Gary Gensler indicated a favorable outlook, expecting…
Filed under: News - @ June 28, 2024 7:14 pm