Sees Demand From ETH & XRP Traders After SEC Announcement
The post Sees Demand From ETH & XRP Traders After SEC Announcement appeared on BitcoinEthereumNews.com.
In January 2024, the SEC approved the first cryptocurrency exchange-traded fund (ETF), creating a new niche in the cryptocurrency market. Following the approval of the Bitcoin ETF, several significant ETFs have been launched, including Ethereum ETH ETFs. Additionally, numerous applications, such as the one for Ripple XRP ETF, have been submitted and are trending before approval. ETF trading exchanges have also received significant attention due to the increased demand for the instrument. DTX Exchange (DTX) is being noticed due to its highly efficient ETF trading facility, including tokenized ETF trading. Pioneering in a hybrid system, DTX Exchange also brings traditional assets to the Web3 platform. Ethereum ETFs Hit All-Time Highs as Institutional Inflows Surge Last week, Ethereum products saw record-breaking inflows of $1.2 billion, surpassing the volumes from their initial launch. This surge in demand for ETH ETFs highlights a growing shift in the market, where institutional players are driving price movements. The impressive momentum of Ethereum ETFs is evident, with Fidelity’s ETH ETF (FESH) contributing $202.2 million and BlackRock’s ETH ETF (ETHA) garnering $81 million in inflows. Daily inflows into ETH ETFs on Wednesday alone reached an astounding $305 million. Ethereum’s price has found support for nearly $3,500 in the 4-hour timeframe, forming a reversal. If this reversal follows through, this could be a turning point for the coin. The continuous Ethereum ETH ETFs inflow has affected the price, stopping it from going down further. Ripple XRP ETF Rumors And RLUSD Approval Strengthen Price Ripple’s price bounced back on Tuesday to a high of $2.42 after a sell-off across cryptocurrency markets on December 10 wiped out over $1.5 billion due to heightened geopolitical tensions. By December 11, Ripple had been trading above the 10-DMA, supported by New York regulators approving Ripple’s RLUSD stablecoin launch. Meanwhile, WisdomTree, Bitwise, and Canary…
Filed under: News - @ December 12, 2024 1:23 pm