Spot Ethereum ETFs Have 75% Chance of Approval, According to Bloomberg ETF Analysts – High Entry in Digital Asset Funds

Spot Ethereum ETFs Have a 75% Chance of Approval, According to Bloomberg ETF Analysts

According to the information shared by Bloomberg ETF analyst Eric Balchunas last night, he and other ETF analysts updated the approval probability of spot Ethereum ETF applications to 75%. Until a few weeks ago, this probability was priced at 25%. After this sharing, sharp upward movements were seen in the entire cryptocurrency market, especially Ethereum.

High Entry in Digital Asset Funds

There was an inflow of $932 million in digital asset funds last week. 89% of this amount was realized after the US CPI data announced on Wednesday. While the highest inflow was in Bitcoin with $942 million, there was an outflow of $23.3 million in Ethereum. Money inflows occurred on Solana, Cardano and Chainlink.

Six Consecutive Daily Entries in Spot Bitcoin ETFs

When we examine the data dated May 20, we see that there was an inflow of $ 241 million in spot Bitcoin ETFs, thus continuing the series of six consecutive daily inflows. According to the data, the highest entry was made in ARKB with 68 million dollars. IBIT and FBTC ranked second and third, respectively.

Grayscale CEO Resigned

Grayscale CEO Michael Sonnenshein has left his position to pursue other interests. According to the company announcement, the exact reasons for Sonnenshein’s departure were not specified. The Wall Street Journal reported that Grayscale experienced significant investor outflows from its GBTC spot Bitcoin fund. Peter Mintzberg will take over as CEO on August 15, 2024 and join Grayscale’s board of directors. Prior to joining Grayscale, Mintzberg served as Global Head of Strategy for Asset and Wealth Management at Goldman Sachs and held various strategy-focused positions at other major financial institutions.

Uniswap Labs and Across Protocol Introduce ERC-7683

Uniswap Labs and Across Protocol introduced a new Ethereum token standard called ERC-7683. ERC-7683 aims to create a universal filler network to accommodate the order structure of all cross-chain transactions, thereby addressing the issue of relay network fragmentation. This means lower costs for fillers, a wider filler network for applications, and lower costs passed on to users.

Shiba Inu Burn Rate Increased by 600%

Shiba Inu burn rate increased by 579% in the last 24 hours and almost 10 million tokens were destroyed. The total number of tokens burned on a weekly basis reached 57.6 million. This burn mechanism is a strategic method to control the supply of SHIB and create potential value increase through scarcity. SHIB’s maximum supply is 999,982,363,413,352 tokens, more than 40% of which have already been sent to a null address.

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BITCOIN (BTC)

BTC is priced at $70,980 with a 0.54% loss in value as of the morning hours. After the retest below the horizontal band, the middle part of the horizontal band, that is, the $66,500 level, was tested. With the upward break of this level, there was a rise up to $ 71,000, which is the upper part of the horizontal band. We may now start to see retreats from this region. $67,500 appears strong as the first support zone. If the price is closed above $72,000, there may be increases up to $74,000.

ETHEREUM (ETH)

ETH is priced at $3631 with a 0.70% loss of value as of the morning hours. After the upper part of the horizontal band was broken and ETF developments, there was a rise to $ 3720. This region appears as a major resistance area. If there is a downward reaction from here, a withdrawal may occur up to $3350. If $ 3720 is broken upwards, we may see an increase up to $ 4000.

RIPPLE (XRP)

XRP is priced at $0.5364 with a 0.37% loss of value as of the morning hours. There is a horizontal channel between $0.46 and $0.57. There was a wick movement to the $0.48 level, but it could not be permanent. $0.50 is a critical level and this level has been regained. Initial support again appears to be the range between $0.50 and $0.51. Areas where there may be resistance include the $0.55 and $0.58 levels.

AVALANCHE (AVAX)

AVAX is priced at $40.96 with a 2.17% gain in value as of the morning hours. There was a horizontal line between $40 and $31, which was broken upwards. If persistence above $40 is achieved, an increase up to $45 can be seen. As the first support, $ 39.76 seems strong for now. The only resistance area currently appears to be $45.

SOLANA (SOL)

As of the morning hours, SOL is priced at $181.56, with a 2.75% loss in value. When we examine the hourly chart, after the upward break of the $175 resistance level, there was a strong price movement towards the $188 region. After this move, there is currently some retracement. If the retreat continues, the $180 and $178 areas can be followed as support. If it falls below this region, the $175 level may be tested.

CHAINLINK (LINK)

As of the morning hours, LINK is priced at $16,958, with a 1.80% loss in value. When we examine the hourly chart, we see that there is a rising channel movement. The peak of this ascending channel movement is $17,300, and we see that there was some withdrawal from this region yesterday and a reaction from the channel middle band. If the upward movement continues, the $17,500 region could be tested.

FET

As of the morning hours, FET is priced at $2.48 with a 2.21% gain in value. When we examine the four-hour chart, we see that there is an upward break. If this movement continues, the $2.60 level may be tested. In case of withdrawals, the $2.40 level can be followed as support.

OCEAN

OCEAN is priced at $1.0374 with a 2.03% gain in value as of the morning hours. When we examine the four-hour chart, we see that there is an upward break. If this movement continues, the $ 1.10 level can be followed. In case of withdrawal, the 1 dollar level can be followed.

OUNCE OF GOLD

As of the morning hours, ounce gold is priced at 2415 dollars with a 0.43% depreciation. When we examine the four-hour chart, we see that there is permanence above the $ 2400 level. The new ATH level was renewed with the support it received from $ 2380. The first support level appears to be $2400.

OUNCE OF SILVER

As of the morning hours, silver is priced at $ 31.45 with a 1.12% loss in value. When we examine the hourly chart, we see a horizontal movement between the $31.20 and $32.40 levels. These two levels can be followed as main support and resistance zones. In upward movements, the $ 31.80 region appears as a short-term resistance area.

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