The Ethereum initial coin offering launched on July 22, 2014, marking the beginning of the blockchain’s journey.
The global blockchain industry is celebrating the 10-year anniversary of the Ethereum network’s initial coin offering (ICO).
Ethereum started gaining traction in 2014 when co-founder Vitalik Buterin mentioned the project at a Bitcoin conference in Miami.
On July 22, Ethereum launched its ICO, selling over $18 million worth of Ether (ETH) paid for in Bitcoin (BTC).
Ether could set a new all-time high after the debut of the first spot Ether ETFs, but $3,500 remains a significant resistance line to cross.
Ether’s price could be on track to reach a new all-time high as the industry is about to witness the launch of the first spot Ether exchange-traded funds (ETFs), which could occur as soon as next week.
Ether’s (ETH) price could be on track to a new all-time high after the launch of the first United States spot Ether ETFs, according to Matt Hougan, chief investment officer of Bitwise.
Hougan cited three main reasons for Ether reaching a new all-time high, including ETH’s inflation rate, the fact that Ether stakers aren’t selling like Bitcoin (BTC) miners and that 28% of Ether supply is already out of the market.
Franklin Ethereum ETF (EZET) has emerged as the fee race’s frontrunner.
Virtually all of the soon-to-be-listed Ether exchange-traded funds (ETFs) are temporarily waiving or discounting fees as rivalries among issuers heat up ahead of next week’s anticipated listings, according to documents filed with United States regulators.
The promotional discounts range from full waivers to roughly 50% fee reductions and vary in length from six months to a year. Some discounts also expire once ETFs pull a certain amount of assets under management (AUM).
In total, seven out of 10 proposed spot Ether (ETH) ETFs are touting fee cuts. Grayscale Ethereum Trust (ETHE) and Invesco Galaxy Ethereum ETF are opting out of the fee war. The other outlier — ProShares Ethereum ETF — has lagged behind peers in the registration process and is not expected to list next week.
Bitcoin and Ethereum users are experiencing exceptionally low fees, but why?
Bitcoin and Ethereum users who need to move their funds around can take advantage of low fees in both ecosystems.
The average Bitcoin (BTC) transaction fee hit an eight-month low of $1.93 on June 23. Average Ethereum fees were $0.70 on June 22, comparing favorably to highs of $2.50 as recently as March.
Vitali Dervoed, CEO and co-founder of the onchain decentralized exchange Spark, told Cointelegraph:
Large outflows from Ether funds contrast with movements seen in Bitcoin and other cryptocurrencies.
Ethereum exchange-traded products endured a turbulent final week of June, recording the highest outflow since August 2022.
According to CoinShares’ weekly analysis, investors withdrew $61 million from Ether (ETH) investment products between June 24-29, bringing the total outflows for the past two weeks to $119 million and June’s total balance to $37 million in funds withdrawn. The slump has made Ether funds the worst-performing asset year-to-date in terms of net flows, with $25 million withdrawn so far.
The cryptocurrency saw its price decline over 8.7% in June despite the approval of Ether exchange-traded funds (ETFs) in May by the United States Securities and Exchange Commission (SEC).
The launch of spot Ethereum ETFs could trigger massive capital inflows into the market, according to Bitwise CIO Matt Hougan.
The crypto community eagerly awaits the launch of spot Ethereum exchange-traded funds (ETFs) in the United States, and some analysts believe they could attract massive capital flows into the market.
Bitwise chief investment officer Matt Hougan is optimistic about the potential of these investment products, predicting substantial inflows into spot Ether ETFs within the first months of trading.
“Ethereum ETPs will attract $15 billion in net flows in their first 18 months on the market,” Hougan declared as part of his June 26 X post analysis.
Analysts warn that a spot ETH ETH approval might not produce the bullish price outcome that many traders expect. Do futures markets agree?
Ether (ETH) price might be on the brink of its most significant event in terms of a spot ETH ETF integrating the altcoin with traditional financial markets, yet its price is not responding as expected. In fact, on June 24, Ether reached its lowest level in over a month, falling to the $3,250 level. Although ETH eventually reclaimed the $3,400 support on June 25, both onchain and derivatives metrics suggest limited upside potential.
Some analysts believe that the timing of the Ethereum spot exchange-traded fund (ETF) launch is unlikely to result in substantial net inflows under the current market conditions. Even though the regulator dropped its investigations into Consensys, a prominent Ethereum ecosystem company, and shelved the potential classification of Ethereum staking as a security, the broader economic environment remains challenging.
Bloomberg ETF analysts Eric Balchunas and James Seyffart project that Ethereum ETFs could attract between $1 billion and $2 billion in the initial weeks. Likewise, Stephen Richardson, managing director of financial markets at Fireblocks, told Cointelegraph that he expects significantly lower inflows at the Ethereum ETF launch.
A letter from Consensys states that the SEC’s approval of spot Ether exchange-traded funds indicated that it had “updated its position to classify ETH as a commodity and not a security,” but not everyone agrees.
The United States Securities and Exchange Commission’s (SEC) case to prove Ether is a security may not have been as strong as it let on. The SEC closed its investigation into whether Ether is a security on June 19.
Consensys lawyer Laura Brookover said there will be “no more protestations from the SEC that Ether is a security.” She said it was a reaction to being pushed to “lift the subpoenas on Consensys given their recent ETH [exchange-traded fund] rule change approvals predicated on ETH being a commodity.”
The letter from Consensys states that the SEC’s approval of spot Ether (ETH) exchange-traded funds (ETFs) indicated that it had “updated its position to classify Ether as a commodity and not a security.”
The SEC has withdrawn the case to prove Ethereum is a security. Now that the waters have been cleared, what is ahead for Ether’s price?
Regulators have backed off Ether (for now), which many observers say could give the asset room to grow.
On June 19, 2024, the United States Securities and Exchange Commission (SEC) officially closed its investigation into whether Ether (ETH) should be classified as a security.
Consensys lawyer Laura Brookover said that crypto markets will see “no more protestations from the SEC that ETH is a security.”
Ether’s potential move to $10,000 would result in a 194% price increase from the current levels, but ETH continues struggling to break the $4,000 mark.
Ether’s (ETH) price reaching the $10,000 mark could be the most “asymmetric bet” in the current cryptocurrency market conditions, according to one popular analyst. Can Ether reach the $10,000 mark during the current bull cycle?
Ether’s price reaching $10,000 could be the best bet in the current market, according to popular crypto analyst Tyler, who wrote in a June 16 X post:
Ether’s price is down over 4% on the weekly chart, trading just below the $3,400 mark as of 1:10 pm in UTC, according to TradingView data.
