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SEC delays several Ethereum ETFs, pushing final decision to May

December 19, 2023 Coin Telegraph

Fidelity Joins Race for Spot Ethereum Exchange-Traded Fund, ETH ETF Would Be Major Win for US Investors: SEC Filing

November 19, 2023 The Daily Hodl

Ethereum losing streak vs. Bitcoin hits 15 months — Can ETH price reverse course?

October 14, 2023 Coin Telegraph

bitcoin etf

Bitcoin ETF and halving buzz have boosted BTC's demand compared to Ethereum in recent weeks.

The price of Ethereum's native token, Ether (ETH), is trading around a 15-month low versus Bitcoin (BTC), and the lowest since Ethereum switched to proof-of-stake (PoS).

Will it continue to weaken for the remainder of 2023? Let's take a closer look at the charts.

Ethereum price breaks below critical support vs. Bitcoin

The ETH/BTC pair dropped to as low as 0.056 BTC earlier this week. In doing so, the pair broke below its 200-week exponential moving average (200-week EMA; the blue wave) near 0.058 BTC, raising downside risks further into 2023.

The 200-week EMA has historically served as a reliable support level for ETH/BTC bulls. For instance, the pair rebounded 75% three months after testing the wave support in July 2022. Conversely, it dropped over 25% after losing the same support in October 2020.

*ETH/BTC weekly price chart. Source: TradingView*

ETH/BTC stares at similar selloff risks in 2023 after losing its 200-week EMA as support. In this case, the next downside target looks to be around its 0.5 Fib line near 0.051 BTC in 2023, down about 9.5% from current price levels.

Conversely, ETH price may rebound toward its 50-week EMA (the red wave) near 0.065 BTC if it reclaims the 200-week EMA as support.

Bitcoin bull case overshadows Ethereum

Ethereum's persistent weakness versus Bitcoin is reflected in institutional capital flow data.

For instance, as of Oct. 6, Bitcoin-specific investment funds had attracted $246 million year-to-date (YTD), according to CoinShares. On the other hand, Ethereum funds have lost capital, witnessing outflows worth $104 million in the same period.

*Net flows into crypto funds (by asset). Source: CoinShares*

The discrepancy is likely due to growing buzz about a potential spot Bitcoin exchange-traded product (ETF) approval in the U.S.

Trade pundits argue that a spot Bitcoin ETF launch will attract $600 billion. In addition, Bitcoin's fourth halving on April 24, 2024, is also acting as a tailwind versus the altcoin market.

The halving will reduce the Bitcoin miners' block reward from 6.25 BTC to 3.125 BTC, a bullish case based on historical precedent that cuts new supply in half.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum futures ETFs garner lukewarm reception on first day of trading

October 3, 2023 Coin Telegraph

Coin Telegraph

Day one trading volume across all nine products stood at less than $2 million.

The rush of excitement that accompanied the launch of nine new Ethereum futures exchange-traded funds (ETFs) appears to have yielded little in the way of investment dollars in comparison.

On Oct. 2, nine new ETF products, which are designed to track futures contracts tied to the value of Ethereum’s native currency Ether (ETH) arrived on the market. Of these funds only five hold exclusively Ether futures, while the other four track a mixture of Bitcoin and ETH futures contracts.

“Pretty meh day of volume,” wrote senior Bloomberg ETF analyst Eric Balchunas on X (formerly known as Twitter) on Oct. 2.

Unprecedented day today with multiple ETFs all launching at same time. No clear winner has emerged, all of them were pretty average, lower than I would have predicted, but its a long run and remember, these hold futures (ETF investors much prefer physical to derivatives) https://t.co/fKGOv8T7pP
— Eric Balchunas (@EricBalchunas) October 2, 2023

In total, all nine ETFs witnessed less than $2 million worth of trading volume as of midday EST on the first day of trading.

The most popular of the futures ETF products was Valkyrie's BTF — which tracks a combination of Bitcoin and Ether — racking up a total of $882,000 worth of volume.

It’s worth noting that BTF had already been trading as a Bitcoin-only futures ETF since Oct. 2021, but adjusted its strategy to include ETH.

The first-day trading volume of the Ether ETFs paled in comparison to that of ProShares Bitcoin Strategy ETF (BITO), which debuted in October 2021 during a roaring market for crypto assets. BITO witnessed more than $1 billion in trading volume on its first day.

However, Balchunas noted that compared to a regular traditional finance ETF launch, the volume witnessed was actually “quite a lot,” though investors tend to prefer spot ETF products over futures.

Balchunas explained that all of the products were scheduled for launch on the same day as the SEC wanted to prevent any one fund from gaining market domination.

Meanwhile, while a range of United States firms jostled for pole position in the nascent Ether futures market, ETF firm Volatility Shares canceled its plans to list a similar product, saying that it “didn’t see an opportunity” at the current time.

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