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The US Securities and Exchange Commission (SEC) has approved the first hybrid Bitcoin and Ethereum index exchange-traded funds (ETFs) from Franklin Templeton and Hashdex, set to launch in January 2025. These ETFs will hold spot BTC and ETH in an 80:20 ratio, with potential for future inclusion of other cryptocurrencies pending regulatory approval. The approval reflects the SEC's alignment with the Exchange Act's criteria, emphasizing investor safeguards against fraud and manipulation.
The cryptocurrency market has faced significant liquidations, with 361,972 traders losing $1.17 billion in the past 24 hours. A notable whale lost $15.8 million as Ethereum's price dipped to $3,432.70, while another whale, linked to Longling Capital, seized the opportunity to acquire 6,000 ETH, accumulating a total of 75,400 ETH since May 2023.Institutional interest remains strong, highlighted by Ethereum spot ETFs recording a net inflow of $2.45 million over 18 consecutive days, with BlackRock’s Ethereum ETF seeing $81.9 million in net inflows. These developments reflect growing confidence in Ethereum's long-term potential amidst market volatility.
Long-term holders of Ethereum (ETH) have significantly increased their holdings to around 110 million tokens, reflecting strong conviction despite negative social sentiment. This accumulation, which rose by 50% from December 2022, suggests confidence in Ethereum's long-term value amid price volatility. Additionally, Ethereum's spot ETF experienced $145 million in net inflows, indicating growing market optimism.
Ethereum has experienced significant accumulation, with over 400,000 ETH leaving exchanges since December 1, as investor confidence grows following a price rebound above $4,000. Whale activity is notable, with 104 wallets holding at least 100,000 ETH, representing 57.35% of the total supply, while smaller wallets have reached a near four-year low. Additionally, Ethereum spot ETFs saw a net inflow of $51.1 million on December 16, marking a 16-day streak of positive inflows, led by BlackRock’s Ethereum ETF.
At the Harmony Meetup VI, industry leaders emphasized the critical role of regulation in driving blockchain adoption and scalability. Speakers highlighted how regulatory clarity, such as the introduction of Bitcoin ETFs, fosters trust and liquidity, enabling broader participation from both retail and institutional investors. Collaboration between regulators and the tech community was deemed essential for developing innovative use cases and ensuring a secure framework for Web3 technologies.
The U.S. Securities and Exchange Commission (SEC) has approved the first dual Bitcoin-Ethereum exchange-traded funds (ETFs), allowing Nasdaq and Cboe BZX to list the Hashdex Nasdaq Crypto Index US ETF and Franklin Crypto Index ETF, expected to launch early next year. These funds will hold approximately 80% Bitcoin and 20% Ethereum, enhancing market integrity through surveillance-sharing agreements. This approval signals a more receptive environment for innovative crypto products, potentially paving the way for additional multi-asset ETFs in the future.
Economist Henrik Zeberg remains optimistic about Bitcoin's potential for a Christmas rally, predicting it could surpass its all-time high of $108,200 despite a recent decline. However, he warns that this surge may be short-lived, with a potential drop to around $16,000 following the peak. Additionally, Zeberg anticipates a significant altcoin rally as Bitcoin dominance decreases, signaling a shift in market sentiment. Meanwhile, Bitcoin ETFs faced their largest single-day outflows, totaling $671.9 million, reflecting investor volatility.
The US Ethereum spot ETF experienced a significant outflow of $75.1 million, marking the second consecutive day of net withdrawals. BlackRock's ETHA led the trend with $103.7 million withdrawn, while Fidelity's FETH saw a $13 million inflow, and Grayscale's ETHE and ETH recorded inflows of $7.5 million and $8.1 million, respectively.
The cryptocurrency market recently experienced extreme volatility, with Bitcoin's price fluctuating from $100,000 to a low of $92,000 before recovering. This turmoil has significantly impacted investor emotions, as reflected in the Fear and Greed Index, which dropped from extreme greed to a more moderate level. Industry experts emphasize that the market serves as a "mirror of emotions," highlighting the importance of perspective amid price swings and urging investors to focus on long-term trends rather than short-term fluctuations.
Web3Bay is emerging as a key player in decentralized e-commerce, supported by major investors like Fidelity and BlackRock. With its 3BAY token, users gain governance rights and rewards, while Solana and Tron continue to excel in transaction capabilities and market performance. As cryptocurrency adoption grows, Web3Bay is set to redefine online shopping, promising significant returns for early investors.
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