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Ethereum ETFs have seen a remarkable 16-day inflow streak, attracting $2.32 billion and bringing total assets under management to $14.28 billion, with Grayscale leading at $5.87 billion. As ETH hovers near the $4,000 mark, institutional interest remains strong, evidenced by a 2.93% control of circulating supply and significant exchange outflows indicating bullish sentiment. Despite recent market fluctuations, including a notable unstaking event, the trend suggests a focus on long-term value among institutional investors.
Bitwise has launched a Solana staking exchange-traded product (ETP) in Europe, offering a competitive 0.85% management fee and a 6.48% staking yield, in partnership with Marinade. This move raises hopes for a similar product in the US, as Bitwise has filed for a Solana spot ETF, although it currently excludes staking services due to regulatory uncertainties. Optimism grows with potential changes in SEC leadership that may affect the treatment of staking services.
Donald Trump delivered a goodwill speech at the Washington Crypto Policy Summit, emphasizing the U.S. government's commitment to becoming a global leader in cryptocurrency. He assured attendees that the U.S. aims to retain its crypto business domestically, rather than allowing it to shift to countries like China. The summit featured participation from Congress members and industry leaders, focusing on crucial legislative areas such as decentralized infrastructure, stablecoins, and DeFi. A presentation highlighted that 70% of crypto investors considered candidates' digital asset policies in the last election, with 25% of voters owning crypto.
Ethereum spot ETFs have seen a significant net inflow of $145 million, reflecting growing institutional interest, with BlackRock’s ETHA leading at $3.365 billion. Grayscale’s ETH also contributed, increasing its net inflow to $616 million, while cumulative net assets for Ethereum spot ETFs reached $14.04 billion.In related news, President-elect Trump met with Crypto.com CEO Kris Marszalek to discuss establishing a U.S. Strategic Bitcoin Reserve, aimed at enhancing economic security and consolidating government-held Bitcoin. This initiative follows Trump's engagement with other crypto leaders and coincides with Bitcoin hitting an all-time high of $108,268.45.
Bloomberg analysts predict that Litecoin and Hedera ETFs will launch before those for Solana and XRP, citing fewer regulatory hurdles. However, market demand for these ETFs remains uncertain, with limited issuer interest compared to the multiple filings for XRP and Solana. Regulatory challenges, particularly for Solana and XRP due to ongoing legal issues, may further delay their approval. Litecoin is currently trading at $122.41, having increased by 4.95% in the past day and 10.69% over the past week.
A recent Emerson College poll reveals that 19% of US voters have engaged with cryptocurrency, with younger demographics showing the highest usage rates. Notably, 57% of crypto users view Donald Trump favorably, reflecting a growing and diverse political constituency. Additionally, a significant portion of voters prioritize pro-crypto policies when selecting candidates, indicating the potential for a more favorable regulatory environment post-2024 elections.
Ethereum's price has stalled at the $4,000 resistance level, despite positive on-chain metrics and strong demand, with 7.2 million coins purchased just below this threshold. The cryptocurrency is benefiting from Bitcoin's record highs and significant inflows into spot Ethereum ETFs, totaling over $2.3 billion. While a triple-top pattern poses a risk, a breakout could lead to gains towards the all-time high of $4,877 and potentially $5,000.
Chainlink (LINK) is experiencing a bullish surge, currently trading at $29 with an 8.35% weekly increase and a remarkable 104% rise over the past month. Institutional interest is growing, highlighted by Grayscale's Chainlink Trust and significant investments, boosting market credibility. Analysts predict LINK could reach $34 in the short term and $47 long-term, supported by strategic partnerships and increased whale activity, despite potential corrections.
The US Ethereum spot ETF experienced a significant inflow of approximately $51.1 million, marking the 16th consecutive trading day of net inflows. Notably, BlackRock ETHA led with about $30.7 million, followed by Fidelity FETH with $4.1 million, Bitwise ETHW with $8.7 million, and Grayscale Mini ETH with $7.6 million. Other products reported no net inflows or outflows.
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