Ethereum (ETH) Soars on BlackRock ETF Hopes But On-Chain Metrics Reveal Cracks

2023-11-11 10:03

Ethereum has seen a surge in price over the past couple days, reaching as high as $2,132 as optimism grows around BlackRock’s plans to launch a spot Ethereum exchange-traded fund (ETF). The filing with the SEC has led to euphoric sentiment among traders, with Ethereum being the top trending token based on the spike in social volume.

While the prospect of greater institutional investment is exciting, Santiment’s on-chain analysis reveals some concerning signals beneath the surface. According to Santiment’s Asset Activity Matrix, Ethereum ranks highly on three key metrics:

Highest day of whale transactions in 3 months 10th highest day of social dominance in 3 months 2nd lowest day of accumulation among $100K-$1M holders

The spike in whale transactions and decrease in accumulation among mid-tier holders suggests concerning levels of profit-taking and distribution underway. Additionally, the surge in social volume indicates high levels of retail FOMO, greed, and hype around the ETF narrative.

Source: Santiment – Start using it today

Some positive on-chain signals show Ethereum’s growing utility, including gradual increases in transaction volume and circulation supply. However, the overall outlook from Santiment’s blended metrics remains cautious at best.

There appears to be significant distribution and decreased accumulation among all tiers except the largest whales and exchanges. This suggests the price may be overextended in the short-term. The ETF hype could continue pumping ETH for weeks or months, but impatience could set in if the narrative drags on without confirmation.

In summary, traders should be excited about the prospects of new institutional investment but be wary of excessive greed and over-optimism. Ethereum’s on-chain metrics reveal cracks beneath the surface, despite the positive price action driven by speculation around the ETF filing. Prudent traders will keep these signals in mind rather than buying into full FOMO mode near local tops.

The price surge was not sustained, with Ethereum retracing from its local high of $2,132 back down to around $2,056 at the time of writing.

The post Ethereum (ETH) Soars on BlackRock ETF Hopes But On-Chain Metrics Reveal Cracks appeared first on CaptainAltcoin.

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Ethereum (ETH) на Currencies.ru

$ 2887.61 (+0.19%)
Объем 24H $7.976b
Изменеия 24h: -1.23 %, 7d: -8.46 %
Cегодня L: $2871.47 - H: $2934.97
Капитализация $346.84b Rank 2
Цена в час новости $ 2061.28 (40.09%)

ethereum etf blackrock cracks hopes reveal on-chain

Источник: captainaltcoin.com

ethereum etf → Результатов: 126


Ethereum Receives Nod Of Approval From Berstein: ETH Price Will Reach $10,000

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2023-12-19 11:46


Altcoin Daily Forecasts $50,000 Ethereum Following the Highly Anticipated ETF

In a recent video by Altcoin Daily, a popular cryptocurrency news channel, the host dives deep into the future of Ethereum, making a bold prediction of a $50,000 price tag for the cryptocurrency. The Significance of a Spot Ethereum ETF Altcoin Daily begins by discussing the filing of the first-ever spot Ethereum ETF by Kathy […] The post Altcoin Daily Forecasts $50,000 Ethereum Following the Highly Anticipated ETF appeared first on CaptainAltcoin.

2023-9-7 17:30


VanEck Files for the First Ethereum ETF in the US

While awaiting a decision on its Bitcoin ETF, which the Securities and Exchange Commission has postponed to July, VanEck filed for an Ethereum exchange-traded fund (ETF). If approved, the VanEck Ethereum Trust would hold Ether and value its shares daily based on the MVIS CryptoCompare Ethereum benchmark rate and list those shares on the Cboe […] The post VanEck Files for the First Ethereum ETF in the US first appeared on BitcoinExchangeGuide.

2021-5-9 19:06


Фото:

VanEck подала заявку в SEC на запуск ETF на базе Ethereum

Инвестиционная компания VanEck подала заявку в Комиссию по ценным бумагам и биржам США (SEC) на запуск торгуемого на бирже фонда (ETF) на базе Ethereum. В случае запуска ETF инвесторы получат доступ ко второй по капитализации криптовалюте с помощью традиционных бирж.

2021-5-8 12:07


Фото:

Фондовая биржа Торонто запустила торги ETF на базе Ethereum

Во вторник, 20 апреля, Purpose Ether ETF, CI Galaxy Ethereum ETF и Evolves Ether ETF начали торговаться на фондовой бирже Торонто (TSX). 16 апреля канадские регуляторы одобрили запуск первых в мире биржевых инвестиционных фондов (ETF) на базе Ethereum от Purpose Investments, CI Global Asset Management и Evolve Funds.

2021-4-21 10:05


Фото:

Первый в мире ETF на Ethereum одобрили в Канаде

Канадские регуляторы одобрили запуск Purpose Ether ETF и CI Galaxy Ethereum ETF - первых в мире биржевых инвестиционных фондов (ETF) на базе Ethereum от Purpose Investments и CI Global Asset Management соответственно.

2021-4-18 10:51


Фото:

Канада одобрила запуск первых в мире ETF на базе Ethereum

Канадские регуляторы одобрили запуск Purpose Ether ETF, CI Galaxy Ethereum ETF и Evolves Ether ETF — первых в мире биржевых инвестиционных фондов (ETF) на базе Ethereum от Purpose Investments, CI Global Asset Management и Evolve Funds соответственно.

2021-4-17 10:45


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