Ethereum

Donald Trump

<div class="finbold">
 <p class="paragraph">The Securities and Exchange Commission (SEC) approved, on May 23, securities exchanges’ listing of Ethereum (ETH) spot exchange-traded funds (ETFs). ETH’s price surged following the news as related keywords started dominating the cryptocurrency space.</p>
 <p class="paragraph">However, Vini Barbosa spotted divergent data on <em>Santiment’s Sanbase Pro</em> charts, suggesting retail <a rel="noopener noreferrer nofollow" title="traders" href="https://thebittimes.com/tag/traders.html">traders</a> currently <a rel="noopener noreferrer nofollow" title="dominate" href="https://thebittimes.com/tag/dominate.html">dominate</a> the Ethereum market.</p>
 <p class="paragraph">In particular, Ethereum’s social dominance reached year-over-year highs at 14.21%, strongly dominating other cryptocurrencies in social indicators. This index alone usually suggests retail traders are the protagonists in the current action, and whales have previously opened positions.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Donald Trump declares support for crypto, insists US must not&nbsp; settle for ‘second place’&nbsp;&nbsp; <span class="self-center text-xs text-slate-500">35 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Ethereum price prediction for June 1 as whales move $118 million ETH <span class="self-center text-xs text-slate-500">18 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Buy signal for 2 oversold cryptocurrencies this week <span class="self-center text-xs text-slate-500">18 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Finance market prices a single interest rate cut for 2024 in the U.S. <span class="self-center text-xs text-slate-500">20 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">Additionally, a key on-chain metric of network activity made one-year lows, showing divergence with the price and social indicators. Ethereum registered a weekly $7.63 million in on-chain trans<a rel="noopener noreferrer nofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a> volume, which validates retail <a rel="noopener noreferrer nofollow" title="traders" href="https://thebittimes.com/tag/traders.html">traders</a>’ protagonism with lower relative volume.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="346" src="https://cdn.thebittimes.com/images/2024/05/26/08285185207e867d1ecd96848190af93.webp" alt="" class="wp-image-178479" srcset="https://cdn.thebittimes.com/images/2024/05/26/08285185207e867d1ecd96848190af93.webp 1024w, https://cdn.thebittimes.com/images/2024/05/26/08285185207e867d1ecd96848190af93.webp 300w, https://cdn.thebittimes.com/images/2024/05/26/08285185207e867d1ecd96848190af93.webp 768w, https://cdn.thebittimes.com/images/2024/05/26/08285185207e867d1ecd96848190af93.webp 1536w, https://cdn.thebittimes.com/images/2024/05/26/08285185207e867d1ecd96848190af93.webp 1800w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Ethereum’ Social Dominance vs. Transaction Volume (7d). Source: Santiment / Vini Barbosa (@vinibarbosabr)
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-retail-traders-navigate-ethereum-etf-news">Retail traders navigate Ethereum ETF news</h2>
 <p class="paragraph">From another perspective, Finbold also gathered data from Santiment that reveals the keywords “Ethereum,” or “ETH” <a rel="noopener noreferrer nofollow" title="dominate" href="https://thebittimes.com/tag/dominate.html">dominate</a>d social context together with “ETF” on May 23 with 563 mentions on social platforms and a 4.05% dominance over other trending keywords.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="558" src="https://cdn.thebittimes.com/images/2024/05/26/8a6aad2606b93363730d7929973303d6.webp" alt="" class="wp-image-178480" srcset="https://cdn.thebittimes.com/images/2024/05/26/8a6aad2606b93363730d7929973303d6.webp 1024w, https://cdn.thebittimes.com/images/2024/05/26/8a6aad2606b93363730d7929973303d6.webp 300w, https://cdn.thebittimes.com/images/2024/05/26/8a6aad2606b93363730d7929973303d6.webp 768w, https://cdn.thebittimes.com/images/2024/05/26/8a6aad2606b93363730d7929973303d6.webp 1536w, https://cdn.thebittimes.com/images/2024/05/26/8a6aad2606b93363730d7929973303d6.webp 1858w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Social context indicators for Ethereum (or ETH) + ETF. Source: <em>Santiment</em> / Finbold (Vini Barbosa)
  </figcaption>
 </figure>
 <p class="paragraph">Interestingly, most media outlets and influencers covered the SEC’s first-step approval of Ethereum ETFs, which the crowd replicated in groups. This could have fueled retail’s ‘fear of missing out’ (FOMO), driving ETH price upwards on crypto exchanges.</p>
 <p class="paragraph">Yet, it is important to understand that the ETFs still need further approvals from the regulatory agency to start trading. The SEC currently only approved NASDAQ, CBOE, and NYSE to list the assets, but not the assets’ issuers themselves.</p>
 <h2 class="wp-block-heading" id="eth-price-analysis">ETH price analysis</h2>
 <p class="paragraph">As of this writing, Ethereum was trading at $3,811, up 1% over its price on May 23. Moreover, ETH has nearly 22% accumulated gains month-over-month, suggesting institutional <a rel="noopener noreferrer nofollow" title="traders" href="https://thebittimes.com/tag/traders.html">traders</a> were already previously pricing the ETF news.</p>
 <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="947" height="772" src="https://cdn.thebittimes.com/images/2024/05/26/75992c20e5140d65aa19a39d4630a357.webp" alt="" class="wp-image-178481" srcset="https://cdn.thebittimes.com/images/2024/05/26/75992c20e5140d65aa19a39d4630a357.webp 947w, https://cdn.thebittimes.com/images/2024/05/26/75992c20e5140d65aa19a39d4630a357.webp 300w, https://cdn.thebittimes.com/images/2024/05/26/75992c20e5140d65aa19a39d4630a357.webp 768w" sizes="(max-width: 947px) 100vw, 947px">
  <figcaption class="wp-element-caption">
   ETH/USD monthly chart. Source: Finbold
  </figcaption>
 </figure>
 <p class="paragraph">Now, ETH must be able to keep its momentum despite the drop in related social indicators and network activity. This will be challenging, and a weaker momentum with retail traders’ dominance could foreshadow a price correction before further surges.</p>
 <p class="paragraph">Investors must remain cautious and avoid opening positions under FOMO, making rational and thoughtful decisions moving forward.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/retail-traders-dominate-the-action-on-ethereum-as-the-etf-narrative-takes-over-tbt89863.html">https://thebittimes.com/retail-traders-dominate-the-action-on-ethereum-as-the-etf-narrative-takes-over-tbt89863.html</a></p>

Retail traders dominate the action on Ethereum as the ETF narrative takes over

Table of Contents

TheBitTimes

Other articles published on May 26, 2024

Kabar Kripto Terkini: Arus Masuk ETF Bitcoin Melonjak Lagi, Pengacara Ripple Labs Berharap pada C...

Crypto Market Hits a Crazy Turnaround In One Week - Top 5 Cryptos To Keep An Eyes On

Waves Price Prediction 2024-2030: Will WAVES hit another ATH?

NY AG Issues Warning for Crypto Companies

Phishing-as-a-service (PhaaS): What is it and How it work?

Prominent Influencers Fuel BlockDAG’s $32.7M Presale Success, Render Prices Tumble and XRP Ledger...

Join our free newsletter for daily crypto updates!