Ethereum

United

Billion

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/grayscale-moves-1-billion-in-ethereum" data-wpel-link="internal" rel="noopener noreferrer nofollow">Grayscale Moves $1 Billion in Ethereum</a><br></p>
<p style="text-align: justify">Grayscale has moved a striking $1 billion in Ethereum to Coinbase, indicating its proactive stance as it gears up for the launch of spot Ethereum exchange-traded funds (ETFs) in the United States. Blockchain <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> confirmed the July 22 transfer, with approximately 10% of the 292,000 Ethereum migrating from Coinbase’s hot wallet to Grayscale Mini Trust.</p>
<h2 id="why-is-grayscale-preparing-funds">Why is Grayscale Preparing Funds?</h2>
<p style="text-align: justify">The substantial transfer occurred just a day before the first US-based spot Ethereum ETFs began trading on July 23. This move signifies Grayscale’s preparation for the ETF launch, with Coinbase designated as the custodian for eight of the newly approved nine Ethereum ETFs. Coinbase already serves as the custodian for the majority of spot <a href="https://en.bitcoinhaber.net/bitcoin-whales-increase-holdings-significantly" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs.</p>
<h2 id="which-companies-have-ethereum-etfs">Which Companies Have Ethereum ETFs?</h2>
<p style="text-align: justify">On July 22, the US Securities and Exchange Commission approved the final registration statements needed for these ETFs to hit the exchanges. The approved issuers include financial giants such as BlackRock, Fidelity, and VanEck, among others. Notably, Grayscale’s Ethereum Trust will be listed on the New York Stock Exchange, and BlackRock’s iShares Ethereum Trust will be on Nasdaq. Grayscale’s fund is particularly attractive with the lowest waiver fee of 0.15% and a 0% fee for the first six months of trading.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">Institutional Confidence Boosting Ethereum</p>
<p style="text-align: justify">– Institutional investors have increased their Ethereum risk allocation from 6.54% to 14.29%.<br> – Individual investor participation also grew, albeit more cautiously, from 7.4% to 9.52%.<br> – The increasing interest in Ethereum ETFs is expected to positively impact Ethereum’s <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market price</a>.</p>
<h2 id="potential-price-surge">Potential Price Surge?</h2>
<p style="text-align: justify">Eugene Cheung, head of institutions at Bybit, highlighted that institutional investors are considerably more optimistic about Ethereum compared to individual investors. According to Cheung, institutional investors have significantly increased their exposure to Ethereum following the ETF announcement. Cheung predicts that the influx of ETF funds could potentially double Ethereum’s price within six months, providing an excellent risk/reward ratio for investors. Currently, Ethereum is trading 28% below its all-time high of $4,800 achieved in November 2021.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/grayscale-moves-1-billion-in-ethereum" data-wpel-link="internal" rel="noopener noreferrer nofollow">Grayscale Moves $1 Billion in Ethereum</a></h5>

Grayscale Moves $1 Billion in Ethereum

Table of Contents

BH NEWS

Other articles published on Jul 23, 2024

LI.FI Hack Compensation Will Be Launched After $10 Million Breach

XRPScan Shuts Down Elon Musk XRP Ownership Claims

Ethereum Price Prediction: Will ETH price reach $5K With The Launch Of ETH ETF?

Trump Fired Biden Solana Memecoin Prepares to Increase 17,000% Before First Listings, As SHIB and...

Wall Street Trader Says, “I’m Bullish on Ethereum,” Lists 3 Reasons

Spot ETH ETF Products Launch Today After SEC Approval But May Face Underwhelming Demand

Join our free newsletter for daily crypto updates!