Ethereum has been the focus of debate within the crypto community, with traders closely monitoring reports speculating on the SEC's intentions to reject spot Ethereum ETFs. Proposal in May.
This development brings great optimism and excitement to the crypto market, with the Spot Bitcoin ETF being approved on January 11, 2024 and the much-awaited Bitcoin Halving event taking place on April 19, 2024. It happened after.
🗣️ #Ethereum are the top trending topics of #cryptocurrencythe trader #SECIt is said that there are plans to reject the spot proposal. #EthereumETFis in May. Many of the communities #cipherit starts all the time… pic.twitter.com/kxbcES6ohw
— Santiment (@santimentfeed) April 26, 2024
In the aftermath of these events, traders have turned to positive news in other top equity assets to sustain the ongoing rally.
The potential availability of an Ethereum spot ETF could have a big impact on the No. 2 cryptocurrency and other altcoins, especially after Bitcoin dominated much of the market during the October-March bull cycle. It is possible to give
However, current signs suggest the SEC may not be ready to greenlight additional assets at this time, raising concerns among traders. Despite this uncertainty, the rise in FUD (Fear, Uncertainty, Doubt) fueled by trader impatience could ironically benefit non-Bitcoin assets.
Bearish sentiment grows among investors and traders despite large purchases of ETH
In recent weeks, many assets have retreated significantly from their all-time highs reached on April 14th, creating a bearish mood. As a result, the likelihood of a relief bounce next week seems higher than usual.
Traders holding Ethereum or considering investing should prepare for potential volatility as minor updates leading up to the May SEC decision could shake up market sentiment. be.
While the SEC’s softening stance and surprise approval could initially boost Ethereum’s value, FOMO-driven trading activity could push it lower in the medium term.
Amaranth Foundation founder James Fickell spent just $24.7 million $USDC Purchase 7,814 $ETH ~$3,161 in the last 40 minutes.
Giant currently supplies 128,516 pieces $ETH ($404 million) and $40.97 million $USDC to #Abe borrow 2,266 $WBTC ($146 million), seems to be long ETH/BTC… pic.twitter.com/rClXmuTMLK
— Spotonchain (@spotonchain) April 26, 2024
Amid this uncertainty, Amaranth Foundation founder James Fickell invested heavily, spending 24.7 million USDC to purchase 7,814 ETH at an average price of $3,161 in the past few hours. Mr. Fickell’s actions suggest a bullish outlook for the ETH/BTC trading pair beyond December 2023, with significant holding and borrowing activity taking place on platforms such as Aave.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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