Home Business News Cryptocurrencies stabilise today and more highlights on massive portfolio transactions

Cryptocurrencies stabilise today and more highlights on massive portfolio transactions

25th Aug 23 11:06 am

Cryptocurrencies are leveling off today as the weekend approaches. Where Bitcoin settles near the level of $26,000, as well as Ethereum at the level of $1650.

Uncertainty continues in the cryptocurrency markets as more signs are being sought about the future adoption of cryptocurrency technology as well as the future of the regulatory environment for this market, especially in the US.

Yesterday, we witnessed the announcement that the asset management firm Ark Invest, led by Cathie Wood, in cooperation with 21Shares, submitted an application to launch an Ethereum futures ETF, which will enable investors to benefit from changes in the prices of the second largest cryptocurrency without the need for direct possession of it.

While we have seen several asset managers submit a similar request to launch Ethereum futures ETF, recently among them was Valkyrie.

I believe that the growing momentum to launch more crypto-related financial products, such as Bitcoin spot or Futures ETF, reflects the growing interest and confidence of institutional investors in the future of this technology despite the legal and regulatory difficulties and the ongoing crisis of confidence.

Also, yesterday we saw more reports about transactions across major Ethereum wallets. According to data provided by Sentiment, the number of wallets holding between 10 and 10,000 units of Ethereum has increased by 1,788 since the beginning of last June to reach 355,000 wallets. These numbers came in conjunction with huge inflows into major Bitcoin wallets, which added the equivalent of $308 million in Bitcoins only within several days.

While these huge transactions may be attributed to the response to the recent declines in the price of Bitcoin and Ethereum over the past weekend, in addition to fears among investors about what regulators in the United States might do, which could lead to a further decline in confidence.

Also, according to Commitments of Traders (COT) reports from last week, the increase in the number of open interests and the percentage of long positions in Bitcoin futures contracts during the first half of this August may reflect the expected momentum of the cryptocurrency market as investors await further developments.

Leave a Comment

You may also like


Sign up to our daily news alerts

[ms-form id=1]