Tag Archives: ethereum

Ethereum NFTs rally, with EtherRock and BAYC leading sales

Ethereum NFTs rally, with EtherRock and BAYC leading sales

Additional Comments by Anndy Lian

Pudgy Penguins floor price reached a new all-time high over the weekend. What was the catalyst behind this?

Firstly, I want to give credit to the change in management last year. They have made good decisions during the bear times. Secondly, a possible factor that contributed to the price increase was the general bullish sentiment and growth of the NFT market, especially on the Ethereum network. Pudgy Penguins is one of the oldest and most established NFT collections on Ethereum, and it has a loyal and active fan base. The project has also expanded from 8,888 NFTs to a suite of real-life products and experiences, such as live events, physical merchandise, and licensing opportunities.

Wrapped Ether Rock 46 sold for 496k today, 4 days after BAYC 1726 sold for $668k. What's driving interest in these large sales, that we haven't really seen in months?

Personally, I think the crypto market is anticipated to be more bullish. This brings the degen narrative back to the scene where this is a way to show their social and cultural capital of the NFTs. Wrapped Ether Rock and BAYC are not just digital assets, but also symbols of status and identity in the NFT community. Owning these NFTs grants access to exclusive perks, access special events, and enjoy unique IP rights. Similarly, owning a Wrapped Ether Rock gives the holder a sense of prestige and history, as they own a piece of the early days of NFTs. These NFTs also attract celebrities and influencers, such as Stephen Curry and Jay-Z, who changed his Twitter profile picture on their social media accounts. These endorsements boost the popularity and value of the NFTs, as more people want to join the club and emulate their idols. I believe the same hype will happen again in this bull run.

What is Anndy Lian's official website?

It is https://anndy.com.

 

 

Ethereum-native nonfungible tokens (NFTs) are starting to make a comeback, according to growing sales figures this week.

Wrapped Ether Rock #46 sold for $496,658 on Feb. 12, four days after Bored Ape Yacht Club (BAYC) #1726 was sold for $668,297, according to NFT data aggregator CryptoSlam. These represent the second- and third-largest sales of the month, following the $1.53 million sale of CryptoPunk #5363 on Jan. 31.

According to Anndy Lian, intergovernmental blockchain expert and author of the book NFT: From Zero to Hero, Wrapped Ether Rock and BAYC aren’t just NFTs but represent a status symbol that grants the holder prestige in the NFT community:

“The crypto market is anticipated to be more bullish. This brings the degen narrative back to the scene where this is a way to show their social and cultural capital of the NFTs.”

While the sale of BAYC #1726 seemed a strategic move, the Wrapped Ether Rock sale paints a different trend, Ilan Rakhmanov, founder and CEO of ChainGPT, told Cointelegraph:

“The Ether Rock sale seems like a price pump by someone who is trying to get more attention to the collection, as the actual sale price is much higher than any offer, which averages around $500.”

Ethereum’s NFT sales volume has risen 99.42% over seven days to $159.5 million, driven by a 25% sales increase by the Nobody collection, which generated $8.76 million worth of weekly sales. Bitcoin’s NFT sales fell 25% to $47.5 million during the same period.

According to Yehudah Petscher, NFT strategist at CryptoSlam, nonfungible token traders are shifting back to Ethereum following a surge of interest in Bitcoin Ordinals inscriptions and Solana-native NFTs:

“We used to just have cycles between assets, like crypto, memecoins, NFT art and NFT PFPs. Now, we have cycles between blockchains to factor in, too. Traders move to where there’s liquidity and opportunity, and they saw those opportunities elsewhere.”

Contributing to Ethereum’s sales increase, the Pudgy Penguins collection’s floor price rose to a new all-time high of 21.5 Ether ($53,427) on Feb. 10 before retracing to the current 20.28 ETH ($50.395). This is 13.1% away from the 22.94 ETH ($57,000) floor price of the Bored Ape Yacht Club, the second-largest Ethereum-native NFT collection, according to NFT Price Floor data.

The seven-day sales volume of Pudgy Penguins also rose 143% to $6.8 million, making it the fourth-largest NFT collection by weekly sales volume across all blockchains, according to CryptoSlam.

Interest in the collection started surging in December after the announcement of Pudgy World Alpha, a blockchain-based, open-world gaming experience set to release in Q1 2024.

The NFT market has been in a downtrend since May 2022. The floor prices of top blue-chip NFT collections CryptoPunks and BAYC are down 48% and 82% from their all-time highs, respectively.

 

 

 

Source: https://cointelegraph.com/news/ethereum-nft-market-revival-etherrock-bayc-lead-sales

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Ethereum: The next crypto hotspot

Ethereum: The next crypto hotspot

Ethereum, the second-largest cryptocurrency by market capitalization, has been on a tear lately, breaking above the key resistance level of $2,400 and reaching its highest price since mid-2022. The rally has been fueled by a combination of factors, including the anticipation of the Ethereum 2.0 upgrade, the growing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs), and the increasing institutional adoption of the digital asset.

But the most exciting catalyst for Ethereum’s price growth may be yet to come: the approval of the first spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). If history is any guide, the introduction of spot Ethereum ETFs could unleash a wave of new demand and liquidity for the cryptocurrency, potentially pushing its price to new highs.

What are spot Ethereum ETFs and why do they matter?

A spot Ethereum ETF is an investment vehicle that tracks the price of Ethereum by holding the cryptocurrency itself, rather than futures contracts or other derivatives. This means that investors can gain exposure to Ethereum without having to buy or store the cryptocurrency directly, which can be costly, complicated, and risky.

Spot Ethereum ETFs are expected to offer several advantages over existing crypto-related products, such as:

  • Lower fees: They are likely to charge much lower fees than other crypto funds, such as the Grayscale Ethereum Trust, which charges a 2.5% annual fee, or the ProShares Ethereum Strategy ETF, which charges a 0.95% annual fee and invests in Ethereum futures contracts, which incur additional costs and risks.
  • Higher liquidity: They are expected to trade on major stock exchanges, such as the NYSE or Nasdaq, which have much higher trading volumes and liquidity than the over-the-counter (OTC) markets, where most crypto funds are currently listed. This means that investors can buy and sell more easily and at better prices, without affecting the underlying market.
  • Better tracking: They are designed to track the price of Ethereum as closely as possible, by creating and redeeming shares in response to market demand. This reduces the possibility of the ETF trading at a significant premium or discount to its net asset value (NAV), which is the case for many crypto funds.
  • Wider access: They are expected to attract more investors, especially institutional and retail investors, who may not have access to or interest in buying and holding cryptocurrencies directly. Spot Ethereum ETFs can also be included in various portfolios, such as retirement accounts, mutual funds, or exchange-traded funds, which can increase the diversification and exposure of crypto assets.

When will spot Ethereum ETFs be approved and what will be the impact?

The SEC has been notoriously slow and cautious in approving crypto-related products, especially spot ETFs, which have been repeatedly rejected or delayed by the regulator over the past decade. However, the tide seems to be turning, as the SEC recently approved the first spot Bitcoin ETFs, which began trading on Jan. 11, 2024. For this context, more than $1 billion in trading volume in the first minutes and $4.6 billion total in the first day.

The approval of spot Bitcoin ETFs has set a precedent and a roadmap for spot Ethereum ETFs, which are expected to follow suit in the near future. Several major asset managers, such as BlackRock, VanEck, ARK Invest & 21Shares, Fidelity, and Invesco Galaxy, have filed applications, which are pending review by the SEC. The earliest deadline for a decision is May 23, 2024, for VanEck’s Ethereum ETF, followed by other applicants in the subsequent weeks.

The approval of spot Ethereum ETFs could have a significant impact on the price and adoption of the cryptocurrency, as seen in the case of spot Bitcoin ETFs, which boosted the price and trading volume of Bitcoin to new highs. Senior ETF analyst Eric Balchunas said that there is a 70% chance that spot Ethereum ETFs will be approved by May, and he expects them to attract more assets than spot Bitcoin ETFs, given Ethereum’s higher growth potential and broader use cases.

Some experts have even predicted that Ethereum could outperform Bitcoin in 2024, and reach a valuation of $10,000 or more, based on factors such as the Ethereum 2.0 upgrade, which will improve the scalability, security, and efficiency of the network, the increasing demand for DeFi and NFTs, which are mostly built on Ethereum, and the growing institutional adoption of the cryptocurrency, which could increase its legitimacy and credibility.

What are the risks and challenges for spot Ethereum ETFs?

While spot Ethereum ETFs offer many benefits and opportunities for investors, they also come with some risks and challenges, such as:

  • Regulatory uncertainty: The SEC’s approval of spot Bitcoin ETFs does not guarantee the approval of spot Ethereum ETFs, as the regulator may have different concerns or standards for different cryptocurrencies. The SEC may also impose additional requirements or restrictions on spot Ethereum ETFs, such as higher capital or liquidity standards, or stricter reporting or auditing rules, which could affect their performance or attractiveness.
  • Market volatility: Spot Ethereum ETFs are subject to the same market volatility and risks as the underlying cryptocurrency, which can be influenced by various factors, such as technical issues, security breaches, hacking attacks, regulatory actions, or market sentiment. It may also experience higher volatility than other crypto funds, due to their higher liquidity and sensitivity to market demand.
  • Competition and innovation: Spot Ethereum ETFs may face competition from other crypto-related products, such as futures-based ETFs, trusts, or funds, which may offer different features or advantages, such as lower fees, higher returns, or more flexibility. It may also become obsolete or less relevant, as the crypto industry evolves and innovates, creating new products or platforms that may offer better solutions or alternatives for investors.

Conclusion

Spot Ethereum ETFs are one of the most anticipated and exciting developments in the crypto space, as they could provide a convenient, efficient, and accessible way for investors to gain exposure to the second-largest cryptocurrency. It could also boost the price and adoption of Ethereum, as they could attract more capital and liquidity to the market, and increase the awareness and recognition of the cryptocurrency.

However, they are not without risks and challenges, as they depend on the SEC’s approval and regulation, and are subject to the same market volatility and risks as the underlying cryptocurrency. It may also face competition or obsolescence from other crypto-related products or innovations, which may offer different or better options for investors.

At the time of writing this article, Ethereum trades above $2,500, with a market cap of $302 billion. This is how bullish the market is based on the anticipated Ethereum ETF news. Again, investors should do their own research and due diligence before investing in them, and be prepared for the potential rewards and risks that come with them. They are not for the faint-hearted, but for those who believe in the long-term potential and value of Ethereum, they could be a game-changer.

 

 

Source: https://www.financialexpress.com/business/digital-transformation-ethereum-the-next-crypto-hotspot-3381882/

FAQ

What is the significance of spot Ethereum ETFs, and how do they differ from other crypto-related investment products?

According to Anndy Lian, spot Ethereum ETFs are investment vehicles that track the price of Ethereum by holding the cryptocurrency itself, providing advantages like lower fees, higher liquidity, better tracking, and wider access compared to existing crypto funds.

What advantages do spot Ethereum ETFs offer over traditional crypto investment options, and how might these benefits impact investor behavior?

Spot Ethereum ETFs are expected to have lower fees, higher liquidity, better tracking, and wider access, making them more attractive to both institutional and retail investors. These advantages could potentially drive increased demand and liquidity for Ethereum, influencing its price.

When is the expected timeline for the approval of spot Ethereum ETFs, and what factors might influence the SEC's decision?

The SEC has recently approved spot Bitcoin ETFs, setting a precedent for Ethereum. Several major asset managers have filed applications for spot Ethereum ETFs, with the earliest decision deadline being May 23, 2024. The approval process depends on the SEC's evaluation of factors like regulatory concerns, standards, and potential additional requirements.

How might the approval of spot Ethereum ETFs impact the price and adoption of Ethereum, based on the historical example of spot Bitcoin ETFs?

Anndy Lian said that the approval of spot Bitcoin ETFs led to a surge in trading volume and price for Bitcoin. Analysts predict a similar impact on Ethereum, with a senior ETF analyst stating a 70% chance of approval by May. The anticipated effects include increased assets, price growth, and heightened legitimacy for Ethereum.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

EXCLUSIVE: Spot Ethereum ETF Could Unlock ‘Full-Scale, Global Adoption,’ Experts Tell Benzinga

EXCLUSIVE: Spot Ethereum ETF Could Unlock ‘Full-Scale, Global Adoption,’ Experts Tell Benzinga

Investors were initially curious about Spot Ethereum Exchange Traded Funds (ETFs). However, after the approval of Bitcoin ETFs, these have now captured their full attention.

Benzinga gathered exclusive commentary from several experts to gauge the prospects for a spot Ethereum ETF approval this summer.

 

What Is The Current Status Of Spot Ethereum ETFs?

Tom Staudt, president and COO of ARK Invest, recently expressed confidence in the progression of Ethereum ETFs.

He cited the maturing dialogue with regulators and the sophistication of conversations surrounding the ETF, saying, “This is not the same place where we were on the timeline with Bitcoin at this stage.”

Staudt notes that potential issuers now possess greater legal, operational, and philosophical expertise, partly due to the successful approval of spot Bitcoin ETFs.

But skeptics warn of regulatory roadblocks and lingering doubts about Ethereum’s classification as a security. At the heart of the debate lies, once again, the Securities and Exchange Commission.

 

Will The SEC Play Ball?

Anndy Lian, an intergovernmental blockchain advisor, tells Benzinga that the SEC should act in the “best interest of the public and the crypto industry” by making a “timely and positive decision” on Spot ETH ETFs.

His comments highlight the widespread anticipation surrounding the potential ETF’s arrival, with both retail investors and institutional giants eager to gain exposure to the world’s second-largest cryptocurrency.

But the SEC had to be “dragged kicking and screaming” to approve one spot cryptocurrency ETF, he adds, and there is no guarantee a second one would be any easier.

 

Ethereum ETFs Could Spur “Full-Scale, Global Adoption”

The case for Ethereum is simple, according to Stijn Paumen, the founder of Helio.

He paints a vivid picture of a future transformed by Ethereum’s mainstream adoption. The ETF approval would be a catalyst for “full-scale, global adoption of cryptocurrency.”

Everyday purchases, from your morning coffee to online shopping sprees, could be made with a simple tap of your crypto wallet.
His infectious enthusiasm captures the transformative potential of blockchain technology and its ability to disrupt traditional financial systems.

 

Even Bitcoiners Think It’s Coming

Terrence Yang, managing director at Swan Bitcoin, acknowledges the inevitability of an ETH ETF, albeit somewhat grudgingly.

He concedes that legal precedents and the SEC’s recent Bitcoin approvals have tilted the scales in favor of Ethereum.

Indeed, as Decrypt reported, analysts agree that Bitcoin’s approval has set a precedent: Grayscale argued in court – and won – that the SEC could not approve a futures ETF and reject a spot ETF. Since futures Ethereum ETFs have already been approved, logic holds that a spot ETF would have to follow – as it did for Bitcoin.

 

So…When Ethereum ETF?

Chris Martin, head of research at Amberdata, a crypto data analytics firm, says an Ethereum ETF should come sooner rather than later.

Issuers will face two major challenges at the SEC:

  1. The SEC doesn’t have the public pressure it did for the Bitcoin ETF which means, they can take their time and don’t have to worry about passing all of the issuers at once
  2. The SEC is still pushing the security vs commodity stance without any clarity.

“Approving an Ethereum ETF may impact their current cases against Coinbase Inc  and Binance, and may push them closer to defining their stance on cryptocurrencies,” he says.

Prediction markets agree, with Polymarket rating the probability of an approval by May 31 only at 54%.

Should the SEC grant its blessing, the implications for the financial landscape could be profound. Mass adoption may come a step closer after all.

 

 

Source:

https://www.benzinga.com/markets/cryptocurrency/24/01/36759529/exclusive-spot-ethereum-etf-could-unlock-full-scale-global-adoption-experts-tell-benzinga

https://markets.businessinsider.com/news/etf/exclusive-spot-ethereum-etf-could-unlock-full-scale-global-adoption-experts-tell-benzinga-1032994135

https://uk.investing.com/news/cryptocurrency-news/exclusive-spot-ethereum-etf-could-unlock-fullscale-global-adoption-experts-tell-benzinga-3310170

https://www.nasdaq.com/articles/exclusive:-spot-ethereum-etf-could-unlock-full-scale-global-adoption-experts-tell-benzinga

FAQ

What is the current status of Spot Ethereum ETFs, and how does it compare to the timeline of Bitcoin ETFs?

According to Tom Staudt, president and COO of ARK Invest, there is growing confidence in the progression of Ethereum ETFs. Staudt points to a maturing dialogue with regulators and increased expertise among potential issuers, influenced by the successful approval of spot Bitcoin ETFs. However, skeptics highlight potential regulatory roadblocks and uncertainties about Ethereum's classification.

How does Anndy Lian, an intergovernmental blockchain advisor, view the SEC's role in the approval of Spot ETH ETFs?

How do Bitcoiners, represented by Terrence Yang, view the inevitability of an ETH ETF?

Terrence Yang, managing director at Swan Bitcoin, acknowledges the inevitability of an ETH ETF, influenced by legal precedents and the SEC's recent approvals for Bitcoin. Despite some reluctance, Yang concedes that the scales are tilting in favor of Ethereum, especially considering the precedent set by Grayscale's court argument and victory.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j