The cryptocurrency landscape is buzzing with excitement as Ethereum (ETH), the second-largest cryptocurrency by market cap, continues its rise. This week alone, the ETH price jumped 10% to $2,933, its highest level in nearly two years. Fueling this momentum was news that Mike Novogratz’s crypto investment firm Galaxy Digital was making significant bullish bets on leading altcoin Ethereum. Here are the details…
Investment for the leading altcoin from Galaxy Digital
This isn’t the first time Galaxy Digital has shown confidence in Ethereum. In October, the firm was reported to have taken long positions on both ETH and Bitcoin (BTC) on lending platforms such as Aave and Compound, just before the market experienced a major rally. This time, on-chain specialist Lookonchain revealed that Galaxy Digital moved a staggering 26,000 ETH from Coinbase and Binance in the last 24 hours, worth approximately $76.2 million.
This move reflects the firm’s previous bullish trend and can be interpreted as a strong signal of their belief in Ethereum’s long-term potential. Additionally, Galaxy Digital’s latest research predicted that a spot Bitcoin ETF could attract a whopping $14.4 billion in inflows within its first year of issuance, further strengthening the positive outlook for the crypto market.
ETF expectation for Ethereum
But the path to $3,000 and beyond is not without obstacles. The US Securities and Exchange Commission (SEC) has delayed its decision on the spot ETH ETF proposed by Invesco and Galaxy Digital, leaving investors wondering. Bloomberg Intelligence analyst James Seyffart expects approval by May 2024, but any regulatory delay could dampen the current bullish momentum.
Despite the uncertainty surrounding regulatory approval, other indicators point to a potential ETH price increase. Ethereum whales, known for their large holdings and market influence, are also accumulating ETH. The recent purchase of 21,353 ETH at an average price of $2,810 per token shows confidence in Ethereum’s future price potential.
This news development sparked a lot of discussion within the crypto community. While some see Galaxy Digital’s move as a validation of Ethereum’s potential, others remain cautious about the market’s inherent volatility and regulatory uncertainties. Regardless of individual perspectives, one thing is clear: the recent developments surrounding Ethereum have generated significant interest and excitement in the crypto market, and the future trajectory of the ETH price will continue to be closely followed by investors and enthusiasts alike.
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