ETFs
Ripple effects on Ethereum (ETH)?
As the crypto market matures, it becomes more predictable. But sometimes markets take the opposite path to expectations. Recently, Bitcoin ETFs saw massive buying in the lucrative Hong Kong market, and the price was expected to rise. However, the Bitcoin price fell 5% despite the buy-ins, which also had a knock-on effect on the price of Ethereum, with ETH losing almost 7% of its value.
Bitcoin (BTC): Bitcoin ETFs are precursors of the price drop
According to a recent SEC filing, $481 billion investment firm Susquehanna International Group has a significant stake in Bitcoin ETFs. As the largest institutional investor in Bitcoin ETFs, the company has invested $1.3 billion in 10 spot ETFs. Susquehanna is Grayscale’s largest GBTC holder, with 17,271,326 units worth over $1 billion. US Bitcoin ETFs saw net inflows of $217 million, indicating strong institutional interest in Bitcoin ETFs.
Hong Kong firms like Ovata Capital Management and Yong Rong HK Asset Management have invested heavily in US Bitcoin ETFs, highlighting global interest in cryptocurrency investment vehicles. What is inexplicable is that despite these numbers, Bitcoin is down for the second day in a row.
Ethereum (ETH): Ethereum price falls following Bitcoin decline
Bitcoin sets the direction, but not the pace: that adage that crypto investors know to be true. With Bitcoin falling, Ethereum price has also felt some downward pressure. Ethereum, however, has bigger concerns than Bitcoin ETFs driving declines. Ethereum is not keeping pace with the market as a whole. While several tokens like Solana and others have moved closer to – and sometimes surpassed – their ATHs in March, the Ethereum price only briefly peaked above $4,000.
While Bitcoin is trading 15% below its ATH, the price of Ethereum is languishing at 40% below its ATH. Bitcoin is starting to raise its head and the market is optimistic for a green candle day. Ethereum has yet to follow suit, and it may take some time for Ethereum investors to get back in the green.
Raboo (RABT): A high-speed investment in the crypto market
While Bitcoin and Ethereum show slow growth and market responsiveness, the new AI meme-fi crypto token Raboo presents a more dynamic investment. Built on Ethereum, this AI-backed meme coin incorporates NFT trading, community governance and staking rewards, diversify its usefulness and potential sources of income for investors.
Unlike more traditional tokens, Raboo actively engages its user base in real-time governance and charitable initiatives, ensuring rapid adaptability and responsiveness to market trends.
Its initial coin offering, aimed at early adopters, positions Raboo favorably for substantial returns, attracting investors seeking growth beyond traditional, slower-moving tokens. Raboo’s pre-sale offer has already won over more than a million dollars in cash, do it the most popular crypto on the market.
Conclusion
Bitcoin ETFs will surely recover, as it is the investment vehicle the world has been waiting for. Once the price of Bitcoin recovers, the price of Ethereum will follow. But if this slow movement isn’t exciting enough, then the gains to be made during the Raboo presale can be considered as an alternative investment. Raboo is currently on pre-sale at $0.0042.
You can participate in the Raboo presale here.
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