Ether ETFs Launch Trading with BlackRock Funds and More
Jul 26 at 12:19
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Jul 26 at 12:19
Ether ETFs formally began trading in the US on Tuesday, bringing the world’s second-largest cryptocurrency into the mainstream for many investors and professional advisers. The new funds come from traditional issuers such as BlackRock and Fidelity, as well as cryptocurrency-specific firms such as Grayscale, marking another development in the gradual introduction of digital assets into mainstream finance. Ether is the cryptocurrency originating from the Ethereum (ETH) blockchain. While Bitcoin is often presented as a type of digital gold, Ether is perceived more as a bet on the growth of blockchain and cryptocurrencies in general.
“Ethereum’s appeal lies in its decentralized nature and its potential to drive digital transformation in finance and other industries,” said Jay Jacobs, head of US active and thematic ETFs at BlackRock, in a statement.
ETF Growth and Potential
Bitcoin ETFs have raised about $17bn in net inflows since their launch in January, according to FactSet, a historically successful start. Ether ETFs are estimated to be smaller than Bitcoin funds, both because of the relative size of the two markets and because Ether may not be as well known to many investors. “Ethereum is a bit more confusing and uncertain for both retail and institutional investors,” said Sam Callahan, senior analyst at Swan Bitcoin.
Pitfalls and Advantages
Ether ETFs do not allow staking, a procedure that can provide added performance for native cryptocurrency investors. Many of the funds launched this week offer temporary fee waivers to attract clients. Once applied, management fees range from 0.15% to 2.50%. The cheapest and most expensive funds come from Grayscale, which is transforming its multibillion-dollar Ether private fund into two differently priced ETFs.
“Ethereum’s appeal lies in its decentralized nature and its potential to drive digital transformation in finance and other industries,” said Jay Jacobs, head of US active and thematic ETFs at BlackRock, in a statement.
ETF Growth and Potential
Bitcoin ETFs have raised about $17bn in net inflows since their launch in January, according to FactSet, a historically successful start. Ether ETFs are estimated to be smaller than Bitcoin funds, both because of the relative size of the two markets and because Ether may not be as well known to many investors. “Ethereum is a bit more confusing and uncertain for both retail and institutional investors,” said Sam Callahan, senior analyst at Swan Bitcoin.
Pitfalls and Advantages
Ether ETFs do not allow staking, a procedure that can provide added performance for native cryptocurrency investors. Many of the funds launched this week offer temporary fee waivers to attract clients. Once applied, management fees range from 0.15% to 2.50%. The cheapest and most expensive funds come from Grayscale, which is transforming its multibillion-dollar Ether private fund into two differently priced ETFs.
Jul 29 at 12:49
Daily Technical Analysis EUR/USD: Rises Above 1.0850, With All Eyes on the Data
AnalysisDaily Technical
The EUR/USD is up slightly around the 1.0860 level in early Asian trading hours on Monday. The pair rose as market traders are widely anticipating the US Federal Reserve to cut interest rates in September, which caused the dollar (USD) to move sharply lower.
Inflation in the US, which is generally measured by the change in the personal consumption expenditures (PCE) price index, barely fell in June compared to a year ago, easing the way for an interest rate cut by the Federal Reserve in September. PCE inflation continued its slowdown in June, falling from 2.6 per cent y/y in May to 2.5 per cent in June. On a monthly basis, the PCE figure rose by about 0.1% in June, after being unchanged in May. The core PCE price index, the measure of inflation used for an annual view and preferred by the Fed, rose about 2.6 year-on-year in June, up from 2.5% in May, according to Commerce Department figures released on Friday.
However, the lower June inflation in the US is not fully potent for the Fed to start cutting interest rates at its expected August meeting on Wednesday this week. Similarly, analysts noted that there is significant progress on inflation and this will most likely allow the Fed to move closer to interest rate cuts and as such, they also said they still expect three rate cuts this year, starting at the September FOMC meeting. Financial markets have dismissed by about 90% the likelihood of a September cut, followed by another cut in November and December, according to the CME’s FedWatch tool.
On the other hand, traders expect more rate cuts from the European Central Bank (ECB) in the near term. This, likewise, could weigh on the euro (EUR) versus the dollar (USD). The previous week, the ECB left interest rates unchanged, although weaker German IFO survey results and other softer data are paving the way for another rate cut by the bank. Traders will be looking closely at preliminary second quarter Gross Domestic Product (GDP) data for Germany along with the euro zone. If the data turns out better than expected, the common currency could gain ground against the dollar.
EUR/USD daily technical analysis for July 28nd:
According to the behavior on the attached daily chart, the trend remains strongly bearish towards the break of the important psychological support level of 1.0800, which if it happens, will give the bears more momentum to move sharply lower. Technically, the next important support levels will be 1.0745 and 1.0660, respectively. On the other hand, in the same time frame. As mentioned above, there will not be a strong and important change in the overall trend towards an uptrend without moving towards the psychological resistance of 1.1000 again.
AnalysisDaily Technical
The EUR/USD is up slightly around the 1.0860 level in early Asian trading hours on Monday. The pair rose as market traders are widely anticipating the US Federal Reserve to cut interest rates in September, which caused the dollar (USD) to move sharply lower.
Inflation in the US, which is generally measured by the change in the personal consumption expenditures (PCE) price index, barely fell in June compared to a year ago, easing the way for an interest rate cut by the Federal Reserve in September. PCE inflation continued its slowdown in June, falling from 2.6 per cent y/y in May to 2.5 per cent in June. On a monthly basis, the PCE figure rose by about 0.1% in June, after being unchanged in May. The core PCE price index, the measure of inflation used for an annual view and preferred by the Fed, rose about 2.6 year-on-year in June, up from 2.5% in May, according to Commerce Department figures released on Friday.
However, the lower June inflation in the US is not fully potent for the Fed to start cutting interest rates at its expected August meeting on Wednesday this week. Similarly, analysts noted that there is significant progress on inflation and this will most likely allow the Fed to move closer to interest rate cuts and as such, they also said they still expect three rate cuts this year, starting at the September FOMC meeting. Financial markets have dismissed by about 90% the likelihood of a September cut, followed by another cut in November and December, according to the CME’s FedWatch tool.
On the other hand, traders expect more rate cuts from the European Central Bank (ECB) in the near term. This, likewise, could weigh on the euro (EUR) versus the dollar (USD). The previous week, the ECB left interest rates unchanged, although weaker German IFO survey results and other softer data are paving the way for another rate cut by the bank. Traders will be looking closely at preliminary second quarter Gross Domestic Product (GDP) data for Germany along with the euro zone. If the data turns out better than expected, the common currency could gain ground against the dollar.
EUR/USD daily technical analysis for July 28nd:
According to the behavior on the attached daily chart, the trend remains strongly bearish towards the break of the important psychological support level of 1.0800, which if it happens, will give the bears more momentum to move sharply lower. Technically, the next important support levels will be 1.0745 and 1.0660, respectively. On the other hand, in the same time frame. As mentioned above, there will not be a strong and important change in the overall trend towards an uptrend without moving towards the psychological resistance of 1.1000 again.
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