As a seasoned cryptocurrency analyst with years of experience observing and analyzing the market, I have witnessed the significant impact of regulatory milestones on various blockchain projects, particularly Ethereum (ETH). Today’s announcement of the successful launch of Ethereum ETFs in the United States is no exception.
Recently, the Ethereum scaling solution Polygon (MATIC) has experienced a significant surge in large-scale transactions, suggesting the involvement of “whales” in the network.
Based on IntoTheBlock’s data, there were large transactions amounting to $152.75 million on Polygon (MATIC) within the past 24 hours, marking a significant increase of 745.3%.
The significant increase in transaction volume on this platform is in sync with the buzz around the debut of Ethereum-based ETFs in the US markets, marking an important achievement for the crypto community.
As a researcher studying the cryptocurrency market, I’m excited to share that Ethereum-based exchange-traded funds (ETFs) commenced trading in the US on Tuesday. This significant development makes Ethereum, the world’s second-largest digital currency, more accessible to professional investors and advisors who frequently utilize ETFs for portfolio diversification and risk management.
On their inaugural trading day, Ethereum-focused exchange-traded funds based in the United States generated a total profit of approximately $107 million.
As a crypto investor, I’m always keeping an eye on the latest flows into various Ethereum investment products. Among them, I was particularly intrigued by the substantial inflows. The iShares Ethereum Trust by BlackRock led the pack with an impressive net inflow of $267 million. Hot on its heels was Bitwise’s Ethereum Trust, which attracted $204 million. Lastly, Fidelity’s Ethereum Fund saw a decent entry of $71 million.
Ethereum positive sentiment spills over to Polygon
Approximately 1 billion dollars worth of Ethereum ETF shares have been traded among the nine funds since their launch, six months following the US approval of the first Bitcoin ETFs. In contrast, these Bitcoin ETFs have attracted over 17 billion dollars in investment this year alone.
Due to this achievement, there has been a significant increase in the actions of large investors, or “whales,” on Ethereum. This trend has also influenced Polygon.
Based on data from Santiment, a leading on-chain analytics firm, the introduction of nine Ethereum spot ETFs has significantly influenced the behavior of Ethereum whales. Specifically, since July 17, there have been approximately 64% more transactions worth over $100,000 in Ethereum compared to Bitcoin and a stunning 126% more such transactions compared to USDT (ETH) transfers.
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2024-07-24 18:51