According to JPMorgan Ethereums activity has decreased after the Shanghai summit

Bitcoin exchange traded fund ETF delays dampen market momentum 


  • Under $1,600 for Ethereum
  • Will There Soon Be a Bitcoin ETF?

After the Shanghai update, Ethereum should function more smoothly, enticing more users. However, recent evidence suggests otherwise.

Daily activity and total value locked (TVL) on Ethereum have decreased since Shanghai, a research from JPMorgan shows. In particular, daily transactions are down 12%, daily active addresses are down almost 20%, and the total value of all transactions (TVL) is down approximately 8%.

Prior to the Merge, Ethereum's gas usage was claimed to have dropped by 99.99% via Glassnode Alerts. In addition, the price of gas on the network has dropped significantly. According to JPMorgan's analysis, less daily activity may also be contributing to this decline in gas use.

Staking Ethereum, on the other hand, has grown in popularity when the Merge released the staked ETH.

According to an article penned by JPMorgan analyst and Managing Director Nikolaos Panigirtzoglou, the supply of Ethereum is decreasing and staking has increased sharply since the switch from Proof-of-Work to Proof-of-Stake, which reduced the network's energy consumption by more than 99%. However, network activity has not increased as anticipated.

Under $1,600 for Ethereum

On Friday, the price of Ethereum fell to $1,597 from a high of $1,665 earlier in the week. Bitcoin dropped below $26,600 as the market reversed, while other cryptocurrencies saw minor losses. At the time of writing, Bitcoin's market value has fallen to $519 billion, or 49.2% of the whole cryptocurrency market.

There has been a lot of attention paid to the recent registrations of spot Bitcoin ETFs and ETH futures ETFs. The widespread use of cryptocurrencies is seen to be aided by these applications. ARK 21Shares, Volatility Shares, Roundhill, Bitwise, ProShares, and Grayscale are just a few of the early entrants.

Grayscale Investments Inc. entered the line of waiting investment firms. Grayscale applied for a new Exchange-Traded Fund (ETF) product with the U.S. Securities and Exchange Commission (SEC) on September 19th.

Grayscale Ethereum Futures Trust ETF is an exchange traded fund that plans to be registered and traded on the New York Stock Exchange Arca in accordance with Rule 8.200-E.

The decision was made after Grayscale's attempt to convert its Bitcoin Trust product to a spot ETF was successful in a dispute against the SEC. Following the court's decision, Grayscale has asked the securities regulator to examine the company's proposal.

Will There Soon Be a Bitcoin ETF?

Prior to Grayscale, in the middle of August, digital asset management Valkyrie submitted an ETF application to the SEC for Ethereum futures. Bloomberg earlier claimed that the SEC was about to approve the first futures Ether ETFs, which caused widespread excitement in the Ethereum market.

Many large corporations believe there would be a significant market for a Bitcoin exchange-traded fund (ETF).

Two Ethereum exchange-traded fund (ETF) applications are now under examination by the SEC. According to reports, authorities have reviewed spot ETF applications from two major asset managers: ARK Invest and VanEck.

The SEC's website states that interested parties have 45 days from the date of publication to submit comments on each application. People are encouraged to detail the possible benefits and hazards connected with these ETFs and offer their thoughts on the SEC's decision to approve or reject them.

Together, the $60 billion asset management business ARK Invest and the European provider of cryptocurrency exchange-traded products (ETPs), 21Shares, have created the ARK 21Shares Ethereum ETF. Using the CME CF Ether-Dollar Reference Rate (ETHUSD_RR), this ETF seeks to replicate the performance of the Ethereum price.

However, neither the review process nor the ETFs' submissions imply that they will be approved. The SEC has not yet given the green light for Ethereum futures ETFs, but a decision is expected in October at the earliest.

 Tags : Trading Market Tendency Cryptocurrencies Ethereum


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