Industry Experts Anticipate No Institutional Demand for Ethereum ETFs

In the cryptocurrency market, the buzz around Bitcoin ETFs (exchange-traded funds) has been monumental. Yet, when it comes to Ethereum, the second-largest crypto by market capitalization, the excitement seems muted.

Timeline of Ethereum

In the ever-evolving landscape of the cryptocurrency market, Ethereum (ETH) finds itself at a critical juncture, with renowned crypto analyst Michaël van de Poppe predicting a potential bullish breakout. In a recent tweet, van de Poppe conveyed his insights, indicating that Ethereum was approaching the low of 2022 and was likely to absorb liquidity at that level.

Solana (CRYPTO: SOL), often touted as an ‘Ethereum (CRYPTO: ETH) killer', has seen its native token, SOL, slide by 12% over the past 24 hours, interrupting its end-of-year upswing. What Happened: Following a high of $126.30 on Dec. 25, SOL has experienced a sharp decrease of 13% within seven days.

Ethereum whales have been on a buying spree for a while now, which is an indication of their sustained support for the king of altcoins. These whale buys have particularly increased in the past few weeks.

Tron (TRX) founder Justin Sun along with an unknown crypto whale have accumulated massive amounts of Ethereum (ETH) in the last two weeks, on-chain data shows. Blockchain tracking firm Lookonchain reports that Sun and a fellow deep-pocketed entity have acquired over $182 million worth of Ethereum since December 26th.

Ethereum's price is currently finding it difficult to rally higher following weeks of aggressively bullish price action. Yet, there are still several support levels nearby that could keep the cryptocurrency from dropping lower.

Renowned crypto analyst CrediBULL Crypto has made bold predictions about Ethereum's (CRYPTO: ETH) potential price surge in 2024. In a post on X on Friday, the analyst said that Ethereum could hit five figures in the coming year, with a minimum price target of $10,000.

On Jan. 4, the decentralized finance protocol Gamma Strategies was a victim of a hacking attack which saw criminals make off with digital assets worth over $3 million. To pre-empt further attacks, Gamma Strategies said it has shut off all deposits on any of its “public-facing vaults.

A widely followed crypto analyst is warning that interest in the Ethereum (ETH) ecosystem is declining as attention shifts to Bitcoin (BTC). In a new strategy session, Nicholas Merten, the host of DataDash, tells his 510,000 YouTube subscribers that future crypto development will likely focus on Bitcoin, which may diminish Ethereum's future value.

With all attention focused on the premise of a spot Bitcoin ETF, the steady increase in collateral locked on Ethereum layer-2 networks has gone unnoticed. L2 TVL has reached an all-time high this week, but will ETH prices start to move yet?

Etherscan, Ethereum's (ETH) blockchain data explorer, has acquired its counterpart in the Solana (SOL) ecosystem, Solscan. Solscan launched in 2021 and has served more than 3 million monthly users since then, according to a press release announcing the acquisition.