Tue, April 16, 2024 at 12:07

• 

  Kang-hoon

  • Hello Annie.

  • Today, I'd like to discuss the performance of Ethereum and Bitcoin ETFs last week.

  • They were the best performers, surging by double digits despite the dip in crypto prices.

  • 
• Annie

  • Oh really?😮 That's surprising.

  • What could be the reason for this surge?

  
• 

  Kang-hoon

  • Well, analysts believe it might be due to investors gearing up for bitcoin halving and the Securities and Exchange Commission's decision on whether or not to approve a spot Ethereum exchange-traded fund.

• Annie

  • Hmm...I see.

  • And which funds performed the best?

  
• ADward

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• 

  Kang-hoon

  • Eight of the top 10 best performing ETFs were digital currency funds, largely led by Ethereum futures funds.

  • The ProShares Ether Strategy ETF (EETH) was the best performer, gaining 12% last week.

• Annie

  • Wow!

  • That's impressive!😃 And what about Bitcoin ETFs?

  
• 

  Kang-hoon

  • The ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY) was up 11%.

  • However, it's important to note that both Ethereum and Bitcoin have been down over the past week.

• Annie

  • Oh no!😔 That's not good news.

  • But why are they down?

  
• 

  Kang-hoon

  • The exact reasons are unclear but it seems unrelated to the SEC approval process for the novel spot ethereum exchange traded fund.

  • The SEC's next deadline is in May, but analysts are pessimistic about the vehicles' approval by the May deadline.

  • 
• Annie

  • I see... And what about the bitcoin halving?

  • When is it expected?

  
• 

  Kang-hoon

  • The bitcoin halving is expected this week.

  • 

  • It's also worth noting that the price of bitcoin has risen over 50% this year so far, partially on the approval of 10 spot bitcoin ETFs in mid-January.

  • 
• Annie

  • That's interesting!😊 So, overall, would you say this news is good or bad for the market?

  
• 

  Kang-hoon

  • Well, despite the recent dip, the strong performance of Ethereum and Bitcoin ETFs suggests a robust interest in these assets.

  • So, I would say it's a positive sign for the market.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.