Latest news with #BenKurland
CNBC
10 hours ago
- Business
- CNBC
Why ether ETF inflows have come roaring back from the dead
Ether ETFs have finally come to life this year after some started to fear they may be becoming zombie funds. Collectively, the funds tracking the price of spot ether are on pace for their sixth consecutive week of inflows and eight positive week in the last nine, according to SoSoValue. The second largest cryptocurrency has become more attractive to institutions in recent weeks largely due to recent regulatory momentum in the U.S. around stablecoins – many of which run on the Ethereum network – the successful IPO of Circle, the issuer of the second-largest stablecoin; and new leadership at the Ethereum Foundation. "What we're seeing is institutional recalibration," said Ben Kurland, CEO at crypto charting and research platform DYOR. "After the initial ETH ETF approval fizzled without a price pop, smart money started quietly building positions. They're betting not on price momentum but on positioning ahead of utility unlocks like staking access, options listings, and eventually inflows from retirement platforms." The first year of ether ETFs, which launched in July 2024, has been characterized by weak demand. While the funds have had spikes in inflows, they've trailed far behind bitcoin ETFs in both inflows and investor attention – amassing about $3.9 billion in net inflows since listing versus bitcoin ETFs' $36 billion in their first year of trading. "With increasing acceptance of crypto on Wall Street, especially now as a means for payments and remittances, investors are being drawn to ETH ETFs," said Chris Rhine, head of liquid active strategies at Galaxy Digital. Additionally, he added, the CME basis on ether – or the price difference between ether futures and the spot price – is higher than that of bitcoin, giving arbitrageurs an opportunity to profit by going long on ether ETFs while shorting futures (a common trading strategy) and contributing to the uptrend in ether ETF inflows. Despite the uptrend in inflows, the price of ether itself is negative for this month and flat over the past month. For the year, it's down 25% as it's been suffering from an identity crisis fueled by uncertainty about Ethereum's value proposition, weaker revenue since its last big technical upgrade and increasing competition from Solana. Market volatility driven by geopolitical uncertainty this year has not helped. In March, Standard Chartered slashed its ether price target by more than half. However, the firm also said the coin could still see a turnaround this year. Since last week's big spike in inflows, they've "slowed but stayed net positive, suggesting conviction, not hype," Kurland said. "The market looks like a heart monitor, but the buyers are treating it like a long-term infrastructure bet."
CNBC
10-06-2025
- Business
- CNBC
Bitcoin held above $100,000 for 30 consecutive days — even with a 10% pullback — for the first time ever
Bitcoin just completed a significant test above the $100,000 level for the first time. The cryptocurrency had been backsliding since reaching its all-time high on May 22 , falling 10% to $100,428 by Friday. Buyers stepped in over the weekend, propping it up to $105,000. On Monday bitcoin shot back up to $110,000 on traders' optimism about U.S.-China trade talks making progress . Bitcoin has now held above the $100,000 for more than 30 days in a row for the first time ever. (It last fell below that level on May 8.) The milestone may be seen as a psychological hurdle by many, but it is nevertheless a positive indication for the digital asset. 1M mountain Bitcoin (BTC) has held above $100,000 for 30 days in a row for the first time "Anytime price is able to punch through a major resistance level, whether psychological or historical, and successfully hold, it is certainly a bullish sign," Read Harvey, technical analyst at Wolfe Research, told CNBC. "What really stood out to us was price's ability to hold that level on the back test, when it briefly fell to $100,000 on Thursday. It also happened to align perfectly with the 50-day moving average. … We feel this should act as a launching pad back towards the recent highs of $112,000." He also said to expect another brief consolidation around the record before a breakout to new highs. 'A new floor' Ben Kurland, CEO at crypto research and charting platform DYOR, said $100,000 "isn't just speculative froth" now but "a new floor being tested and held by institutional flows, ETF inflows, and a maturing investor base ." "The era of short-lived rallies and quick retracements is giving way to structural support ," he said. "We're likely in the foothills of bitcoin's next climb." Sustained consolidation around all-time high levels usually sets bitcoin up for the next leg higher, he said, adding that "if $100,000 is the new base, $120,000-$130,000 becomes the next logical zone — especially as macro conditions stabilize and sidelined capital seeks asymmetric upside." Sales by long-term holders Tyrone Ross, founder and president of registered investment advisor 401 Financial, said even though bitcoin's 30 days above $100,000 represents a more psychological barrier than a technical feat, that could still help drive the coin higher. "On-chain data shows long-term holders are selling," Ross pointed out. "ETF and corporates buying is strong, but retail has yet to come back. So the longer bitcoin stays above $100,000, [it] will start to be a magnet for retail interest." Bitcoin saw a surge in spending by long-term holders (those who have held onto their coins for six months or longer) on May 27, when bitcoin was trading at about $109,000, according to the crypto data provider CryptoQuant. Spending has decreased from about 40,000 bitcoin at the time to 6,000 Monday. In the same period, bitcoin's 30-day demand has slowed to 126,000 bitcoin from 228,000, which could potentially reduce the pace of price gains, Julio Moreno, head of research at CryptoQuant, explained. On Tuesday, bitcoin was trading at about $108,800, about 3% below its record. Earlier in the day, it rose as high as $110,500, its highest level since the all-time high. —CNBC's Nick Wells contributed reporting.
