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Ethereum ETF Approval Odds Plummet, Shiba Inu Whales Disappear as Large Transactions Drop, Samson Mow Hints at BTC Bullish Price Prediction: Crypto News Digest by U.Today

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Tue, 12/03/2024 - 16:34
Ethereum ETF Approval Odds Plummet, Shiba Inu Whales Disappear as Large Transactions Drop, Samson Mow Hints at BTC Bullish Price Prediction: Crypto News Digest by U.Today
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U.Today has prepared the top three news stories over the past day.

Ethereum ETF approval odds plummet, here's why

According to data provided by Polymarket, the odds of the SEC approving an Ethereum spot exchange-traded fund (ETF) dropped to 24%. The pessimistic analysis follows the agency's recent delay in its decision regarding Ethereum ETF proposals from BlackRock and Fidelity, with the final deadline being postponed to May 23. In a recent X post, Fox Business journalist Eleanor Terrett noted a major change in sentiment regarding the SEC's stance on Ethereum ETFs. Based on Terrett's conversations with insiders, the regulator spearheaded by Chairman Gary Gensler seems to be less involved in discussions about Ethereum ETFs compared to their Bitcoin analogues, which may indicate that it is content with the progress achieved with Bitcoin ETF approvals. Another factor that appears to be influencing the SEC's approach to Ethereum products is political pressure from figures like Senator Elizabeth Warren, who have voiced dissatisfaction with the agency's approval of Bitcoin ETFs.

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Shiba Inu (SHIB) whales disappear as large transactions plummet

Data shared by IntoTheBlock demonstrates that Shiba Inu is witnessing a notable decline in whale transactions, with their value dropping by 14%. Whale transactions are often considered a crucial sign of financial activity on crypto markets since these large holders have the power to affect prices with their sizable trades. If this activity decreases, it may indicate that whales are either taking profits and exiting their positions or reallocating their investments to other assets. Even though the dwindling of whale movements may be viewed as a negative trend, it is not always harmful. Whales frequently sell their holdings in order to realize gains, particularly following a big price surge like the one that SHIB recently had. This whale sell-off behavior can help stabilize prices following volatile times, fostering a more stable and less manipulable market environment.

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Bullish Bitcoin price prediction hinted at by Samson Mow, hold tight

Jan3 CEO and prominent Bitcoin enthusiast Samson Mow has commented on Bitcoin's new all-time high and suggested the largest crypto's next possible target in a recent X post. Mow cheered up market participants, writing that they still have a chance to purchase BTC “for less than $0.08 million.” It seems as though he's implying that this opportunity window is going to close soon and that BTC will eventually surpass that all-time high price, as it did when it hit the $72,000 milestone yesterday. At the moment of writing, Bitcoin’s market capitalization constitutes $1,411,131,930,053, with BTC changing hands at $71,804, per CoinMarketCap. Previously, Mow stated that the Bitcoin price will surpass $1 million eventually, providing two reasons for such an outcome. First, since the pandemic struck in 2020, the U.S. government has been printing an increasing amount of money throughout the past four years. Second, the Bitcoin supply and demand shocks are clashing.

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