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Nick Tomaino, who formerly worked for Coinbase with business development and then left to found his own crypto-focused investment company, 1confirmation, has taken to the X platform to share his view on the future of Ethereum and the stock market.
"Future of the S&P 500 is Ethereum"
The former Coinbase executive has made an important Ethereum forecast, suggesting that the second-largest cryptocurrency and blockchain platform is likely to replace the major stock index S&P 500.
This index is the traditional benchmark of American financial power and the stock market — the index of the largest American companies. This index represents corporate and stock market dominance.
By predicting that Ethereum may replace the S&P 500, Tomaino means that he expects the Ethereum blockchain to become the backbone of the American economy instead of traditional corporations.
Ethereum includes smart contracts, dApps, NFTs, DeFi platforms and various tokenized assets. Besides, Tomaino hints that, in the future, all traditional stocks and bonds of companies that constitute the S&P 500 might go digital and run on Ethereum.
Ethereum ETFs absorb $1.25 billion this week
Data shared by on-chain data aggregator Sentora (formerly IntoTheBlock) shows that this week, spot Ethereum ETFs have seen staggering $1.25 billion inflows.
Today, on Aug. 29, analytics account Lookonchain reported that Ethereum ETFs saw inflows of 12,489 ETH valued at $54.86 million. BackRock’s iShares took in 15,127 ETH worth $66.45 million. It currently holds a total of 3,777,263 ETH. This is the equivalent of $16.59 billion.
Grayscale Ethereum Mini Trust and Grayscale Ethereum Trust sucked in 3,292 and 1,163, respectively.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team