Blockchain

Binance, the world’s largest cryptocurrency exchange, is currently grappling with challenges that have raised concerns about its credibility and market performance. 

Recent reports by Forbes shed light on Binance’s initial coin offering (ICO) and the subsequent distribution of its native cryptocurrency, Binance Coin (BNB). 

Behind The Curtain

The investigation reveals allegations of undisclosed token retention, discrepancies in the ICO process, and the accumulation of a significant token reserve by Binance. 

Per the report, in June 2017, Binance initiated its ICO, aiming to raise $15 million by selling 100 million BNB tokens. However, the Forbes investigation, conducted with the assistance of crypto forensic firms, suggests that only around 10.78 million BNB tokens were transferred to investors during the ICO. 

An additional 20 million tokens were “quietly” allocated to angel investors, doubling their initial allocation to 40 million tokens. Consequently, according to Forbes, Binance likely raised less than $5 million during the ICO, contrary to the $15 million claimed by founder Changpeng Zhao. 

The Forbes report indicates that Binance’s white paper did not disclose the company’s plans for unsold tokens in the event of an undersold ICO. While it is not illegal for issuers to retain unsold tokens, transparency is crucial in such cases, Forbes alleges. 

Binance founders and insiders reportedly ended up with 145 million BNB tokens instead of the originally planned 80 million. These tokens, initially valued at less than $10 million, are now estimated to be worth approximately $14 billion.

Furthermore, Binance implemented a token buyback and burn program to reduce the total supply of BNB tokens over time. 

According to Binance’s website, approximately 48 million tokens have been burned as of August 31, 2023. However, Forbes suggests that Binance controls nearly 117 million tokens, accounting for 76% of the total outstanding supply. 

The analysis combines disclosed tokens issued to the founding team with a proprietary probabilistic analysis that identifies previously undisclosed wallets holding customer funds and serving other corporate purposes.

Forbes concludes discrepancies and lack of transparency surrounding Binance’s ICO and token distribution raise questions about the integrity of reported trading volumes and the adequacy of consumer protections. 

Binance CEO Maintains Silence Amid Ongoing Forbes Allegations 

Changpeng Zhao (CZ), the Chief Executive Officer of Binance, has remained silent in the face of recent allegations and ongoing investigations brought forth by Forbes. 

The prolonged exchange of statements between the cryptocurrency firm and the renowned news outlet has endured for a significant period. Binance had taken legal action against Forbes in 2020, filing a defamation lawsuit in the US District Court in New Jersey. 

The lawsuit stemmed from Forbes’ publication of “false statements” that Binance allegedly used deceptive practices to deceive regulators and participated in money laundering activities.

Forbes published a series of articles that made damaging claims about Binance’s corporate structure, asserting that it was deliberately designed to deceive regulators and engaged in activities characteristic of money laundering. Binance vehemently denied these allegations, deeming them false and highly defamatory. 

Binance’s attorney, Charles J. Harder, has emphasized the harm caused to Binance’s reputation by Forbes’ misleading story. Binance had requested a retraction or correction from Forbes, which was refused, leading to the necessity of the defamation lawsuit. 

Overall, Binance and Forbes have been embroiled in contentious claims and disputes, with both parties accusing each other of disseminating inaccurate information. 

As the situation unfolds, it remains uncertain how the cryptocurrency exchange will respond to the latest allegations put forth by Forbes.

Featured image from Shutterstock, chart from TradingView.com

A crypto wallet associated with Justin Sun, the co-founder of Tron, a smart contract platform, has moved 20,000 Ethereum (ETH) worth roughly $32.4 million from Lido Finance, a liquidity staking platform. Funds were transferred to Binance, the world’s largest crypto exchange, trading volume and client count.

The transaction, executed in a single batch, was captured by The Data Nerd, an analysis platform, and shared on X on October 5. As it is, Ethereum (ETH) is under pressure, looking at the performance in the daily chart. 

Ethereum Drops 4%, Are Bears Flowing Back?

Trackers show that the coin is down roughly 4% in three days, confirming sellers of October 2. Notably, the daily chart has a double bar formation with the bear candlestick of October 2, completely reversing buyers of October 1.

This arrangement suggests that bears could be in control, especially considering the draw-down of the past few trading days and the level of participation on October 2 when the coin slipped. 

In technical analysis, losses at the back of increasing volumes often point to high participation. If prices are rising, then the coin in question could rally. Conversely, a sell-off could worsen if the bar had high trading volumes.

It is also unclear whether Justin Sun plans to sell ETH after transferring coins to exchanges. Crypto transfers to centralized exchanges, which support many stablecoins like USDT and others, are often associated with sell-offs. 

Market participants may interpret such movements as bearish, fueling the sell-off, subsequently heaping more pressure on prices. ETH is now at a one-week low.

Justin Sun Shuffling ETH In 2023

The Data Nerd observes that prices fell the last time the wallet moved ETH to Huobi, which has since rebranded to HTX. In August, the wallet moved 5,000 ETH to HTX. The deposit came a week before ETH prices crashed 12%. 

Bitcoin and Ethereum prices fell sharply in mid-August, causing a “cascade liquidation” that spooked investors. ETH bulls have since failed to reverse those losses. Considering the relatively low trading volumes in the last two months, prices are still boxed within the August 17 trade range, a bearish signal.

In late February 2023, Justin Sun staked 150,000 ETH, worth roughly $240 million, to Lido Finance. The transfer remains the largest single-stay transaction, forcing the liquidity staking provider to activate the Staking Rate Limit feature, capping the amount of coins one can stake at 150,000 ETH. 

Lido Finance said the feature is more of a “safety valve” that “addresses possible side-effects such as rewards dilution, without needing to pause stake deposits explicitly.” 

A crypto YouTuber has revealed his Bitcoin exit plans to the public, stating that he would only withdraw from the cryptocurrency once BTC reaches a staggering $142,000. 

It is important to note that Bitcoin is presently trading below the $30,000 mark. Hence the popular YouTuber may have to wait a few years before leaving the market for good. 

Crypto YouTuber Sets Price For Bitcoin Exit

A crypto investor and YouTuber, ‘InvestAnswers’ recently published a YouTube video that featured a question-and-answer session with his subscribers. In the video, the YouTuber discussed various topics including AI, Meta, Google, and others. 

Focusing on crypto, he described his Bitcoin exit plan in detail, stating his desire to leave the cryptocurrency once it has attained a hefty market value of $142,000. The digital asset investor explained that he had high hopes for BTC’s price and was expecting the cryptocurrency to reach a price value of at least $89,000.

Currently, the price of Bitcoin is approximately $27,693, miles below the price cap InvestAnswers has set for an exit. The cryptocurrency has also experienced a significant amount of losses this year due to unfavorable market conditions and volatility. Bitcoin also had a minor price slip-up last week, declining to about $27,500 after reports revealed a significant inflow of BTC in Kraken. 

According to reports, Bitcoin’s September performance this year has been one of the strongest since 2012. InvestAnswers has stated a few of the market metrics and developments including Blackrock’s Bitcoin ETF have influenced the recent positive trend in Bitcoin.

Analysts Relay Positive Outlook On BTC’s Price

With the Bitcoin spot ETF potentially launching in the crypto space and other major innovative crypto developments advancing the ecosystems, many investors believe that BTC is on the verge of a bull run. Several analysts have made compelling predictions for the price of BTC in the last few months, stating that the cryptocurrency could enter a bullish position once it pushes past the $30,000 mark. 

These predictions match up with InvestAnswers’ hopes for Bitcoin’s price rise to fuel his exit plans. The crypto investor has stated plans to sell out his equity to invest in several cryptocurrencies. 

BitMex founder and former CEO Arthur Hayes is one of those who remain convinced the Bitcoin price is headed for a six-figure price. Hayes believes that the price of BTC will reach $70,000 before the end of 2024. Going further, the crypto millionaire believes the cryptocurrency will rise as high as $1 million in 2026.

Bitcoin is currently trading at $28,010 after struggling to hold support at $28,000. Nevertheless, the asset continues to hold 5% gains on the weekly chart.

The Sui (SUI) Foundation has announced its latest initiative to strengthen its decentralized finance (DeFi) ecosystem, reclaiming 117 million SUI tokens worth $51.3 million from external market makers. 

The tokens will be redirected into various channels to support the growth of the Sui Network. This Layer 1 blockchain has gained recognition for its scalability since its mainnet launch in May.

Per the announcement, the reallocation of these tokens will not impact the circulating supply of SUI, as they were previously released. 

In addition, the Sui Foundation has already earmarked 25 million SUI tokens to award winners of its liquid staking hackathon, which was announced earlier this week.

Sui Foundation To Support Developers With Repatriated Resources

According to the Sui Foundation, the influx of resources from this initiative is expected to support Sui’s community of builders, developers, and ecosystem participants, fostering growth in the coming months for the protocol. 

The newly repatriated resources will be channeled towards several key areas, including offering grants to developers for building decentralized applications, supporting Sui’s state-of-the-art DeepBook CLOB, automated market makers, and liquid staking and lending protocols.

Sui’s DeFi ecosystem, which, according to the announcement, has demonstrated strong adoption, will be a primary beneficiary of these new allocations. 

The network recently achieved its highest Total Value Locked (TVL) at approximately $38 million, marking a growth of over 100% in the past two months, according to DefiLlama, a leading DeFi TVL aggregator.

Furthermore, the Sui Foundation team believes these recent achievements have been remarkable, especially considering the short time since its mainnet launch. The network set an industry record by executing 65.8 million transactions daily, surpassing all other blockchains. 

Per the announcement, Sui’s scalability remained intact despite the concentrated traffic, with the cost per transaction unaffected. Within just over four months, the network has attracted over 6 million active wallets. 

Additionally, Sui introduced zkLogin, a unique native feature that enhances privacy and security by enabling users to access decentralized applications through their existing Web 2 social accounts.

A Bright Future For The Network?

Greg Siourounis, Managing Director of the Sui Foundation, expressed optimism about the network’s future growth, emphasizing that the milestones achieved thus far are only a fraction of what the network aims to accomplish. Siourounis stated: 

The milestones reached by Sui and its community in its first five months have been remarkable, but they represent only a fraction of what this network was built to achieve. Today’s reallocation represents a key influx of resources that will provide a new tailwind for Sui’s community of builders, developers, and ecosystem participants and fuel Sui’s ecosystem growth in the coming months and beyond.

As of the current writing, the native token of the protocol, SUI, is trading at $0.4389, reflecting a 2% increase over the past 7 days. However, the token has experienced a decline of 6.4% within the 30-day timeframe. 

Featured image from Shutterstock, chart from TradingView.com 

On-chain data shows the Ethereum MVRV ratio is currently testing a level that has historically served as the boundary between bear and bull markets.

Ethereum MVRV Ratio Is Retesting Its 180-Day SMA Right Now

The “Market Value to Realized Value (MVRV) ratio” is an indicator that measures the ratio between the Ethereum market cap and realized cap. The former is naturally just the total supply valuation at its spot price. At the same time, the latter is an on-chain capitalization model that calculates the value differently.

The realized cap assumes that the real value of any coin in circulation isn’t the spot price (which the market cap refers to) but the price at which it was last bought/transferred on the blockchain.

One way to look at the realized cap is that it represents the total amount of capital that the investors have put into the cryptocurrency, as it considers each holder’s cost basis or buying price.

Since the MVRV ratio compares these two capitalization models, it can tell us whether the investors hold more or less value than they initially invested in Ethereum.

The indicator’s usefulness is that it may serve as a way to determine whether the asset’s price is fair or not right now. When the investors hold a value significantly more than they put in (that is, they are in high profits), they would be more tempted to sell, and hence, the spot price could face a correction.

Similarly, the holders as a whole being in deep losses can instead be a signal that the bottom might be near for the cryptocurrency, as it’s becoming quite underpriced.

Now, here is a chart shared by analyst Ali on X, which shows the trend in the Ethereum MVRV ratio, as well as its 180-day simple moving average (SMA), over the past few years:

The 180-day SMA of the ETH MVRV ratio has interestingly held significance for the cryptocurrency. According to Ali, “Ethereum market cycles transition from bearish to bullish when the MVRV (blue line) breaks strongly above the MVRV 180-day SMA (red line).”

During the bear market last year, the ratio had been below the 180-day SMA line, but with the rally that began this year in January, the metric had managed to break above the level, and bullish winds supported the asset once more. During the recent struggle for the asset, however, the MVRV has again slipped under the level.

Nonetheless, in the past few days, the ETH MVRV has been trending up a bit and approaching another retest of this historical junction between bearish and bullish trends.

It remains to be seen whether a retest will happen in the coming days for Ethereum and if a break towards the bullish territory can be found.

ETH Price

Two weeks ago, crypto analyst Tolberti made headlines for his incredibly bullish Bitcoin price outlook. The analyst is back again with another prediction and this time around, he is telling investors to get into the market with reasons to back it up.

Last Chance To Buy BTC

In a recent post on Tradingview, crypto analyst Tolberti sounded a warning alarm that this is the last chance for investors to buy Bitcoin. The reason for this, according to Tolberti, is that the Bitcoin price is headed toward a massive rally.

Tolberti points to bulls having successfully broken through a major descending trend line which he points out on the BTC 12-hour chat. The analyst explains that this is the last chance to buy Bitcoin at this low price given that “This trendline has been destroyed by the bulls, and we also had a successful retest of it!”

As for where the Bitcoin price is headed, Tolberti believes that it will hit $39,000 toward the end of 2023. However, he warns that this is not going to be smooth sailing with resistance already at $29,167 where the 0.618 Fibonacci has been established in the previous wave.

On the longer time frame, using the Elliot Wave pattern, the analyst puts a “strong nest (1-2-1-2) or an expanding leading diagonal wedge (1-2-3-4-5).” at the $24,900-$28,500 range. “Both of them are bullish patterns and support the start of the bull market!” Tolberti explained further.

However, the analyst expects the Bitcoin price to perform poorly at the start of 2024. “I am prepared for the bull market that is coming in the next few weeks until January,” Tolberti said. “Expect January to be a bearish month.”

Where Is Bitcoin Price Headed?

Tolbert’s most recent Bitcoin price prediction focuses more on the short term for the last three months of the year. But his previous predictions give a more clear view of where he expects the price to reach, especially during a bull market.

In September, the crypto analyst posted an analysis in which he put the Bitcoin price as high as $130,000 by 2025. The chart showed a rise to the $80,000 level before a 30% retracement. After this, another bounce puts the price in the $130,000 range.

While Tolberti sees a bullish move for Bitcoin, Bloomberg analyst Mike McGlone expects that BTC will fall back to $10,000. McGlone does not see a bullish fourth quarter for Bitcoin, and coupled with rising interest rates, the analyst expects more of a decline.

On-chain data shows the trading volumes of XRP and Polygon have hit monthly highs as investors are displaying FOMO towards the assets.

XRP, Polygon See Volume Spike Similar To Bitcoin’s Surge A Few Days Back

According to data from the on-chain analytics firm Santiment, XRP & MATIC have seen high volumes recently. The “trading volume” here refers to the total amount of any cryptocurrency that’s being transacted on the different exchanges in the sector every day.

When the value of this metric is high, it means that the asset in question is being moved around a lot on the exchanges. Such a trend implies that traders are actively participating in the market right now.

On the other hand, low values suggest the interest in the cryptocurrency may be low at the moment as not much trading activity related to it is happening on the platforms.

Now, here is a chart that shows the trend in this indicator for XRP, Polygon, and Bitcoin over the past month or so:

As displayed in the above graph, the Bitcoin trading volume had become pretty high a few days back when the asset’s price had surged toward the $28,500 mark.

This spike in the volume had come with a delay, however, as its peak had occurred after the cryptocurrency had already started on its pullback. This could be a sign that once investors saw the rally, they felt like they had to FOMO in, so they quickly made some trades, but many of these investors had arrived late to the scene, hence why the spike had come later.

The volume would have also been fueled by the panic sellers who bought at the top but sold as soon as they saw that the rally was already starting to cool down.

During the past couple of days, XRP and Polygon have also seen some recovery surges (although the rises haven’t been anything too impressive) and the trading volume has also shown similar spikes for these cryptocurrencies as well.

At the peak of this latest surge, the volume of these cryptocurrencies had managed to hit its highest level in about a month. “FOMO is high right now,” notes Santiment.

It would appear that just like with BTC, investors had started jumping on these cryptocurrencies once they saw the rally. Those falling for FOMO, however, would have once again faced disappointment, as both XRP and MATIC have already retraced their latest recovery attempts.

If the trading volume continues to stay high even after the pullback, though, then it would be a positive sign for the prices of these altcoins, as it would mean that there is still significant demand for them at these lower price levels.

XRP Price

In its latest recovery rally, XRP had managed to rise near the $0.55 mark, but with the pullback since then, the cryptocurrency has dropped toward the $0.52 level.

In a recent post, investor Chris Burniske expressed the belief that a bottom is looming for the top cryptocurrencies. Burniske predicts that Bitcoin and Ethereum could dip as low as $20,000 and $1,000, respectively, with top altcoins, except Solana (SOL), hitting new lows.

Notably, BTC retraced from $28,000 to slightly above $27,600, with ETH seeing a similar decline in the past few days. 

Crypto Analysts Predicts Market Bottom Ahead Of Bull Run

According to the founder of Placeholder Capital, Chris Burniske, a bull market will likely begin soon. However, the analyst believes the upcoming bull run will be preceded by a bottom cycle in the present financial quarter (Q4 2023). Furthermore, Burniske believes that this bottom will lead to declining crypto prices. 

According to his analysis, fear is high but only temporarily, as sellers are exhausted. Burniske believes the predicted lows for the top cryptocurrencies will present attractive buying opportunities in preparation for the upcoming bull market.

Fear is high, but temporally and price-wise, selling exhaustion is near imo. Sure $BTC could go to low $20Ks & $ETH to low $1Ks & most everything long-tail (except $SOL) can hit new lows, but when we look back on Q4 2023 & Q1 2024 it’ll be clear it was a good time to be a buyer. https://t.co/I6hpKCw1Q8

— Chris Burniske (@cburniske) October 4, 2023

The crypto analyst supported his predictions with Linear charts, stating that it is easy to spot tops and bottoms with such charts. For context, Linear charts show the change in the price of an asset. Burniske believes it is up to traders to choose their accumulation style with patience and persistence. 

What Lies Ahead For Bitcoin And Ethereum?

Bitcoin trades at $27,697, with a 0.56% price increase in the last 24 hours. Ethereum’s, on the other hand, is $1,639, with a 0.45% 24-hour decline.

Meanwhile, BTC has encountered stiff resistance at $28,000, leading to a decline to $27,000 in the last few days. The asset formed a bottom on the daily chart on September 11 before the buyers forced a price recovery. 

Although BTC recovered slightly, the sellers have continued to re-enforce the $28,000 resistance. If the selling pressure increases, a decline to the $25,141 support level is possible in the coming days. 

Moreover, the green MACD Histogram bars have faded, confirming a drop in buying pressure as sellers reclaim dominion. Also, the RSI is dropping from the buy zone and displays a value of 61.54. 

If the RSI drops below 50, BTC may resume the downtrend in the coming days. If Bitcoin drops further, a bottom cycle will likely begin in the crypto market. 

The potential decline to the $25,142 support level could facilitate a bull cycle. The reason is that it presents an attractive entry level for the accumulation phase. 

Ethereum To Follow Similar Trend As Bitcoin

Also, ETH displays a similar price trend to Bitcoin, with a prominent dip likely to occur in the coming weeks. ETH is in a downtrend on the daily chart, forming lower lows as sellers continue to dominate the market. 

Based on its historical data, it formed a bottom on September 11, after a similar decline before rallying on September 12. Therefore, ETH will likely return to the $1551 support level to form a double-bottom pattern before another rally. 

Also, its Moving Average Convergence/Divergence (MACD) shows a weak buy signal with fading bullish histogram bars. Additionally, the Relative Strength Index (RSI) indicator displays a value of 49 and will likely drop to the oversold region. 

Based on ETH’s past price action, traders should expect further decline in the coming weeks before a recovery.

Bitcoin news for traders and investors is showing positive signs as the cryptocurrency managed to stay above critical levels. The current trading environment remains uncertain as sideways price action persists, but new data points to potential gains.

As of this writing, Bitcoin trades at $27,700 with sideways movement in the last 24 hours. On higher timeframes, the cryptocurrency records profits; the previous week, BTC experienced a 4.4% rally, according to data from Coingecko.

Bitcoin News And Data Point To Favorable Price Action?

A report from Bitfinex Alpha indicates that the current Bitcoin supply on exchanges has been dropping since May 2023. This metric stands at its lowest in five years, or since 2018, when the price of Bitcoin was in the early stages of a new investment cycle.

The report indicates around 2.03 million BTC on crypto trading venues, as seen in the image below. The decline of BTC supply in the market represents good Bitcoin news due to its potential to ignite another bull market. The report claims:

As the bull market began to take off, reserves on exchanges dropped, as crypto prices soared. This seemed to imply that as investors moved their Bitcoin off exchanges, its scarcity on the platform might have driven its price up.

The chart above also shows that the cryptocurrency’s price reacts to spikes in BTC supply on crypto exchanges. Each bull market has its peculiarities, but they all need a decline in supply to enter price discovery.

Moreover, the report points out that a minority of long-term investors capitulated during this crypto winter. These investors continue to hold their coins and exert a more significant influence on the supply/demand dynamics as short-term investors get shaken off the market.

Less Selling Pressure For Bitcoin

The status quo in the Bitcoin market continues to evolve, and recent data points to a potential change in short-term holders. The Coin Days Destroyed (CDD) metric, used to measure supply/demand dynamics, indicates that both long-term and short-term holders are more inclined to hold “their Bitcoin holdings for longer periods of time.”

Furthermore, the new market dynamics hint at the formation of the early stages of a bull market. The report stated:

The 12-18 month supply holders are now in a position to make a profit on some of their holdings. While this is normal for early bull markets, it is key to note that long term holder supply remains inactive and even short-term holder supply that has been acquired mostly during the bear market at sub $20,000 price or even early 2023 at slightly higher prices remains inactive. This shows investor confidence across multiple cohorts (…).

Cover image from Unsplash, chart from Tradingview

Apart from Spot Bitcoin ETFs, Ethereum Futures ETFs have been the talk of the crypto industry for months as investors look toward a catalyst for the next bull run. However, data has shown the highly anticipated ETFs have had underwhelming results in trading volume. 

Although the crypto market has witnessed some gains in the past few days, this hasn’t flowed into Ethereum Futures ETFs as investors seem hesitant to adopt these new Ethereum investment vehicles.

How Have Ethereum Futures ETFs Fared So Far?

Ethereum futures ETFs provide indirect exposure to the price of ETH through futures contracts and Nine Ethereum Futures ETFs were introduced to the market on Monday, October 2nd. These include ETFs by ProShares, VanEck, Bitwise, and other financial firms following a year of anticipation. 

As the second biggest cryptocurrency by market cap, many expected the ETFs to take off quickly and piggyback on the early success of Bitcoin Futures ETFs. However, data shows the trading volume for these new products has remained relatively low so far.  

According to a report by Bloomberg, these nine futures ETFs attracted $1.92 million in the 24 hours after launch. Most of this trading occurred in the ProShares Ether Strategy ETF which contributed over 45% of trading volume. 

Pretty meh volume for the Ether Futures ETFs as a group, a little under $2m, about normal for a new ETF but vs $BITO (which did $200m in first 15min) it is low. Tight race bt VanEck and ProShares in the single eth lane. pic.twitter.com/F9AHtrVcVf

— Eric Balchunas (@EricBalchunas) October 2, 2023

According to data compiled by Bloomberg Intelligence, trading volume reached $15.6 million on Wednesday. At the moment, the inflows are being led by the VanEck Ethereum Strategy ETF (EFUT), which has $8.27 million, followed by the ProShares Ether Strategy ETF (EETH), which has $5.96 million. 

Ether futures ETFs starting see some flows, not a ton, but it’s something, +$15.6m with VanEck in an early lead over ProShares.. pic.twitter.com/e0bu7T0ZLT

— Eric Balchunas (@EricBalchunas) October 4, 2023

In comparison, Bitcoin Futures ETFs registered $1 billion in trading volume within the first 24 hours after launch. But it’s important to note that the market sentiment during these two periods wasn’t the same. Bitcoin futures ETFs were launched during the peak of the 2021 crypto bull market, and cryptocurrencies have had major pullbacks since then. 

Future Outlook Of ETH

While Ethereum futures ETFs provide a new way to gain exposure to Ethereum, low trading volume shows they have yet to gain major mainstream interest. These ETFs were supposed to be a sustained catalyst for the price of Ethereum, but this has not been the case. 

Ethereum Spot ETFs have also been in the talks, with ARK Invest filing the first application in early September. If granted approval, spot ETFs are more likely to have a better performance than futures ETFs.

Despite Ethereum pushing over $1,700 on Monday after the launch of the futures ETFs, it has since lost all those gains. At the time of writing, Ethereum is trading at $1,630.