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Skybridge Capital to Launch an Ethereum Fund and File for Ether ETF

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  • Skybridge Capital is launching a private Ethereum Fund today.
  • The CEO of the firm Anthony Scaramucci also revealed plans about filing for an Ether ETF.
Skybridge Capital, a global alternative investment fund based out of New York is launchING its first Ethereum fund today. The firm has already invested nearly $500 million in Bitcoin and now looking to expand into Ethereum. Anthony Scaramucci, the founder and CEO of the firm revealed the plans this week during a podcast appearance.

Apart from a private Ethereum Fund Scarasmucci also revealed the investment funds plans of filing for an Ether ETF with dwelling into fine details. His firm has already filed for a Bitcoin ETF with the US SEC which is yet to be approved. The US SEC has received multiple Bitcoin ETF applications and a couple of Ether ETF proposals but hasn’t approved any of them.

Scaramucci said,

“July 1st […] we’re launching a private ether fund, We’ll file for an ETF for ethereum, again it’s anybody’s guess when those things will be going. If you had asked me back in May of last year ‘When are we going to have an ETF’, I would’ve thought it would have been by now”

Amid Growing Number of ETF Proposals, Will SEC Take a Road Never Taken Before?

The US SEC is infamous for its hardline approach toward crypto institutional products especially ETFs and in the past or jas rejected all such proposals claiming the market not big enough to ensure no manipulation. However, this bull season Bitcoin market grew over a trillion-dollar and the number of ETF proposals also increased significantly. However, SEC seems to be in no hurry for approval even when the likes of Canada and North America have seen the launch of numerous Bitcoin and Ether ETFs that have turned out to be a great success.

Will SEC finally change its stance looking at the progress and approval in other countries?  Only time would tell.

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Ethereum

Ethereum Price Forecast: ETH bulls set sights on new record high targeting $6,000

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  • Ethereum price is gearing up for a new all-time high as two significant bullish chart patterns have transpired.
  • The governing technical patterns present optimistic targets at $6,015 and $6,365.
  • A daily close above $3,960 would add credence to the bulls’ aspirations toward $6,000.

Ethereum price is hovering around a key support level which has previously acted as resistance for ETH, as the bulls catch their breath before the token resumes its rally. As long as the second-largest cryptocurrency by market capitalization holds above $3,960, a 60% surge is still on the radar. 

Ethereum price eyes 60% ascent

Ethereum price has printed two major bullish technical patterns on the daily chart, an ascending parallel channel and a cup-and-handle pattern. The former chart pattern indicates that ETH has been consistently reaching higher highs and higher lows since mid-June, presenting an optimistic outlook for the token.

Based on the first prevailing chart pattern, ETH is likely to tag the upper boundary of the channel at $6,015, coinciding with the 161.8% Fibonacci extension level, representing a 48% climb.

The cup-and-handle chart pattern suggests that the projected target for Ethereum price is at $6,365, forecasting a 60% rally. While the two governing technical patterns establish an optimistic outlook for ETH, the token may be confronted by a headwind at its all-time high at $4,369, corresponding to the middle boundary of the parallel channel.

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Additional hurdles may emerge at the 127.2% Fibonacci extension level at $5,092, then at the 161.8% Fibonacci extension level at $6,015. 

Given the reinforcement of the two optimistic chart patterns presented on the ETH daily chart, retracements for Ethereum price may not be significant even if selling pressure arises. 

ETHUSDT

ETH/USDT daily chart

Ethereum price will discover immediate support at the support trend line at $3,960, then at the 78.6% Fibonacci retracement level at $3,797. The following line of defense will emerge at the 21-day Simple Moving Average (SMA) at $3,710, then at the 50-day SMA at $3,453 before eventually dropping toward the lower boundary of the ascending parallel channel at $3,349, which meets the 61.8% Fibonacci retracement level.

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If Ethereum price fails to hold above the aforementioned levels of support, the bullish outlook may be voided, prompting ETH to plunge lower toward the 100-day SMA at $3,137.

ETH bulls should aim for a daily close above $3,960 to reinforce commitment for the bullish target to be on the horizon.

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NFTs

Whales hoarding NFTs? 80% of Ethereum NFTs bought by only 17% of Addresses

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  • Around 16 percent of addresses snatched up 80.98 percent of all NFTs on Ethereum between April and September.
  • Moostream argues that there is still room in the NFT space for ‘small investors.’ 

Moonstream, the open-source blockchain analytics platform, has revealed that about 80 percent of all non-fungible tokens (NFTs) on the Ethereum blockchain between April 1 and September 25 were owned by a minority of wallets. According to the October 21 report, four-fifths of NFTs in that time period was owned by 17 percent of wallets.

The reported analysed data from 7,020,950 million NFT transactions on Ethereum in a period of close to six months. It revealed that a significant number (80.98 percent) of NFTs on the blockchain were owned by whales, NFT platforms and exchanges which make up 16.71 percent of all wallets. The rest were distributed amongst the remaining 83.29 percent. This trend seems to follow the Pareto Principle or 80/20 rule as pointed out by one Reddit user. This is a principle that asserts that 80 percent of consequences are as a result of 20 percent of the causes.

It is worth noting that the data used in the report is based exclusively on the Ethereum blockchain and not Layer 2 networks or centralised Application Programming Interfaces (APIs). The report explains this in it’s ‘Caveats’ section.

The Ethereum NFTs dataset is constructed purely from events on the Ethereum blockchain. It does not include any data from Layer 2 networks like Polygon. Nor does it include any data from centralized APIs like the OpenSea API. It does not account for events or data from any non-ERC721 smart contracts associated with these platforms on the Ethereum blockchain. This means that two parties could exchange a positive amount of funds for a transfer off-chain and conduct the transfer on-chain and we would not be able to distinguish the transfer from a gift. It is also possible for a single transaction to involve multiple NFT transfers.

Still early for ‘small-time’ investors and individuals?

While the unevenness in NFT distribution is glaringly obvious, Moonstream insists that there is still room for participation from small investors.

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What this data shows us is that the Ethereum NFT market is open in the sense the vast majority of its participants are small-time purchasers who likely make their purchases manually. There are few barriers to entry for those who wish to participate in this market.

Contrary to what many may believe, purchasing and holding NFTs is relatively easy. Individuals can open a wallet on an NFT marketplace and fund it. After this, they can easily bid on available NFTs. Some popular NFT marketplaces are OpenSea, Rarible and Foundation.

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Will Smith’s Son, Rapper and Actor Jaden Smith, Posts Mysterious “ETH” Tweet

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Jaden Smith joins the crypto-celebrity list with two tweets in a row

The “Icon” author, rapper, Hollywood actor and mega-star, Will Smith’s son Jaden Smith, has posted a mysterious “ETH” tweet that followed a “Web3” publication shortly after.

The purpose behind the two tweets has not been disclosed, but it is most likely tied to the rising popularity of the two industries. Previously, Ethereum’s price has reached the new ATH, which might have caught the famous rapper’s attention.

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Both crypto-related tweets have been warmly welcomed by the audience, collecting approximately 8,000 likes and more than 1,000 retweets on Twitter. In the comment section of the Web3 tweet, Jaden said that he actually owns an NFT just like his industry partner Snoop Dog.

With the rapid price increase of the Bitcoin, DeFi and NFT industries, more celebrities are exploring cryptocurrencies and blockchain technologies. In addition to giving significant investment returns, digital assets technologies may potentially change the banking, finance and art industries in the future.

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