Ethereum ETF Coming - It Matters WAY More Than You Think!

Boxmining

13.5K views 110 1 years ago

Description

The first ever Spot Ethereum Exchange-Traded Fund (ETF) has been filed in cryptocurrency history by ARK Invest and 21Shares. This signals the start of a huge race for ETF applications for other global...

The first ever Spot Ethereum Exchange-Traded Fund (ETF) has been filed in cryptocurrency history by ARK Invest and 21Shares. This signals the start of a huge race for ETF applications for other global financial institutions. It is very likely we will see a massive demand for ETH as well other cryptos very soon. Here is why... ●▬▬▬▬▬▬▬Chapters▬▬▬▬▬▬▬● 0:00 Intro 0:15 ETH Spot ETF 1:35 Bitcoin Accounting Rule Change 3:45 Whale Lost $24m to Phishing Attack 4:36 Alex Mashinsky & SBF 5:41 My Personal Take on Bitcoin Market 🌼 GET $30,000 in rewards on Bybit: https://partner.bybit.com/b/boxyt ●▬▬▬▬▬▬▬Recommendations▬▬▬▬▬▬▬● 📲Binance Exchange: http://boxmining.co/binance 📖 Guides, tutorials and insights: https://boxmining.com/ 🔒Hardware Wallet: http://boxmining.co/ledger 👍🏻Brave Browser: http://boxmining.co/brave ●▬▬▬▬▬▬▬▬▬▬Community▬▬▬▬▬▬▬▬▬● Boxmining clips: https://www.youtube.com/channel/UCjFy3VBgOZanySOLhQu6GaQ Boxmining News Website: https://www.boxmining.com/ Telegram Group: https://t.me/BoxminingFam ●▬▬▬▬▬▬▬▬▬▬▬Social▬▬▬▬▬▬▬▬▬▬▬● Twitter: https://twitter.com/boxmining Discord: https://discord.gg/9qCpqpZm8G Facebook: https://www.facebook.com/boxmining ●▬▬▬▬▬▬▬▬▬▬DISCLAIMER▬▬▬▬▬▬▬▬● Boxmining, including its employees, are not affiliated with and do not endorse or sponsor any token sales, initial coin offerings, initial exchange offerings and/or airdrops (the “token sales”) unless clearly disclosed. The contents of these videos are for information purposes only. Boxmining and its employees do not provide investment advice and do not take one’s personal circumstances into consideration when providing information about token sales and cryptocurrency exchanges or platforms. In light of the above, Boxmining and its employees may hold the cryptocurrencies mentioned in the videos. Please note that there are legal requirements in various countries that may restrict token sales, and furthermore, the access to, and products and services provided by any of the cryptocurrency exchanges or platforms mentioned in these videos. Consequently, the contents of this video are not directed at or intended to be accessible by persons in any jurisdiction where the extension of the availability of the materials to which you are seeking access would breach any applicable law or regulation. Decisions to participate in token sales or to buy, sell or hold cryptocurrencies, as well as the access to and use of any cryptocurrency exchange or platform involves risk. You are also responsible for informing yourself about and observing any restrictions and/or requirements imposed with respect to any such token sale, or the access to and use of any cryptocurrency exchange or platform. You must use your own judgment or consult a professional for advice on such matters.

AI Analysis

Get ready, because the crypto world just got a huge shake-up with ARK Invest filing the very first Spot Ethereum ETF! This isn't just some boring financial news; it's a massive step towards bringing trillions of dollars of institutional money into the crypto space. On top of that, there's a really important accounting rule change for Bitcoin that's going to make it way more appealing for big companies to hold, plus some crucial safety tips and market predictions you'll want to hear.

Here's a breakdown of the key stuff:

* Ethereum Spot ETF is a Game Changer: The big news is ARK Invest's filing for the first-ever Spot Ethereum ETF. This matters immensely because huge institutional investors, the ones managing trillions of dollars, often have strict rules about what they can invest in. They're typically limited to regulated financial products like Exchange-Traded Funds (ETFs). So, having an Ethereum ETF means these massive pools of capital can finally flow into ETH. We've seen a similar "race" for Bitcoin ETFs with filings from giants like BlackRock and Fidelity, and now that ARK Invest has kicked it off for Ethereum, other big firms like VanEck and BlackRock are probably going to jump in too if they don't want to miss out. This is a huge unlock for bringing serious money into crypto.
Bitcoin Accounting Rule Change (FASB): There's a seemingly boring but actually super significant accounting rule change from the Financial Accounting Standards Board (FASB) for how companies report their Bitcoin holdings. Previously, companies could only report Bitcoin at its lowest point* during the year, which meant even if the price recovered and went up, it looked like a loss on their balance sheet. Imagine buying Bitcoin at $8,000, it dips to $4,000, then jumps to $25,000 – under the old rules, you'd still have to record it at $4,000, making it look like a loss. Now, they can report it at "fair value." This is a huge deal because it makes holding Bitcoin look much better cosmetically on a company's balance sheet, encouraging a lot more businesses, especially those without an outspoken CEO like Elon Musk, to invest in and hold Bitcoin without looking "silly" to shareholders.
Whale Loses $24 Million to Phishing Attack: In a pretty brutal piece of news, a crypto "whale" lost a staggering $24 million worth of Ethereum due to a phishing attack. This happened because the individual likely clicked a malicious link that asked for their approval, and then bam, their funds were gone. This isn't an isolated incident; these kinds of scams happen constantly in the crypto space. A common trap is clicking links on social media, like Twitter, often from accounts with blue checkmarks that appear legitimate, but are actually fake giveaways or scam links. The crucial takeaway here is to be extremely careful and never* click on random links, especially if they ask for wallet approvals, as this is how hackers gain access to your funds.
* Alex Mashinsky & SBF Updates: Alex Mashinsky, the former CEO of Celsius, finally had his home and assets frozen in a criminal case against him. He was prosecuted back in July for running a fraudulent crypto business, but it seemed like the legal process was moving slowly compared to others. Now, the law is catching up, and his property is being restrained. On the note of Sam Bankman-Fried (SBF), he's still in jail. His attempt to get released was denied by prosecutors. Apparently, he's been granted access to three hard drives worth of material and a giant laptop battery to prepare for his case, which sounds a bit over-the-top considering modern file sizes.
Personal Market Outlook for Bitcoin: Despite the current fear, uncertainty, and doubt in the Bitcoin market, there's a grounded perspective that suggests things might surprise us. We're currently in a "bad month" with most of the significant good news not expected until 2024, and the SEC is still being tough on crypto. However, many people are currently betting against* the market by short-selling Bitcoin. This sets up a scenario where the market could potentially execute a "short squeeze," pushing Bitcoin price suddenly above $27,000, where many short sellers have their stop losses. After that potential pop, it might follow the dollar's trajectory, possibly dipping to $21,000 or even slightly below $20,000, though a drop to $16,000 seems unlikely. The key prediction is that it will then stabilize and move up towards the end of the year. This period of quiet, boring times, even with potential dips, is highlighted as a "huge and awesome accumulation period." It's during these moments, when most people aren't paying attention, that you can DCA (Dollar-Cost Average) into Bitcoin and Ethereum at potentially great prices, much like those who bought in 2019 at significantly lower levels. The presenter feels that enduring and sustaining through these quiet times is the "essence of crypto" and what builds long-term success.

Transcript

So we got something really exciting today. ARK Invest filed the first ever Ethereum ETF. Before you say WTF is that and why does it matter, my name is Michael and welcome back to BoxMining. So why does this matter? Why is this important? Why am I excited for this? It is because it all has to do with institutional money moving into the cryptocurrency space. You see, for a while now we got Bitcoin and Ethereum both sitting in the billion dollar market cap, right? But there's a problem. It's not t...

So we got something really exciting today. ARK Invest filed the first ever Ethereum ETF. Before you say WTF is that and why does it matter, my name is Michael and welcome back to BoxMining. So why does this matter? Why is this important? Why am I excited for this? It is because it all has to do with institutional money moving into the cryptocurrency space. You see, for a while now we got Bitcoin and Ethereum both sitting in the billion dollar market cap, right? But there's a problem. It's not trillions of dollars yet. We wanted to go into trillions, but the people who hold trillions of dollars, they have a lot of legal responsibility to make sure funds are good. So a lot of fund managers who hold trillions of dollars, they can only invest in ETFs, which is why these ETFs really matter and which is why filing for ETFs has become such big news. If you followed Ethereum's big brother Bitcoin, Bitcoin has multiple ETFs being filed right now. We got Fidelity, we got BlackRock, we got Grayscale, the list goes on and on. And they've all filed for ETF applications and that's all underway. People are thinking, yes, victory is almost assured on Bitcoin side. Let's go to Ethereum. And this is the start of the race for Ethereum too. Now that ARK Invest has done it, well, people are eyeing other big firms like BlackRock, are you going to do that? VanEck, are you going to do that? If not, you guys are going to miss out, right? So you better hurry. Next up, we have a piece of news that looks really boring from the outset. It has to do with the FASB, the Financial Accounting Standards Board. So this piece of news basically is an accounting rule change for Bitcoin. What this has to do is it has to do with companies holding Bitcoin and how they report losses or gains. Before they were playing ultra conservative, basically companies can only report the lowest point of Bitcoin at that year. But now we're moving that to fair value. This is actually super important for companies that want to get into Bitcoin. Because if they can only report the lowest point, let's say for example, hypothetically, you're this company that invests and bought into Bitcoin at 8,000. Then throughout that year, Bitcoin prices dropped to 4,000 before moving to 16,000 and now 25,000. Before, technically under the old rules, you'll only be able to record Bitcoin at the value of 4,000. Which doesn't really make sense, which means you're at a loss. But actually, you're in a game. This change is really significant for how Bitcoin looks cosmetically on the balance sheet of these big companies. Let's say for example, Tesla, you know, like they're holding Bitcoin, right? They're fine because Elon Musk is very vocal and he does whatever he wants. But for other, you know, slightly more spineless CEOs, loss on Bitcoin and investment into Bitcoin might look really silly to their shareholders investors, right? So by accounting it into fair value, that this actually promotes a lot more companies to be able to invest into Bitcoin. Now, before we continue, let's have a quick word from our sponsor, Bybit. Bybit is a top cryptocurrency exchange and now they are listing new coins the fastest with the most volume, which is pretty insane if you want to get in on all that crypto action. If you do want to join the Bybit exchanger, it's a limited time offer, which is 50 US dollars. If you do the first KYC and you load more than a hundred dollars into the exchange. If you're interested, sign up with the link down below and you'll automatically get in this offer. Remember, it's only for the first 100 people to do so. So what are you waiting for? This next one is pretty brutal, right? If you guys can see this, this whale has lost 24 million dollars worth of Ethereum to a Fisher. This likely happened because the guy clicked on a link that asked for his approval and he thought this was safe, right? And then bam, his money's gone. And this really goes to show this isn't the first time something like this has happened, but this actually happens all the time in crypto. And one of the most common ways this happens is that, let's say for example, you're just browsing Twitter and you say, oh, look, there's giveaways or something like this. And, you know, it even seems legit because it's from some guy with a blue check mark, right? But a lot of times these links are fake and then bam, your coins are gone. So what I really suggest is if you want to be really safe, make sure you don't click on random links. These like little tiny details you really have to pay attention to when it comes to everything like this. Next up on the news, we got Alex Mashinsky. Finally, it seems like his home and assets are frozen in a criminal case against him. So as you guys know, he also ran a fraudulent crypto business. He was prosecuted earlier on in July, but he was just walking around. Unlike with Sam Beckman-Fried, like things didn't go after him as quickly. But now finally the law is catching up and saying, you know what? Yeah, his, his property, his other interests, you know, they're being frozen and he's being restrained. On the note of Sam Beckman-Fried as well, he's still in jail. So he tried to apply for a release, but nah, um, the prosecutors aren't allowing that. And, um, nope, he's going to stay in jail for a while. Last we checked up on him, he has three hard disks worth of material apparently to prepare for his case, uh, lost case and a giant battery for his laptop. That's what the court granted. I highly doubt he has three, uh, uh, heart is full of, you know, case files. I mean, come on guys, it's 20, 23 and files are like tiny size. The only thing that's that big, you know what I mean? Lastly, I want to just address some concerns about the market, right? So yes, Bitcoin is having a lot of fear and searching and doubting, but here's a really, I guess a grounded, I would say that a very grounded take on the market. Um, not financial vice, but this is what I'm going by. I feel like Bitcoin right now. Yes, we're really stuck. Um, but I think a lot of people are betting against the market right now, right? First of all, it's a bad month. Second of all, most of the good news isn't going to come until 2024. So, you know, there's not much point to pay attention right now. On top of that, the SEC is still going crazy, possibly going to be stopped next year, but this year still bad, right? So here's what I think you'll do. The market's going to surprise us a little bit. I feel like everyone's leveraging selling Bitcoin at this point. It could be the case that it's going to be quite the expectations and Bitcoin might just suddenly have a short squeeze and short squeeze a little bit of of $27,000, right? That's where a lot of people set their stop losses at if you're short selling. So, you know, the market's going to be a giant douchebagger. So it might just, you know, pop a little bit before that. Then of course, it's going to follow the dollar trajectory for a while. It might go as low as $21,000 and it may be even lower. Maybe actually might dip below 20,000. Some people say 16,000, but I don't think it'll go all the way there and then stabilize. And then of course, towards the end of the year, we'll move up. This is my current prediction of course, right? But the reason why is because this marks a huge and awesome accumulation period. And because there's so much good stuff happening next year, I think right now during the most quiet time, most boring time, this is the time when we have to say, we are the heroes. If you're watching to this point, you are a hero, right? You're a legend. Because when you are able to DCA at these prices, holy shit. And I made this video before on the way in 2019, right? I said this like a million times. I feel like so desensitized by now, but you know, back then we're talking about thousands of dollars for Bitcoin and hundreds of dollars for Ethereum. And you know, if you bought at that time, you made it. So if you're still watching here, you are a legend and you know, being able to keep up and being able to sustain, that was what got me here. And I think this is what is the essence of crypto. Anyways, guys, thank you so much for watching this video. I'm actually coming back to do more videos now. Like I said, just like, because I see and I, this opportunity and I feel like it's something that I can't miss out on. So make sure you just comment on what you like and dislike and what you want to see in the future. On top of that as well, just follow me on X. I've been posting a lot more on X and it just gets you guys much more up to date. I'm thinking so follow me on X and I'll see you soon.