Bridging Tokens on Arbitrum: All You Need to Know

As the demand for Ethereum increases, its blockchain often becomes clogged, resulting in increased transaction fees and slower speeds. However, Layer-2 networks like Arbitrum offer a solution to these issues.

Arbitrum uses “optimistic rollups,” which lower transaction costs by operating outside the Ethereum network. This guide details bridging tokens to this layer-2 network, the wallet setup, and how to reduce costs.

What Is Arbitrum and What Are Its Advantages?

Arbitrum is a layer-2 scaling solution that processes transactions off-chain before transferring them to Ethereum. This solution keeps the Ethereum blockchain secure, lessens transaction costs, and speeds up transactions.

How To Bridge Tokens on Arbitrum

Step 1. Create a wallet

You need an Ethereum and layer-2 network-compatible wallet such as MetaMask or Trust Wallet. Once you have a wallet, set it up for this network.

• Select a wallet: Crypto users preferably use MetaMask and Trust Wallet. Trust Wallet is a mobile application, while MetaMask is a browser extension.

• Integrate the Arbitrum network to MetaMask:

i. Open MetaMask and select “Ethereum Mainnet” from the dropdown menu.

ii. Click on “Add Network” and fill in the details below:

• Select ‘Arbitrum One’ for Network Name

• RPC: `https://arb1.arbitrum.io/rpc` 

• Chain ID: 42161

• Symbol: ETH

• Block Explorer URL: `https://arbiscan.io/` 

iii. Arbitrum should appear in your network’s list after saving these settings.

• Hold enough ETH in your wallet for the gas fee. The gas fee is needed to convert your tokens to another network.

Step 2: Bridge Tokens to Arbitrum

• Visit the official Arbitrum Bridge website.

• Link the wallet. Click “Connect Wallet” on the bridge portal to find options like MetaMask and others. Once clicked, enable access to the wallet you wish to use.

• Once the wallet is linked and ready, select the token network to transfer and add the amount you intend to transfer. Note that some tokens require an approval transaction, an additional step for security.

• Finalize the transaction. Click on “Bridge” or “Transfer.” The system will display the gas fees necessary to execute the transfer.

• Confirm the transaction status: The duration of a transaction solely depends on whether the Ethereum network is congested. Once the transition is completed, the assets will be reflected in your Etherscan wallet within a short period.

Step 3: Cutting Down Expenses

Even though this layer-2 integration reduces transaction costs, some costs remain. Below are some valuable strategies for minimizing costs.

• Avoid peak times: Gas fees can shoot up during specific periods. So, carry out bridging during the week or late on weekends.

• Utilize Gas Fee Trackers: Platforms like ETH Gas Station or Etherscan’s gas tracker current gas fees for transactions.

• Keep an ETH Reserve: If gas prices soar suddenly, have more than the required ETH in your wallet. Thus, you can prevent your transactions from failing.

Step 4: Verify Token Compatibility

Before you move your tokens to Arbitrum using the bridge, ensure your token is supported on this blockchain. Then, confirm your token compatibility by checking the Arbitrum Bridge Interface.

If you need clarification on any documents a third party provides, seek clarification from the network’s community before you bridge tokens on the network.

Troubleshooting Common Bridging Issues

If you encounter issues during the bridging process, here are some solutions for common problems:

• Failed transactions:  If your transaction wasn’t successful because of insufficient gas, increase it and resubmit. Use gas trackers to determine the appropriate fees before you start the bridge tokens process.

• Errors relating to network configuration: Verify that the Arbitrum network information you entered for your wallet is correct. Also, re-check the RPC URL, the chain ID, and other details before initiating the bridging process.

• If the tokens do not show in your wallet after bridging, try the following:

  Add the token manually: Click on the ‘Import Tokens’ option in Metamask, then enter the token contract address obtained from Arbiscan, Arbitrum’s block explorer.

View the current transaction status: To find out the transaction status, search for your wallet address or a transaction hash on Arbiscan.

Refresh the crypto wallet: Exiting and logging back into the wallet can help resolve bridged token display problems.

Conclusion

Arbitrum is an attractive solution for developers and users willing to access Ethereum’s ecosystem but put off by the latter’s high fees and slow transaction speeds. By following the steps in this guide, you can bridge tokens into Arbitrum simply and effectively.

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SEC Approval for Solana ETF Will Happen in 2025 – VanEck

Since Donald Trump’s election, the clamour for Solana exchange-traded fund (ETF) approval in the United States has gained traction. According to Mathew Sigel, VanEck’s head of digital asset research, the industry expects the US Securities and Exchange Commission (SEC) to greenlight more crypto-based products before the end of next year.

A New Era for Crypto ETFs

The result of the 2024 US presidential election has rekindled hope in the digital asset space, especially the authorization of crypto-backed ETFs. Accordingly, industry insiders predict that Trump’s election would result in a friendlier regulatory environment for digital assets, which might open the door for the approval of several crypto ETFs that have been waiting for regulatory approval for a long time.

Several asset managers submitted applications to list ETFs for altcoins such as Solana (SOL), Ripple (XRP), and Litecoin (LTC), reflecting heightened interest in diversifying the crypto investment market. These filings also included proposals for crypto index exchange-traded funds (ETFs), which aim to expose investors to a wide range of tokens.

However, the current SEC administration has yet to approve any of them. Instead, it has launched over 100 enforcement proceedings against the sector. As the SEC begins reviewing Grayscale’s request to launch an ETF encompassing diverse cryptocurrencies, observers believe the stage is set for significant changes in the crypto landscape.

Potential Leadership Changes

The prospect of new leadership at vital regulatory agencies has further reinforced industry optimism. According to reports, Trump is considering appointing Republican CFTC commissioner Summer Mersinger as the new SEC chair.

The CFTC chair has a reputation for supporting a more accommodative approach to cryptocurrencies, as the chair of the Commodity Futures Trading Commission (CFTC). The CFTC is also a top regulator of the cryptocurrency markets in the United States, similar to the SEC. However, it has less authority than the US SEC.

A change in leadership may impact how crypto regulation develops, allowing the operations of other crypto ETFs in addition to Bitcoin and Ethereum ETFs.

Solana Dominates the NFT Market

As the regulatory environment changes, Solana has become a significant player in the non-fungible token (NFT) market. On-chain data shows that the market cap of Solana’s NFT ecosystem soared by $1 billion to $5.94 billion in the last week.

With almost 55% of the market, Solana has surpassed rivals like Polygon and Ethereum regarding daily NFT user engagement. Moreover, Solana has 18,000 daily users, establishing itself as a dominant force in the NFT market, unlike Polygon’s 5,100 and Ethereum’s 3,500.

Furthermore, this ecosystem’s rise has been fuelled by top-performing NFT collections like Mad Lads and SMB Gen 2, while newcomers like Luces have quickly garnered popularity. In addition, data from the NFT analytics platform Cryptoslam shows an 11% increase in total transactions and an 85% increase in NFT sales volume on Solana.

SOL Token Faces Market Fluctuations

Solana’s native coin, SOL, has shown volatility despite its success in the NFT space. Following early gains, SOL’s value dropped 4% daily, indicative of the market’s overall mood.

Even though these swings are expected in the cryptocurrency industry, Solana’s sustained leading position in the NFT market offers a solid basis for SOL’s price uptrend in the near term.

Surge in Malicious Activities on the Solana Network

Nevertheless, the Solana network faces rising threats of phishing scams, with the Backpack Wallet being the prime target. The wallet became the focus of attention after more than 71,000 illegal acts were discovered on the Solana network between June and September 2024.

This number indicates that attackers have exploited over 5% of these wallet owners, losing almost $26.6 million worth of digital assets. In addition, this data highlights a broader pattern of vulnerabilities in the Solana ecosystem’s decentralized finance (DeFi) and NFTs, where phishing scams and harmful decentralized applications (dApps) continue to target users.

Moreover, the rapid rise in meme coin trade on the Solana network has made malicious actors target users of this network more than those on other networks. Furthermore, the focus on Solana rather than established networks such as Ethereum demonstrates a deliberate shift by hackers looking to exploit user and platform security vulnerabilities.

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Bitcoin ETFs Inflow End with $400M Outflows: What to Know

Spot Bitcoin ETFs in the United States experienced their first net outflow since Donald Trump’s election as president, marking the end of an inflow streak that began on Nov. 5. According to data from Farside Investors, 11 Bitcoin ETFs collectively posted a $400.7 million outflow on Nov. 14, coinciding with a 2% drop in Bitcoin’s price to $88,200.

Significant Outflows Across Top Bitcoin ETFs

The largest outflow was from Fidelity’s Bitcoin ETF, which recorded $179.2 million in withdrawals. The ARK and 21Shares joint ETF followed with $161.7 million, while Bitwise’s ETF saw $113.9 million in outflows.

Grayscale’s Bitcoin Trust and its mini version reported combined outflows of $74.9 million. Despite the broader decline, BlackRock’s iShares Bitcoin Trust ETF stood out, attracting $126.5 million in net inflows.

Also, VanEck’s Bitcoin ETF posted $2.5 million in inflow. Notably, the crypto market’s performance mirrored political events. Bitcoin rallied nearly 30% from $68,000 to $93,500 between Nov. 5 and Nov. 13, spurred by what crypto market players term “Trump trade.”

The surge came amid optimism surrounding pro-crypto policies and promises to stimulate the economy.

Rally Ends After Record Inflows

These outflows mark a significant shift in market sentiment following sustained inflows during Bitcoin ETFs’ historic growth phase. Previously, Bitcoin ETFs recorded their highest-ever daily inflow of $1.37 billion on Nov. 7.

The last notable outflow from Bitcoin ETFs occurred on election day, Nov. 5, amid market uncertainty surrounding the presidential race. However, once Trump’s victory was confirmed, inflows surged as investors anticipated economic growth and regulatory clarity.

Like Bitcoin ETFs, like Ether ETFs

Like Bitcoin ETFs, spot Ether ETFs also saw outflows for the first time since Trump’s win. A total of $3.2 million exited Ether ETFs on Nov. 14, with Ether’s (ETH) price dropping nearly 5% to trade below $3,100.

Grayscale’s Ethereum Trust ETF led with $21.9 million in outflows. Conversely, BlackRock’s iShares Ethereum Trust attracted $18.9 million in inflows, and Invesco’s Ether ETF saw a $900,000 inflow.

Bitcoin Price Will Not Dip to $60,000 – Saylor

Meanwhile, MicroStrategy founder and Bitcoin advocate Michael Saylor remains optimistic about Bitcoin’s trajectory, asserting that it will not dip to $60,000 as speculated by some analysts. In a recent interview, Saylor said, “I don’t think it is going to $60,000, it is not going to $30,000; I think it is going to go up from here.” 

Saylor expressed no concerns about near-term threats to Bitcoin’s upward movement. He added that Donald Trump’s re-election solidified the regulatory outlook for cryptocurrency in the United States. 

Saylor also revealed plans for a celebration when Bitcoin hits $100,000, suggesting the milestone could occur as early as December. Other market observers echo Saylor’s optimism.

Keith Alan, co-founder of Material Indicators, suggested Bitcoin could reach $100,000 as soon as Nov. 28, coinciding with the Thanksgiving holiday in the United States. 

Mixed Opinions on BTC’s Price Action

However, CryptoQuant CEO Ki Young Ju cautioned that Bitcoin could end the year below $59,000, citing concerns over an overheated futures market. Pseudonymous trader Ash Crypto predicted more liquidations but maintained that Bitcoin would continue setting new highs. 

Saylor also commented on the regulatory changes under the Trump administration. He said that pro-crypto policies could create a “digital assets framework” and end what he described as the “war on crypto.” 

US’ Bitcoin Reserve Strategy

During the Cantor Crypto, Digital Assets & AI Infrastructure Conference, Saylor expressed his support for the proposed US Bitcoin Reserve Bill, calling it the “greatest deal of the 21st century.” The bill aims to accumulate 1 million BTCs, or 5% of the total supply, for the United States over five years. 

The MicroStrategy founder claimed that the legislation could generate up to $30 trillion in economic benefits over 21 years if enacted. Despite Saylor’s enthusiasm, Galaxy Digital founder Mike Novogratz argued there’s a “low probability” that President-elect Trump would implement a Bitcoin strategic reserve.

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Solana Price Retests $220, Eyes All-Time High

The Solana ecosystem is seeing increased activities as the price of SOL retested the $220 level for the first time since 2021. Hence, it’s likely that its native token SOL is about to enter a bullish phase coinciding with the broader market uptrend.

Solana Price Surge and Robinhood Relisting

SOL saw a significant price spike on November 13 and returned to the $200 range. As a result of this upswing, SOL’s price temporarily peaked at $220. Robinhood’s decision to relist SOL on its trading platform boosted market confidence, coinciding with the price rise.

The relisting on Robinhood coincided nicely with the bullish technical signals for SOL. One such signal was the appearance of a “bull flag” formation on the weekly chart.

This pattern usually indicates that a price spike is imminent. According to analysts, if Solana can sustain its current levels, it could experience additional upward momentum, setting it up to rise above its all-time high of $260.

Technical Analysis Hints at Bullish Momentum

Moreover, the Bull Bear Power (BBP) measure suggests a bullish run for SOL. The BBP showed that buyers maintain the cryptocurrency’s price above the 13-period Exponential Moving Average (EMA), indicating strong market sentiment.

The Parabolic Stop and Reverse (SAR) signal supports this positive outlook. The SAR, frequently used to determine the direction of trends and possible reversals, has kept its dots below Solana’s price level.

Given that the SAR usually only indicates a trend reversal when the dots go above the price, its current stance implies that SOL’s price may continue upward. Historical trends further support this bullish trend.

SOL has a history of generating double-digit growth after similar SAR indications. If history repeats and the other signals hold, Solana may hit $260 shortly.

Record-Breaking Trading Volumes

Aside from price trends, Solana’s decentralized exchange (DEX) ecosystem has also shown impressive growth. According to data from DeFiLlama, Solana DEXs have had record-breaking trade volumes in recent days.

Trading volumes started to exceed $5 billion per day on November 11 and reached $7.03 billion by November 13. This spike in volume highlights Solana’s growing popularity in the DeFi market, where it has led other blockchains in DEX trading activity for three weeks in a row.

Raydium and Orca are the leading performers in this ecosystem. Raydium accounts for 62.47% of Solana’s entire DEX trading volume.

It had $4.32 billion in daily trades and a trading volume of $19.56 billion last week, representing a 127% increase. Orca has a 24-hour trading volume of $1.57 billion and a seven-day total of $6.42 billion.

Solana Outpaces Ethereum in DEX Trading Volumes

One of the most remarkable aspects of Solana’s recent achievements is its consistent outperformance of Ethereum in DEX trading volumes. Artemis.xyz data shows that Solana’s DEX activity has outpaced Ethereum’s for four days.

As Ethereum’s volumes declined, the volume difference, which was $0.2 billion on November 1, gradually grew. By November 9, Solana’s DEX trading volume was nearly $4.6 billion, while Ethereum’s was only $2.4 billion.

Then, on November 13, the Ethereum rival’s DEX trade volume reached $6.9 billion, more than doubling Ethereum’s $3.4 billion, setting a new high in volume difference. This supremacy shows Solana’s competitive advantage in transaction speed and scalability.

Even though Ethereum has been around for a while, it has had problems with expensive fees and poor transaction times, which Solana doesn’t. Accordingly, this Ethereum rival attracts traders and investors looking for quick and inexpensive transactions, strengthening its position as the industry leader.

Solana’s Future Outlook

Given its recent price spike, breakout technical signs, and growing DeFi footprint, SOL is in a solid position to continue its upward trajectory. If it succeeds, this network could maintain its position as a significant force in the cryptocurrency and DeFi markets, making it the adequate substitute for more established blockchain choices like Ethereum.

Meanwhile, Ethereum and other altcoins have seen a spike in market capitalization, coinciding with Bitcoin’s all-time high.

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Ethereum ETFs Hit Record $295M Inflow as Market Rallies

Historic Inflows Mark Growing Interest in Ethereum ETFs

Ethereum ETFs in the United States recorded a historic $294.9 million in inflows on Nov. 11, marking their largest single-day inflow since their July launch. This surge highlights the growing interest in Ethereum ETFs as the crypto markets’ rally continues post-election.

Fidelity’s spot Ethereum ETF led the inflows, securing $115.5 million, the highest on that day. In addition, BlackRock’s iShares Ethereum Trust ETF captured $100.5 million, while Grayscale’s Ethereum Mini Trust ETF reported $63.3 million.

The Bitwise Ethereum ETF recorded a smaller, yet notable, $15.6 million inflow. This influx of capital into these funds reflects an increasing appetite among investors looking for exposure to Ethereum without directly holding cryptocurrency.

With spot Ethereum ETFs, traditional investors can tap into Ethereum’s performance, avoiding the complexities of crypto wallets and direct asset ownership. These funds, launched in July, initially garnered $106.6 million on their first day, but this November record signifies an accelerated momentum for Ethereum ETFs.

Post-Election Rally and Increasing Demand for Ethereum ETFs

Donald Trump’s recent election win has contributed to this surge, as market participants anticipate a pro-crypto administration supportive of blockchain adoption. According to CK Zheng, founder at ZX Squared Capital, Ethereum ETFs could benefit from this environment.

He added that a pro-blockchain stance could drive further investments in Ethereum ETFs.

Ethereum Gains Traction Amid Broader Market Surge

Meanwhile, according to CoinGecko, Ether’s price reached a 14-week high of $3,384 on the same day. This price surge aligned with a broader crypto market uptick, as Bitcoin and Solana also experienced notable gains.

While Ethereum staking returns aren’t accessible through US Ethereum ETFs, analysts like Rachael Lucas from BTC Markets expect staking to become a stronger consideration for traditional investors, further enhancing Ethereum’s appeal. The interest in Ethereum ETFs could mark a shift in the investment landscape as more institutional players warm up to ETH’s potential in the coming months.

Since their launch, these Ethereum ETFs have accumulated nearly $3.1 billion in inflows. BlackRock’s Ethereum ETF remains the top performer among them, with inflows surpassing $1.5 billion since July.

Notably, the Grayscale Ethereum Trust ETF (ETHE), launched earlier, has experienced outflows totaling around $3.13 billion.

Ethereum Weekly Transactions Surge to $60B

Moreover, Ethereum’s weekly transaction volume has surged to $60 billion, reflecting heightened network activity. The mainnet has processed a record number of transactions over the past week, its highest weekly volume since July.

Ethereum’s popularity appears to be rising, even as its price fluctuates below its peak levels. Data from IntoTheBlock indicates that this volume had gradually recovered from its mid-2022 lows when activity initially slowed amid market-wide bearish conditions.

The surge in weekly transaction volume suggests growing demand, even as the ETH price experiences minor fluctuations. This aligns with historical trends in which Ethereum’s transaction volume and price have typically moved in parallel, reflecting high market interest during bull runs and downturns.

Key On-Chain Metrics

According to DefiLlama, Ethereum’s Total Value Locked (TVL) across DeFi applications now stands at $59.327 billion. Stablecoins hosted on the Ethereum network have a combined market cap of $89.517 billion, underscoring Ethereum’s role in the broader DeFi ecosystem.

Over the past 24 hours, ETH has processed $2.387 billion in transactions and recorded $72.74 million in inflows, illustrating the network’s substantial daily throughput. Active user participation also remains strong, with 391,248 active addresses and 64,793 new addresses created in the past day.

Furthermore, high-value transfers (transactions exceeding $100,000) accounted for $51 billion in weekly activity, which suggests substantial engagement from large investors and institutions.

Holder Insights and Market Trends

Additionally, large holders control 53% of Ethereum’s total supply, pointing to a high concentration of wealth among top investors. This distribution signals strong confidence in Ether’s future.

Another indicator of Ethereum’s broader market alignment is its correlation with Bitcoin, currently at 0.84. This close relationship with Bitcoin shows that Ether’s price movements often mirror the overall crypto market, providing insights into its volatility and momentum.

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How the Bitcoin Mempool Works: A Beginner’s Guide

The Bitcoin mempool stores and ranks unverified transactions according to fees, enabling miners to select the most profitable ones. Understanding its operation enables you to maximize your payments and prevent delays, guaranteeing more seamless and reasonably priced transactions on the Bitcoin network.

Here is a guide on what it is and how it works.

The Bitcoin Mempool Definition

An acronym for “memory pool,” “mempool” refers to unverified storage for Bitcoin transactions. When you send Bitcoin, it does not immediately appear on the blockchain until a miner puts it into a block.

Before the miner’s action, your transaction resides in the mempool of the Bitcoin nodes. Since every node has a mempool, the entire network has several and not only one.

How Does the Bitcoin Mempool Function?

Once you initiate a Bitcoin transaction by signing and broadcasting it, it is shared over the network with the other nodes. As long as the transaction fulfills the required conditions, each node appends it to its respective mempool.

A mempool works like a waiting area where transactions remain until miners choose them and embed them in a block. The steps below indicate how the transaction procedures are carried out.

• Transaction broadcast: Signing and broadcasting a transaction results in its transmission across the network’s nodes.

• Confirmation: Nodes ensure the transaction is accurate and valid. This entails authenticating the signatures, confirming that the inputs were utilized, and determining whether enough fees were paid.

• Mempool Deposit: As long as the transaction is appropriate, the node will store it in the mempool until a miner can implement it.

• The Miner’s Selection: Seeing more than one transaction in the mempool is possible, and miners choose the most expensive transactions first. Miners’ fees for confirming a transaction depend on the number of transactions they’ve already confirmed.

• Confirmation of a Transaction: After a miner includes a transaction in a new block, it’s considered confirmed, and all mempools erase it.

Why It Matters

The mempool helps the network be efficient and secure. The mempool

• Allows miners to confirm more urgent transactions.
• Captures transactions temporarily and helps prevent network congestion.
• Eliminates concerns like double-spending since only valid transactions exist, having been validated by nodes.

The Impact of Transaction Fees

Fees play a big role in the time for a transaction to be confirmed on the network. A miner will not be motivated to process your transaction if your fee is too low.

Instead, they would wait for optimal conditions. An optimal condition is when there is an abundance of fees in the mempool, and miners select. Suppose Bitcoin’s mempool (usually between 300 MB and a higher limit) has exceeded its maximum limit. In that case, nodes will begin discarding the transactions with the lowest fees to enable the addition of further transactions.

Monitoring Transactions and Handling Congestion

With monitoring tools, you can assess the number of transactions pending in the queue and the average associated cost for every transaction. This can help you determine the fee you must include to confirm your transaction and complete it on time.

Bitcoin Mempool congestion occurs when the volume of transactions exceeds the mempool space in the network. In times of congestion, users can increase the transaction fee to prioritize their transactions.

When you observe congestion in the mempool, you can:

• Raise Your Fee: Paying a higher transaction fee will place your request at the top of the list.

• Use SegWit Addresses: Take advantage of SegWit to lower the cost of transactions since it decreases the transaction’s data size. Thus enabling a faster confirmation of your transaction.

Conclusion

The Bitcoin mempool is important for efficient processing and smooth network running. It also ensures that miners obtain as much reward as possible through fees.

Knowing the workings of the mempool, its relation to fees, and how it impacts your transactions will make it possible for you to use Bitcoin with fewer technical hitches and lower waiting times.

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Ethereum Foundation Allocates $500M to Ecosystem Growth

Ethereum Foundation Deploys $500M to Projects

The Ethereum Foundation disclosed that it deployed nearly $500 million to ecosystem projects between 2022 and 2023. According to its 2024 annual report, $497 million was allocated to support various projects, with the Foundation contributing $240.3 million, equating to 48.3% of the total funding.

Funding came not only from the Ethereum Foundation but also from MakerDAO (now rebranded as Sky), Gitcoin, Optimism, Aragon, Decentraland, Uniswap, MetaMask DAO, Starknet, Protocol Guild and other Ethereum-built ecosystems. This collective effort highlights significant support within the Ethereum community.

$22.2 Billion in Ecosystem Treasury

In addition to deployed funds, the Ethereum Foundation noted that the ecosystem is backed by over $22 billion in Treasury resources. These resources include assets held by various organizations, foundations, and decentralized autonomous organizations (DAOs).

Nevertheless, the Ethereum Foundation retains $970 million in its Treasury. The report clarified that these Treasury funds consist of liquid and vested assets.

The report explained that liquidating a significant portion of a project’s Treasury could drastically affect the token’s market value. Despite this challenge, the Foundation pointed out that these treasuries have a “depth of reserves,” and deploying a fraction would sufficiently support and expand the ecosystem for years.

Ethereum Foundation Incorporates New Conflict of Interest Policy

The Ethereum Foundation also highlighted introducing a conflict-of-interest policy to enhance transparency and maintain integrity. This policy requires Ethereum Foundation members’ disclosure for non-Ether investments exceeding $500,000.

The aim is to prevent any conflicts from influencing decision-making processes. If an investment poses a conflict, members involved will be excluded from related decisions.

Executive Director Aya Miyaguchi noted on X that this measure is intended to “strengthen the integrity” of the Foundation and uphold trust within the ecosystem.

Ethereum Eyes $3200 as ETF Inflows Rise

Meanwhile, the price of Ethereum (ETH) is poised for a breakout above $3,200, fueled by a surge in ETF inflows after Donald Trump’s re-election. Trump’s victory has significantly boosted crypto market sentiment, with analysts predicting strong performance for Bitcoin (BTC) and Ethereum.

On Nov. 6, Trump was declared the presidential election winner, leading to a noticeable shift in crypto market dynamics. Data from Farside Investors indicated that spot Ether ETFs saw net positive inflows of $52.3 million on the day of the election announcement, followed by $79.7 million on Nov. 7.

This influx marks renewed investor interest in Ethereum, causing an uptrend in its value. Notably, these funds have seen a combined $422.63 million outflow since inception, with the trading volume at $446.40 million.

A Potential Ethereum Breakout?

Bitfinex analysts noted that the increased buying pressure and ETF inflows will help Ethereum break its current trading range. Based on BTC’s market cap dominance, analysts anticipate ETH’s price to exceed $3,200 in the near term.

Open interest in Ethereum has also risen, signaling higher volatility. Analysts highlighted that this metric reached $1.3 million, a significant increase from $800k in August.

Current data showed that a substantial portion of this open interest is in short positions.

Staked ETH ETFs Could Drive Future ETH Price Growth

Trump’s re-election is expected to usher in crypto-friendly regulations in the US, which could lead to accelerated approval of staked Ether ETFs. Edward Wilson, an analyst at Nansen, pointed out that such a regulatory environment will speed up the approval process for staked ETH ETFs, enhancing Ethereum’s attractiveness to retail and institutional investors.

If a staked Ethereum ETF gains approval during the incoming administration, it could add significant momentum to Ethereum’s price, possibly pushing it beyond its previous all-time high of $4,800, set in November 2021.

Meanwhile, Bitget Research’s chief analyst Ryan Lee stated that Bitcoin is expected to reach $100,000 before 2024 ends, which would benefit Ether and other top assets. In February, BTC ETFs accounted for 75% of new investments when Bitcoin’s price surpassed $50,000, illustrating the strong influence of ETF inflows on the coin’s performance.

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