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Bitcoin and Ethereum Price Prediction as Cboe Seeks First US 3x Leveraged BTC and ETH ETFs
The Cboe exchange is seeking approval to list the first triple-leveraged Bitcoin and Ethereum ETFs in the US. The filing comes on the back of weakening demand for crypto ETFs amid the ongoing price weakness.
The Cboe exchange is seeking approval to list the first triple-leveraged Bitcoin and Ethereum ETFs in the US. The filing comes on the back of weakening demand for crypto ETFs amid the ongoing price weakness.
The Cboe filing has not driven gains for Bitcoin and Ethereum, with the two trading at $63,000 and $1,879, respectively, at the time of writing.
Cboe Seeks Approval For the First 3X Leveraged BTC and ETH ETFs
A filing made with the SEC on August 14 revealed that Cboe is planning to list triple-leveraged ETFs for various assets, including gold and silver. The ETFs will be issued by Volatility Shares.
The exchange is also including Bitcoin and Ethereum in this filing, with that part standing out because these will be the first triple-leveraged crypto ETFs to trade in the US.
Volatility Shares already offers access to 2x Bitcoin and Ethereum Strategy ETFs that the SEC approved in June 2023.
The 2x Bitcoin ETF (BITX) has already amassed $846 million in net assets while the 2x Ether ETF (ETHU) has $723 million in net assets.
Bitcoin and Ethereum ETFs Face Weak Demand
Data from SoSoValue shows that Bitcoin ETFs recorded outflows of $389 million between August 10 and August 14. Outflows to Ethereum ETFs also reached $2.26 million in outflows during the same period.
Crypto ETF Weekly Flows (Source: SoSoValue)
The drop was a stark contrast to the previous week after the coldcard hacking attack fuelled $853 million inflows to BTC ETFs between August 3 and August 7. ETH ETFs also saw inflows of $244 million during the same week.
Still, other altcoin ETFs are recording a surge in inflows, with Solana topping the ranks with $10.26 million inflows in the week starting August 10. XRP and HYPE ETFs also saw $2.25 million and $2.74 million in inflows, respectively.
Bitcoin Price Prediction as Options Data Signals Near Team Fears Are Easing
Data from Glassnode shows that Bitcoin’s one-week implied volatility has dropped to 26%.
The on-chain analytics platform also observed that the one-week 25-delta skew has dropped to 5%, suggesting that there are fewer traders hedging against a decline in Bitcoin price.
BTC: 25-Delta Skew (Source: Glassnode)
This 25-delta skew also supports a bullish future Bitcoin price outlook because it shows that traders are not expecting an increase in selling pressure
Glassnode also notes that the price of Bitcoin could remain between $60,000 and $70,000 unless there is a breakdown of the support at $60,000 that could increase sell-side pressure.
A recent CoinGape Bitcoin price analysis also observed that BTC is creating a rounded top pattern on the four-hour chart that could push the price to $60,000.
Ethereum Price Prediction as Bull Flag Appears
Ethereum has created a bull flag on the one-day chart. This pattern often suggests that a current downtrend is only temporary before the price resumes a previous strong upside move.
The height of this bull flag pattern is 28%. This suggests that Ethereum price could surge by 28% if it closes above the resistance at $1,947.
The MACD line that is positive supports a bullish long-term Ethereum price outlook. However, the MACD line has moved below the signal line to suggest that the bullish momentum is weakening.
ETH Price Chart
The RSI reading of 50 also suggests that the momentum remains neutral, and this could force ETH to remain within the parallel channel of the bull flag until the buy-side pressure rises to push it above the resistance at the upper trendline.
