GM Explorer,

The SEC is on the verge of approving Ethereum ETFs for trading, and the crypto community is buzzing with excitement.

Predictions about what this could mean for Ethereum are rolling in fast!

This is the Crypto Explorer, your crypto tour guide.

Here’s what we got for you today:

• 🤯 Ethereum predicted to hit $5,000+ – Here’s why!

• 🤑 German government's emergency Bitcoin sale!

• 🧱 Around The Block: $174 in sight, analyst projects major surge for Solana (SOL).

🤯 Ethereum Predicted to Hit $5,000+ – Here’s why!

There's been a flurry of positive forecasts for Ethereum (ETH) from industry experts, and it's becoming hard not to get caught up in it.

Bitwise CIO Matt Hougan is one of these experts, and he's confidently predicting that Ethereum will surge to a new all-time high of $5,000 by the end of the year!

In fact, he's convinced that these ETFs will have a bigger impact on ETH than Bitcoin ETFs had on BTC.

Why is he so upbeat?

Hougan believes that the influx of funds from these ETFs will be a game-changer for ETH, possibly driving its price way past expectations.

He also highlighted ETH's deflationary nature since the implementation of Ethereum Improvement Proposal 1559, as well as lower economic costs.

Hougan also underlines Ethereum's efficient consensus mechanism, which reduces selling pressure compared to Bitcoin miners who need to sell their BTC to cover costs.

What's more, with more ETH being staked and used in DeFi protocols, a significant portion of ETH is being taken off the market, further reducing supply.

Hougan even predicts that ETH ETFs will attract $15 billion in the first 18 months of launch!

But it's not just Hougan who is feeling bullish.

Citi analysts also foresee significant potential for Ethereum ETFs, estimating an inflow of around $4.7 billion to $5.4 billion, which could be up to 30%-35% of the flows seen in Bitcoin ETFs.

On the technical side, Ethereum is currently trading at around $3,460 and displays potential for further growth.

Popular trader Peter Brandt has even chimed in, predicting that ETH could reach $5,627 if it continues on its current trajectory.

Now, all these predictions are incredibly encouraging, especially for ETH holders, but it's crucial to remember that they are just that—predictions.

So, let's keep a close eye on the developments.👀

If you want to learn more, there's a lot of fascinating information in this link!

🤑 German Government's Emergency Bitcoin Sale!

We are finally getting more information about a significant event that rocked the crypto world and caused Bitcoin prices to take a plunge.

The German government just confirmed the emergency sale of a whopping 49,858 Bitcoin, raking in about 2.6 billion euros(~$2.8 billion) between June 19 and July 12, 2024.

These Bitcoins were seized from the Movie2k platform, which used proceeds from streaming pirated content to buy them.

And the emergency sale was legally required to avoid a significant loss in value before concluding the case.

The government carried out the sale in small chunks over three and a half weeks to soften the blow on the market.

But it still caused Bitcoin's price to drop from $67,000 to below $55,000 between June and July.

Bitcoin managed to climb back above $60,000 on July 14, just a day after the government’s BTC wallet ran dry.

However, we must point out that this price drop wasn't only because of the sale!

Other factors like Mt. Gox repayments and stagnating ETF flows also played a part, but experts believe the market will stabilize once it absorbs the Mt. Gox repayments, just like it did with the German government's Bitcoin sales.

If you want to know more, dive into the full story here!

🧱 Around The Block:

• $174 in sight, analyst projects major surge for Solana (SOL).

• Nigeria to change its policies on blockchain technology.

• Some sold, some bought: Binance and Whales buy dip.

• ​​SEC is likely to approve Ethereum ETF applications from BlackRock, VanEck, and Franklin Templeton on Monday.

• Memecoins reign continues: Most popular narrative in Q2.

• BlackRock hits record $10.6 trillion in assets under management.

That's all we've got for you today.

Please don't forget to rate today's email and let us know what you like about it.

In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be NEW”