Crypto Bull Run Yet to Captivate Retail Investors; VanEck Predicts ETF Rejection
Summary:
Despite a rise in Bitcoin and other digital assets, retail investors are not yet buying into the hype, says LunarCrush CEO Joe Vezzani. VanEck CEO Jan Van Eck expects their Ether ETF application to be rejected in the US, while Glassnode suggests that the crypto markets, particularly Bitcoin, may have already entered their euphoric phase. In parallel, a major security vulnerability on the Telegram messaging app is exposing users to potential malicious attacks, warns blockchain security firm CertiK.
Crypto bull run doesn't appear to excite retail investors yet, according to LunarCrush CEO. VanEck’s head expects the firm’s Ether ETF application to be turned down. Meanwhile, Glassnode believes that Bitcoin's "euphoric" phase has already begun.
Beginners in digital asset market are not buying into the hype yet, despite the rise of Bitcoin and other digital assets, said Joe Vezzani, CEO of LunarCrush, a social media analysis platform. According to Vezzani, compared to the previous major bull run, the current retail interest and social interactions remain significantly low. Social media posts mentioning Bitcoin showed activity spurts in January and March of the last six months.
Vezzani mentioned that taking out spam and bots from interactions might show a potential decrease in crypto-related social media activity. He said, "While we see a growth in the number of daily content creators and influencers, the overall engagement with such creators isn't reflecting a noteworthy change."
Even with significant upcoming events like Bitcoin halving, the CEO doesn't anticipate a drastic change in retail engagement, as such events tend to appeal more to the insiders. He stated that the concept of Bitcoin halving might confuse novices and ultimately reduce their interest.
Jan Van Eck from VanEck is not optimistic about the approval of their spot Ether (ETH) exchange-traded fund (ETF) in the US, saying that it is likely to be rejected. Despite being the first to file an application for the ETF, Jan Van Eck mentioned to CNBC that the regulators typically provide feedback on the ETF weeks before its approval, but there has been silence from the Securities and Exchange Commission in the case of Ethereum. Glassnode's analysis suggests that Bitcoin and the larger crypto markets might already be in a euphoric phase - a stage marked by overwhelming enthusiasm due to increased spot trading volumes.
According to a report released by blockchain security firm CertiK, a significant vulnerability on the Telegram messaging app is currently exposing users to potential malicious attacks. Certik's team has noted a possible RCE attack vulnerability in Telegram's media processing on the app's desktop version. The firm advises users to avoid potential cyber threats by disabling the auto-download feature in their Telegram Desktop settings.
Note: This information should not be considered investment advice or recommendations. Every investment and trading move carries risks, and individuals should do their own research before making a decision. This information is additionally reported by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
4/10/2024 3:48:20 PM
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