Ethereum

Millions

BlackRock

<h4><strong>The state’s pension fund has decided to invest in something called an Ether ETF (Exchange-Traded Fund). </strong></h4>
<p>In simple terms, an ETF lets people invest in assets, like stocks or cryptocurrency, without having to buy them directly. This way, they can be part of the action without handling the cryptocurrency themselves. Let’s discover more about this Ethereum ETF.</p>
<h5><strong>What is an Ether ETF?</strong></h5>
<p>An <a href="https://www.altcoinbuzz.io/?s=Ether+ETF" target="_blank" rel="noopener noreferrer nofollow">Ether ETF</a> is a way for investors to buy a part of Ethereum without actually owning any Ethereum. These ETFs are becoming more popular, and Michigan’s pension fund is one of the latest to jump on the bandwagon.</p>
<p>What’s interesting is that Michigan’s pension fund didn’t just buy a little bit of Ether ETFs. They bought a whole lot. In fact, they invested more in Ether ETFs than in Bitcoin ETFs. According to their records, they spent about $10 million on Ether ETFs and only $7 million on Bitcoin ETFs.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Not only did Michigan’s pension buy Ether ETFs but they bought more then they did of bitcoin ETFs, $10m vs $7m, this despite btc being up a ton and ether in the gutter. Pretty big win for ether which could use one. <a href="https://t.co/0E6O6pKK8S" rel="noopener noreferrer nofollow">https://t.co/0E6O6pKK8S</a></p>
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1853472024833695805?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 4, 2024</a></p>
</blockquote>
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<p>Now, this decision might surprise some people because <a href="https://www.altcoinbuzz.io/?s=bitcoin" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> has been doing well in the market lately, while Ethereum’s price has been struggling. But Michigan’s pension fund seems to believe that Ethereum has a bright future ahead, even if it’s having a rough time right now.</p>
<p>So, why take a bigger chance on Ether? Some experts think it’s because Ethereum is more than just a currency. It’s like the engine behind a lot of new technologies, especially in a field called DeFi. DeFi lets people borrow, lend, and trade without needing banks. Ethereum’s technology supports these kinds of transactions, making it a “powerhouse” in the digital world.</p>
<h5><strong>More About Ethereum ETF</strong></h5>
<p>On November 4, Ethereum ETFs saw a net outflow of 25,720 ETH, which equals a loss of around $63.2 million. While there were some new investments, with ETHA <a href="https://www.altcoinbuzz.io/?s=blackrock" target="_blank" rel="noopener noreferrer nofollow">BlackRock</a> gaining 4,480 ETH in inflows, the biggest seller was Grayscale, which sold off 12,980 ETH.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Total <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> ETF flows on November 4:<br> -25,720 ETH (-$63.20 million)</p>
 <p>Inflows: ETHA BlackRock +4,480 ETH<br> Biggest seller: ETH Grayscale -12,980 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a></p>
 <p><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f535.png" alt="🔵" class="wp-smiley" style="height: 1em; max-height: 1em;"> Total combined since the ETF’s inception:<br> -171.79k <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> (-$542.1 million) <a href="https://t.co/ARORpNbaL6" rel="noopener noreferrer nofollow">pic.twitter.com/ARORpNbaL6</a></p>
 <p>— Crypto Dives (@MakroDives) <a href="https://twitter.com/MakroDives/status/1853721549720703234?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 5, 2024</a></p>
</blockquote>
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<p>Since the launch of Ethereum ETFs, the overall flow has been negative, with a total of 171,790 ETH (about $542.1 million) leaving these funds. This trend suggests some investors might be cautious about Ethereum’s current market performance, despite interest from major players like BlackRock.</p>
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<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/michigan-pension-fund-invests-millions-in-ethereum-etf/" rel="noopener noreferrer nofollow">Michigan Pension Fund Invests Millions in Ethereum ETF</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

Michigan Pension Fund Invests Millions in Ethereum ETF

Altcoin Buzz

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