Standard Charter - digital Assets - eth etf

### Market Color Update

Source: OTC Desks and Prime Brokerages

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Overview:
Recent activity and sentiment data from our OTC desks and prime brokerages reveal several key trends leading up to and following the ETH ETF news:

1. ETH Dominance: Ethereum (ETH) is dominating, accounting for 40% of overall flow.
2. BTC/ETH Ratio: The BTC/ETH ratio is 0.56, indicating a strong preference for ETH transactions.
3. Bullish Sentiment on ETH: The Buy/Sell ratio for ETH is 4.04, showing significant bullishness.
4. Majors vs. Alts: The flow ratio between major cryptocurrencies and altcoins is 3.76, favoring majors.
5. BTC Activity: BTC has a balanced Buy/Sell ratio of 0.98, reflecting neutral sentiment.
6. Increased Activity in Specific Alts: Increased activity observed in SOL, DOGE, and LDO, with hedge funds showing bullishness on LDO.

Implications and Strategy:
- ETH Exposure: Consider increasing ETH exposure given the strong bullish sentiment.
- BTC Rebalancing: BTC's neutral sentiment offers a chance for strategic rebalancing.
- Altcoins Monitoring: Keep an eye on SOL, DOGE, and LDO for potential growth, especially with institutional interest in LDO.

Conclusion:
ETH’s dominance and bullish sentiment suggest a favorable environment for Ethereum. Use these insights for informed decision-making and stay updated on the latest market trends.

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Note: This market color is based on the latest data from our OTC desks and prime brokerages. Integrate this information with your broader market analysis.


Also today is holiday in US markets. So expect much lesser volatility.

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All Spot ETH ETFs Fees:

> Blackrock: 0.25% [0.12% for the first $2.5B/12 months]
> Grayscale: 2.5%
> Franklin: 0.19% [ZERO fee for the first $10B/31st Jan 2025]
> Vaneck: 0.20% [ZERO fee for the first $1.5B/12 months]
> Bitwise: 0.20% [ZERO fee for the first $500M/6 months]
> Fidelity: 0.25% [ZERO fee in 2024]
> 21shares: 0.21% [ZERO fee for the first $500M/6 months]
> Invesco Galaxy: 0.25%
> Grayscale ETH Mini Trust: 0.25% [0.12% for the 1st $2B/12 months]