- Retail’s crypto interest is picking up as BTC and ETH are the main discussion topics across social media.
- Ethereum ETFs are dominating crypto’s social discourse.
- The US political climate is heating up, and the results of the upcoming presidential elections will play a crucial role in the crypto market’s future.
Crypto discussions on social media are increasing, and Ethereum (ETH) and Bitcoin (BTC) are taking center stage.
According to data from analytics platform Santiment, crypto discussions are soaring on social media, especially on Reddit, Telegram, and X.
With social volumes rising, bulls are hoping to see overall network activity rising soon as a result, leading to more utility and higher prices around the corner.
SantimentIn a similar post, the platform highlighted that keywords related to Ethereum, Spot, and ETF are soaring this week. Some discussions revolve around ETH’s potential price movements in the upcoming days, with many traders waiting for the bullish momentum to kick in for the second-largest crypto asset.
Related: Survey Shows Majority Still Expects New Crypto High, 20% Believe in Supercycle
Ethereum ETFs Soaring in Volume
The past three weeks have been some of the busiest for the crypto industry, and social media is heating up as many things unravel quickly.
First, spot Ethereum exchange-traded funds (ETFs) soared in debut, amassing over US$1B in trading volume, with BlackRock’s ETHA and Grayscale’s ETHE dominating the ranks.
Despite not recording the same volume as the first day of trading of Bitcoin ETFs, US$1B still is a tremendous figure —much more than any of the 600 launches in the past 12 months (excluding Bitcoin ETFs, of course).
Related: Ethereum ETFs Soar in Debut, Amassing Over $1 Billion on First Trading Day
Second, many factors have injected multiple feelings into the market—speculation, hope, optimism, fear, and uncertainty—all at once. The launch of Ethereum ETFs is considered a landmark in crypto history despite all the regulatory obstacles and uncertainty along the way.
The news that caused panic in the crypto market was Mt. Gox repaying billions worth of Bitcoin. However, the market swiftly overcame the FUD, with BTC surging past US$65K (AU$98.4K), a change of 14% in the last two weeks.
Bitcoin is the Name of the Game
Bitcoin has recently been among the top topics discussed in the crypto market. Not only because Bitcoin ETFs amassed over US$16B (AU$23.78B) last week but also because BTC is becoming a crucial political instrument ahead of the 2024 presidential race in the US.
Bloomberg: Everyone in Crypto Would be a Winner if Trump Elected Again
Overall, the US political landscape is hotter than ever. First, Trump gets shot, Biden drops out, Ethereum ETFs are approved, and then CrowdStrike causes a global crash with just a single faulty update. The next few weeks should be interesting for both the traditional market and the crypto industry, so buckle up.
