Cryptocurrencies Price Prediction: Maker, Ethereum & Bitcoin – European Wrap 22 November

Maker price uptrend could face headwinds as on-chain metrics flash warning signs

Maker (MKR), a smart contract token, is being accumulated by large wallet investors that scooped up MAKER in the past day. These addresses are sitting on unrealized profits, according to an on-chain data provider.

On-chain metrics of Maker are supporting a bearish thesis for the asset in the short term. Crypto on-chain intelligence provider SpotOnChain identified the Maker token as the sixth largest asset in terms of smart money inflow in the past 24 hours.

Ethereum price rally could extend, riding on bullish on-chain metrics

Ethereum has noted a considerable increase in accumulation by large wallet investors. Large ETH wallets scooped up ETH tokens consistently over the past year, and the altcoin recorded the highest spike in new wallets created on Tuesday.

Ethereum price gains are supported by bullish on-chain metrics for the altcoin. Based on data from crypto intelligence tracker, Santiment, the 200 largest wallet addresses holding Ether, added 62.76 million ETH tokens to their wallet. These Ether tokens are worth $124.1 billion and the wallets accumulated 30.3% more ETH since November 2022. 

Grayscale meets SEC for spot Bitcoin ETF listing, markets await multiple approvals

The US Securities and Exchange Commission (SEC) published a memo outlining its discussion with Grayscale, concerning the conversion of its Bitcoin Trust to a spot Bitcoin ETF product. The US financial regulator recently delayed its decision on Hashdex, Grayscale, and Franklin Templeton’s spot BTC ETF applications.

Bloomberg ETF analyst, James Seyffart, reported that Grayscale had meetings with the US SEC’s division of trading and markets on November 20. This division is in charge of approving or denying form 19b-4, used by self-regulatory organizations (SROs) to record rule changes with the regulator.