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n the fast-moving world of crypto and Web3, new financial products are launching every week—but few are as groundbreaking as the PENGU ETF. This isn’t your typical crypto fund or NFT-themed ETF that plays it safe. No, this is a bold attempt to package real NFTs inside a regulated exchange-traded fund, something that’s never been done before. Let’s break down what the PENGU ETF is, why it matters, and whether it has the potential to reshape how we invest in digital collectibles. The introduction of the PENGU ETF marks a turning point in how investors and regulators perceive the value of digital collectibles. Its success hinges not only on regulatory approval but also on market acceptance. If institutional and retail investors embrace the fund, it could validate NFTs as a legitimate asset class within traditional portfolios. The ETF structure also solves major pain points around custody, valuation, and liquidity that have long plagued the NFT market. By wrapping NFTs in a regulated product, Canary Capital may create a blueprint that other firms can replicate, opening the door for a wave of new ETF filings backed by digital art, metaverse assets, or tokenized intellectual property. For early investors, potential ROI could be significant if PENGU NFTs surge in value or if the ETF attracts institutional capital—but this is contingent on the ETF’s ability to scale and maintain liquidity in a volatile NFT market. Looking ahead, if the PENGU ETF gains traction post-approval, we could see a ripple effect throughout both traditional and decentralized finance sectors. Financial institutions may begin exploring hybrid portfolios containing NFTs, fungible tokens, and RWAs (real-world assets), ultimately pushing more on-chain assets into mainstream trading platforms. Furthermore, success could encourage blue-chip NFT projects like Bored Ape Yacht Club or CryptoPunks to structure similar funds, fueling demand for oracle-driven NFT pricing solutions and regulated custody platforms. However, risk factors remain high: the illiquid nature of NFTs, challenges in accurate valuation, and regulatory hurdles may lead to price discrepancies, redemption issues, or underperformance compared to traditional ETFs. In the long term, PENGU ETF could be remembered not just as a novelty but as a foundational shift in how we invest in culture, community, and digital ownership—provided it can navigate the complex balance of innovation and compliance. At its core, the PENGU ETF is an exchange-traded fund that holds two key assets: Unlike traditional NFT-themed ETFs that only hold stocks of NFT-related companies or market-tracking tokens, the PENGU ETF directly integrates real, on-chain assets. This makes it the first ETF to cross over from simply referencing NFTs to actually owning them. The fund is spearheaded by Canary Capital, a digital asset investment firm known for taking crypto and NFT products into regulated finance. With PENGU ETF, their goal is clear: become the first to embed actual NFTs inside an ETF structure, offering traditional investors exposure to Web3 assets without the hassle of wallets, gas fees, or private key management. The fund’s structure is unique—and carefully engineered: This hybrid model gives the fund a dual advantage—exposure to a native token with active utility and community traction, plus direct ownership of high-profile NFTs with potential long-term value. NFT ETFs aren’t new—but most don’t actually hold NFTs. Instead, they track companies like Coinbase or marketplaces like OpenSea, or hold tokens that represent the NFT market in a broad sense. The PENGU ETF flips the script, offering: Still, not everyone’s convinced. Skeptics argue there may not be enough demand for an NFT-backed ETF. But believers point out: a regulated product adds trust and transparency to a space often plagued by scams and volatility. Since this is a first-of-its-kind fund, its mechanics are speculative—but here’s a likely setup: Investors wouldn’t be buying NFTs directly. Instead, they’d own shares in the ETF, which represent fractional ownership of the fund’s combined PENGU token and NFT holdings. While the filing is exciting, regulatory approval is far from guaranteed. The U.S. Securities and Exchange Commission (SEC) has never approved an ETF that holds NFTs directly. The challenges are clear: That said, the approval of spot Bitcoin ETFs in 2024 marked a major shift in regulatory openness. If Canary Capital can provide a robust framework for valuation, liquidity, and compliance, PENGU ETF might just stand a chance. To understand the PENGU ETF's innovation, it helps to compare it to traditional art investment funds like: These firms offer exposure to famous artworks (think Banksy, Picasso), but they’re slow, illiquid, and often inaccessible to smaller investors. Selling a stake in an art fund can take months or even years. By contrast, the PENGU ETF brings digital art into the liquid, accessible world of public markets. ETF shares can be traded easily, while NFTs are securely stored on-chain. Whether or not the PENGU ETF gets the green light, it’s clear this is just the beginning. We’re likely entering an era where NFT-backed ETFs and tokenized asset funds become a regular feature of the investing world. If PENGU succeeds, we might see: Canary Capital might be the first, but they won’t be the last. The PENGU ETF is more than a finance experiment—it’s a bold move to redefine how we think about NFTs as investable assets. If it works, it could bridge the chasm between Web3 and Wall Street. If it fails, it’ll still be remembered as a trailblazer. One thing is for sure: NFTs are growing up, and the financial world is starting to pay attention.

In a major development, Meltem Demirors, Chief Strategy Officer of CoinShares, stated that Ethereum’s pivot to Proof of Stake (PoS) in 2022 was costly. In 2022, the Ethereum conversion to PoS dramatically reduced energy consumption by over 99%. Notably, ETH’s consistent market volatility raises issues about its long-term impact on the network’s value and stability. According to Meltem Demirors, PoS weakened the Ethereum core network by enabling the rapid expansion of Layer-2 scaling solutions. According to her, these L2s now process a significant share of transactions. She believes the network lost a $1 trillion growth opportunity by abandoning Proof of Work (PoW). This has ultimately diluted the Ethereum Layer-1 ecosystem instead of strengthening it. For her, had ETH stayed on PoW, it could have created a solid energy-computation infrastructure that would make it rival Bitcoin side-by-side. She pointed out that it could have also allowed for strategic innovation in GPU computing, similar to Bitcoin mining advanced hardware development. Similarly, Ethereum’s economic viability is drawing mixed market reactions. When developers introduced PoS, Ethereum came off as ultra-sound money. This positioning is due to mechanisms like EIP-1559, which burns a portion of transaction fees. ETH achieved near-zero net issuance for a time, reinforcing its deflationary narrative. However, data from Ultrasound Money now shows that Ethereum is in its longest inflationary period since The Merge. The network currently issues 943,000 ETH annually while burning just 27,000 ETH. At an annual inflation rate of 0.76%, Ethereum’s earlier deflationary claims are being challenged. CryptoQuant analysts caution that Ethereum may never become deflationary again without significantly higher network activity. Notably, this has weakened its long-term store-of-value argument. As we mentioned in our earlier news brief, Justin Drake posited that through the much-anticipated Pectra Upgrade, Ethereum would have to decrease its issuance or increase its token burn to restore its status as ultrasound money. It is worth mentioning that Ethereum’s broader vision has also come under scrutiny. Peter Szilágyi, a key Ethereum developer, recently stated that ETH was never designed to be money. Instead, it was meant to power a decentralized ecosystem. This contradicts narratives that positioned ETH as a superior alternative to Bitcoin in terms of scarcity and value retention. Critics argue that a lack of clear positioning could affect Ethereum’s long-term appeal. Despite these concerns, some industry leaders see benefits in PoS. Vince Yang, CEO of zkLink, pointed out that Ethereum’s scaling activity is at an all-time high, with transaction speeds doubling in recent months due to lower gas fees. One avenue to enhance Ethereum’s functionality is the Pectra upgrade. As we covered in our latest report, the Ethereum Pectra upgrade went live on the Sepolia testnet but encountered errors exacerbated by an attacker’s activities. However, Ethereum developers have introduced the ‘Hoodi’ testnet to further refine Pectra’s innovations. All the arguments have weighed down ETH’s price outlook thus far. As of this writing, ETH is trading at $1,967.42, down over 1.4% in the past 24 hours.

Ethereum (ETH) trades above $1,900 on Friday following investors stepping up their buying pressure in March. The top altcoin could be set for a recovery if the Pectra upgrade proves to be a strong price catalyst. 🔮 Ethereum investors increase buying pressure despite weak prices📍 Ethereum supply on exchanges declined further on Friday, reaching a 10-year low of 8.71 million ETH, per Santiment data. "There is 16.4% less ETH on exchanges compared to just 7 weeks ago," noted Santiment in a Thursday's X post. A reduction in a coin's exchange supply indicates that investors are potentially moving tokens to private wallets for long-term holding. It's important to note that this metric may differ across other on-chain analytical tools. ETH supply on exchanges. Source: Santiment A similar buying pressure is also visible across the balance on ETH accumulation addresses, which has grown by 4.77 million ETH since the beginning of the year — an impressive 32% growth rate. Notably, about 45% of that growth (2.11M ETH) occurred in March following ETH's decline below the $2,000 psychological level. Accumulation addresses are wallets that haven't recorded any outflows. ETH balance on accumulation addresses. Source: CryptoQuant Meanwhile, ETH's open interest in the futures market increased from 9.40M ETH to 10.10M ETH in the past three days, reflecting a slight growing confidence among derivative traders in the top altcoin. The intense buying pressure around current price levels could establish it as a critical support and spark a rally if ETH sees a strong market catalyst. The upcoming Ethereum Pectra upgrade could provide the needed spark to cause a turnaround. Pectra will introduce several features to Ethereum, including transaction batching, payment of gas fees in other ERC-20 tokens, sponsored transactions, increased staking limit and blobspace expansion. While Pectra triggered issues among validators during its deployment on test networks Holesky and Sepolia, developers have navigated the challenges impressively. Pectra is scheduled to go live on a new testnet, Hoodi, on Wednesday. If successful, developers will deploy Pectra on the mainnet after 30 days. 🔮 Ethereum Price Forecast: ETH eyes $1,800 if descending trendline support fails📍 Ethereum saw $25.06 million in futures liquidations in the past 24 hours, per Coinglass data. The total amount of long and short liquidations is $17.13 million and $7.93 million, respectively. ETH is testing the support near a descending trendline on Friday. If ETH bounces off the trendline, it could retest the resistance at $2,070. However, a firm decline above the trendline could see ETH finding support near the $1,800 level. A further decline below $1,800 could send ETH to $1,500. ETH/USDT daily chart The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are below their neutral levels and testing their moving average lines. A decline below their moving average lines will accelerate the bearish pressure. A daily candlestick close below $1,500 will invalidate the thesis and potentially send ETH toward the $1,000 psychological level. $ETH

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1. Strong Network Utility & Demand Ethereum is the leading smart contract platform, hosting thousands of decentralized applications (dApps), DeFi protocols, and NFT projects. This demand increases the value of $ETH as it is required for transactions and gas fees. 2. Security & Decentralization Ethereum has a highly secure and decentralized network with thousands of validators, making it a trusted platform for users and developers. 3. Deflationary Supply (EIP-1559 & Staking) With the Ethereum Improvement Proposal (EIP-1559), a portion of transaction fees is burned, reducing the supply of $ETH over time. The transition to Ethereum 2.0 with proof-of-stake (PoS) also reduces selling pressure, as validators lock up $ETH for staking rewards. 4. Institutional & Developer Adoption Many large corporations, developers, and institutions use Ethereum for blockchain solutions, increasing demand and credibility. 5. Liquidity & Market Cap $ETH is the second-largest cryptocurrency by market cap after Bitcoin, with high trading volume and liquidity, making it a preferred choice for investors. 6. Network Effects & Ecosystem Growth Ethereum has a massive developer community, ongoing upgrades (e.g., Ethereum 2.0), and continuous innovation, making it a long-term valuable asset. Because of these factors, $ETH has a higher valuation compared to many other tokens, which may have limited utility, adoption, or security.