Ethereum ETFs First Day Results

DAILY MARKET OVERVIEW
Ethereum ETFs Make a Strong Debut

Crypto enthusiasts, buckle up! The long-awaited Ethereum ETFs have finally hit the U.S. market, and they’re off to a roaring start.

Ethereum ETFs See Promising Start. But here’s the twist – despite all the excitement, Ethereum’s price is playing it cool.

On their debut day, the new Ethereum ETFs collectively raked in over $1 billion in trading volume. That’s a billion with a B, folks!

BlackRock’s iShares Ether Trust (ETHA) and Bitwise’s Ethereum Fund (ETHW) led the pack, pulling in $266 million and $204 million respectively.

Despite Grayscale experiencing outflows of $484 million from their Ethereum trust fund, Bloomberg analyst James Seyffart described it as a “very solid first day,” noting that total inflows reached $107 million.

Here’s the interesting part: despite the surge in institutional interest, Ethereum’s price didn’t move much, it was as if Ethereum ignored all the excitement!

So, why is this happening? It appears the market had already factored in the ETF approval back in May when the SEC gave the initial nod. Unlike Bitcoin’s dramatic rally before its ETF launch, Ethereum’s price has been relatively calm.

Joseph Lubin, Ethereum’s co-founder and CEO of ConsenSys, sees the broader picture. He stressed that wider ETH ownership is key for the ecosystem’s decentralization. “As the work token and currency for Ethereum, ETH is the lifeblood of Web3,” Lubin said.

Looking ahead, some analysts are optimistic. Katalin Tischhauser from Sygnum Bank predicts that these ETFs could manage $5-10 billion in assets over the next year. However, she notes that demand from new types of investors might increase more in early 2025.

Meanwhile, the political winds are shifting. With President Biden bowing out of the 2024 race, Vice President Kamala Harris is stepping into the spotlight.

Crypto advocates are already reaching out, hoping for a more favorable regulatory approach. There are even whispers of Harris potentially speaking at the upcoming Bitcoin Conference!

In other news, Bitcoin had a bit of a scare, briefly dipping below $66,000 after Mt. Gox moved a whopping $2.8 billion worth of BTC to new wallets. But don’t panic – BTC has already bounced back above $66,400.

The crypto rollercoaster continues, and we’re just getting started. Stay tuned for more updates, especially with Donald Trump set to address the Bitcoin Nashville conference on July 27. It’s an exciting time to be a crypto enthusiast!

SPONSORED
Claim Your Reward!

TWITTER SENTIMENT
Indicators Showing It’s Time To Buy!

Today, the Bitcoin community on social media has been really excited as the Hash Ribbon indicator has flashed a “buy” signal.

This indicator is considered one of the most reliable in the market, as significant price gains have followed 7 out of 8 times it was triggered.

The Hash Ribbon, created by Charles Edwards of Capriole Investments, analyzes the health of the Bitcoin network by looking at the relationship between short-term and long-term moving averages of Bitcoin’s hash rate (mining power).

When it signals a buy, it suggests that the worst of the miner capitulation is over and that the market is entering a more bullish phase.

This has generated a lot of positive sentiment and optimism among Bitcoin enthusiasts and traders, who are hopeful for another substantial price increase.

Despite the reliability of this indicator, it does not eliminate the risk of short-term volatility to the downside, which has occurred in the past even when the buy signal was triggered.

NEWS OVERVIEW
The Latest Crypto Headlines

Kamala Harris in Talks to Speak at Bitcoin Conference
Vice President Kamala Harris is in discussions to address the upcoming Bitcoin 2024 conference.

Bitcoin Dips Below $66,000 After Mt. Gox Shifts $2.5 Billion
Bitcoin’s price falls as Mt. Gox transfers significant amounts of BTC to a new wallet.

Ethereum ETFs Top $107 Million on Debut
Spot Ethereum ETFs attract over $107 million in inflows on their first trading day.

Ferrari Expands Crypto Payments to Europe
Ferrari extends its cryptocurrency payment option to customers in Europe.

YOUTUBE INFLUENCER SUMMARY

Ivan On Tech – EMERGENCY FOR ALL HOLDERS! (24.07.2024 Summary)

Ivan discusses several urgent developments related to Bitcoin and cryptocurrency in general.

• The main emergency he highlights is a proposed EU asset register. According to Ivan, the EU is planning to create a central database where citizens would have to report all their assets, including crypto holdings.

• He views this as a concerning expansion of government surveillance Ivan speculates this could be preparation for potential asset seizure in the future, given high government debt levels.

• Ivan sees crypto, particularly Bitcoin, as a safeguard against such government overreach. He emphasizes that crypto allows people to maintain financial freedom and potentially leave a country if needed, unlike assets held in banks which can be frozen.

• Interestingly, Ivan notes that both Republican and Democratic U.S. politicians now seem to be embracing crypto. He mentions that Donald Trump is scheduled to speak at a Bitcoin conference, and there are rumors that Kamala Harris’s team has been asking questions about crypto. Ivan views this bipartisan interest as a positive signal for crypto adoption.

• Regarding recent market activity, Ivan discusses the distribution of assets from the Mt. Gox exchange bankruptcy, which he believes caused some short-term selling pressure. However, he remains optimistic about crypto’s long-term prospects, especially given the recent approval of Ethereum ETFs.

Overall, Ivan presents a mix of concern over government surveillance and optimism about growing mainstream acceptance of cryptocurrency. He continues to advocate for self-custody of crypto assets as the best way to maintain financial freedom.

Josh Olszewtiz – Alt Coins: No Major Strength Yet (24.07.2024 Summary)

Josh, the speaker, believes that altcoins are currently showing no major strength in the cryptocurrency market. He suggests that Bitcoin remains the primary focus for investors, as its dominance in the market continues to be strong. Josh advises measuring all trading activities in Bitcoin terms, as he sees no bearish signs in Bitcoin’s dominance chart.

• Josh notes that while global liquidity and stable coin market cap have been relatively flat, Bitcoin’s price has continued to rise. He suggests that a potential breakout in global liquidity could lead to increases in stable coin market cap, altcoin market cap, and Bitcoin price. However, Josh emphasizes that waiting for this breakout makes more sense than trying to preposition investments.

• Regarding specific altcoins, Josh observes that most are not showing promising charts. He mentions a few exceptions, such as ENS and Stacks, which have some tradable patterns, but overall, he believes it’s better for most people to wait for better setups. He is particularly skeptical about Bitcoin Cash (BCH), suggesting it’s not a good buy now or in the foreseeable future.

• Josh discusses Ethereum (ETH) in light of its ETF launch, noting that the chart doesn’t show any significant reaction to this event. He suggests that it might take time for ETH to gain attention, possibly in Q4 or 2025. The speaker also mentions that Solana (SOL) looks stronger than Ethereum from a technical analysis perspective.

In conclusion, Josh’s overall message is one of caution and patience regarding altcoins. He advises waiting for clearer signals, particularly from Bitcoin and global liquidity, before making significant moves in the altcoin market.

CRYPTO MEMES

“When You Miss Out on a Meme Coin Pump