Ethereum
Bitcoin Crashes to $66,000, Ethereum (ETH) Remains Strong as ETFs ETFs See Record Inflows
Bitcoin Spot Listed in the US (BTC) Exchange traded funds (ETFs) saw outflows while ether (ETH) AND F recorded entries after a four-day losing streak on Tuesday, with prices paring last week’s gains ahead of Republican presidential candidate Donald Trump’s speech.
Bitcoin Spot ETFs saw $18 million in net outflows, ending a four-day streak in which inflows reached $124 million.
SoSoValue data shows that Grayscale’s GBTC generated $74 million in outflows. Products from Fidelity, Ark Invest, Bitwise, and VanEck saw outflows ranging from $2 million to $7 million. Blackrock’s IBIT was the only ETF to see inflows, at nearly $75 million.
The ETFs Eher tracks saw net inflows of $33 million after a four-day losing streak, only the second day of net inflows since going live on July 23.
Ether ETFs saw a cumulative net outflow of over $400 million. Grayscale’s ETHE saw the most losses at $1.84 billion, while BlackRock’s ETHA led inflows at $618 million.
BTC surged to over $69,000 last week when Trump took the stage at the Bitcoin 2024 conference in Nashville, revealing his plans to fire US SEC Director Gary Gensler and create a strategic reserve of bitcoin if elected.
However, the cryptocurrency lost as much as 5% on Monday, when the US Marshals Service transferred $2 billion worth of BTC to two new wallets, sparking fears of an imminent liquidation.
Meanwhile, traders are warning of further price volatility as major U.S. tech companies are set to report earnings this week — an event that tends to influence bitcoin prices.
“Election headlines will remain a major focus, but several key macro events are also on the horizon,” Singapore-based QCP Capital said in a Telegram broadcast Tuesday. “Key events start with the FOMC meeting on Wednesday, mega-cap tech earnings (Apple, Amazon, Meta) throughout the week, and unemployment data on Friday.”
“We maintain a range-bound trading outlook for BTC,” the company said.
UPDATE (July 31, 08:10 UTC): The title is changed and the latest ETH ETF inflow numbers are mentioned everywhere.
CORRECTION (July 31, 08:43 UTC): Corrects ether ETF inflows in headline, first paragraph. An earlier version of this article stated that ETFs had recorded their first net inflows.
CORRECTION (July 31, 10:50 UTC): Corrects Grayscale Bitcoin ETF ticker in third paragraph.