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Daily #Web3 Market

23 Jul 2024


Bitcoin ETFs see almost $1 billion in inflows since Friday ahead of Ethereum ETF launches

According to Farside data, Bitcoin ETFs experienced a notable surge in inflows on July 19, with a total net inflow of $427.2 million. Leading this inflow was BlackRock’s iShares Bitcoin Trust (IBIT), which recorded an impressive $116.2 million, marking a significant addition to its holdings. Fidelity’s Wise Origin Bitcoin Trust (FBTC) also saw substantial inflows. Read more


US moves global markets because of liquidity, not volume

Bitcoin crossed the $68,000 mark during the weekend after President Joe Biden announced his exit from the presidential race for the upcoming elections in November 2024. The event showed just how sensitive the global crypto market is to US political events. The discrepancy between America’s influence on the global crypto market and its share of the trading volume illustrates the market’s dependency on US liquidity. Read more


Metaplanet’s buying spree and Mt. Gox test transactions follow Bitcoin’s brief $68K climb

Bitcoin price briefly traded above the $68,000 mark the past day after President Joe Biden decided not to seek re-election in the November elections. However, the digital asset has slightly retraced to $67,206 as of press time amid news of Metaplanet’s continued Bitcoin purchase and bankrupt Mt. Gox’s repayment plans. Read more


July crypto inflows surpass $3 billion milestone, driven by Bitcoin ETF demand

Crypto investment products saw their third straight week of inflows last week, reaching $1.35 billion. This has pushed the total inflows for July to surpass $3 billion, according to CoinShares’ latest weekly report. Notably, ETP trading volumes also rose significantly last week, increasing by 45% week-on-week to $12.9 billion. Read more


BlackRock’s Spot Bitcoin ETF Draws $526M in Net Inflows

The BlackRock iShares Bitcoin Trust ETF has witnessed over half a billion dollars of inflows on the same day a flurry of spot Ether ETFs got the nod to begin trading in the United States. Read more


Ethereum ETFs Could See Underwhelming Demand, Two Research Firms Predict

Research firms Wintermute and Kaiko predict that Ethereum ETFs may face underwhelming demand despite the significant hype surrounding their launch. Read more


Bitcoin trader warns of local BTC price top after $530M ETF inflows

BTC price “profit taking” has resulted from large ETF inflow days in the past, while both Bitcoin and Ether shrug off the latter’s ETF launch day. Read more


Ethereum price will be ‘sensitive’ to ETF inflows in the coming days — Kaiko

Another firm estimates that Ether’s price will rise no more than 24% by the end of 2024 due to underwhelming demand for the spot ETFs. Read more


Bitcoin price sees local top, traders seek safety after $530M ETF inflow

Bitcoin price “profit taking” has resulted from large ETF inflow days in the past, while both Bitcoin and Ether shrug off the latter’s ETF launch day. Read more

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