Despite major Bitcoin fund outflows, spot Ether ETFs saw a net inflow of $48.73 million, suggesting investors view Ether as a hedge or buying opportunity.
Only a few days ago, the firm sold part of its shares in Coinbase.
The US spot Ethereum ETFs have seen over $500 million in total net outflows since it started trading last month.
With Bitcoin price taking a dive under $50,000 earlier today, there’s going to be a similar reaction in MSTR price moving forward.
Stocks linked to cryptocurrency exchanges and technology investments have also taken serious hits as well.
Robinhood may have taken this decision to halt trading to avoid an anxiety surge amongst traders and to mitigate the volume of losses that they incur.
Popular Bitcoin critic Peter Schiff also predicts a major downfall in the Bitcoin ETF market on Monday. He expects a gap down of nearly 15-30% on Monday, as the US market goes live for trading.
According to some analysts and market observers, the Japanese market swung into a state of panic after the Bank of Japan announced its decision to raise interest rates.
The launch of Grayscale Bitcoin mini ETF two days ago has severely dented flows for FBTC, BITB, and ARKB Bitcoin ETFs which have seen zero inflows in the last four trading sessions.
Grayscale’s ETHE, formerly holding $9B in Ether, has seen 22% outflows since its conversion. Analyst Mads Eberhardt predicts these outflows will slow by week’s end, potentially boosting Ether prices.
In Q2 2024, the company’s adjusted EBITDA swung into a loss of $85.1 million from a profit of $35.8 million in the previous year.
In the letter, Coinbase confirmed that the total revenue was down 11% quarter-over-quarter and the revenue from transactions was $781 million, down 27% from Q1 2024.
In the Q2 results, the company has also introduced a new performance indicator dubbed “Bitcoin Yield” showing the percentage change over time in the ratio of the company’s Bitcoin holdings and its diluted outstanding shares.
Crypto exchange Coinbase is soon to present its second-quarter results with expectations of doubling its revenue as well as a jump in profit.
Ethereum’s performance is particularly reflective of current market sentiments.