Ethereum is also following the same trajectory that Bitcoin did after the approval of the spot BTC ETFs earlier this year.
The 30-day co-efficient of Bitcoin and the MSCI index for global equities is falling towards minus 0.20. This is a rare occurrence as the measure has stayed typically positive since 2020.
The US-based spot Ethereum ETFs scooped $107 million on the first day despite the notable cash outflow from Grayscale’s ETHE.
Bitcoin price could retrace to the support level above $60K before following gold and major stock indexes in further price discovery.
With the latest registered inflow, the offering’s total net flow in the last 12 trading sessions has nearly reached $2 billion.
A report from Kaiko Research said that ETH price would be sensitive to the spot Ether ETF inflows amid the poor demand for the Ethereum futures products late last year.
The German government’s sale of 50,000 BTC for $2.87 billion has removed a large supply from the market, easing selling pressure and paving the way for price appreciation.
Microsoft has acknowledged the glitch, and stated that it is working with CrowdStrike to solve the issue.
The US SEC approved the Grayscale Ethereum Mini Trust and ProShares Ethereum ETF on Wednesday with trading expected to commence next week.
On July 17, BlackRock’s Bitcoin ETF, known as IBIT, recorded the highest inflow in a single day, bringing in a total of $110.37 million.
After registering over $1.4 billion in cash inflows last week, US-based spot Bitcoin ETFs reported over $420 million on Tuesday.
BlackRock’s IBIT emerged as the frontrunner, attracting a staggering $117.25 million in net inflows on Monday, marking it as the most actively traded Bitcoin ETF with $1.24 billion in trading volume.
The supply of Ethereum (ETH) on crypto exchanges is gradually declining as the staked Ether increases, thus escalating the supply crisis.
As the first half of the year drew to an end, Mt. Gox intensified efforts towards the repayment, stating that it would begin in July.
From a technical standpoint, Bitcoin price in the daily time frame broke out of a descending broadening wedge, thus signaling a possible rally towards $70K soon.