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.
Analysts agree that the launch of ETH spot ETFs could act as a major catalyst for Ethereum price in the coming months.
Bitcoin price has signaled a midterm bearish outlook that could lead to further capitulation towards $50K despite the heightened whale demand.
Despite the positive inflows, the overall trading volume on spot Bitcoin ETFs remains considerably lower compared to the peak in March and April 2024, when daily volumes surpassed $12 billion.
The German government continued with its Bitcoin sell-offs but US spot BTC ETF investors and whales accelerated the accumulation pace.
The influx of capital into spot Bitcoin ETFs seemingly coincided with a positive price movement for the underlying asset. Bitcoin rose 2.70% in the past 24 hours.