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CryptoQuant CEO Ki Young Ju stated that Bitcoin ETFs are slowly gaining maturity and currently contribute nearly 25% of the spot trading volumes in BTC.
Bitcoin unsurprisingly led the liquidation pack, with over $230.39 million liquidated.
The recent Bitcoin price dip led to forced cryptocurrency liquidations of nearly $700 million, similar to the FTX levels.
The recent Bitcoin price drop below $59K has increased overall fear of further crypto capitulation despite heightened calls for buy-the-dip.
Bitcoin’s major divergence from the US equity market comes amid forced selling by BTC miners in order to cover their operational costs.
If all these processes go as planned, the anticipated spot Ethereum ETF could start trading three days after the final versions of these S-1 filings.
In all of this, the strategic timing of Genesis’ plans has come up as noteworthy.
Bitcoin (BTC) price must defend the support level of around $60K in the coming weeks to avoid further crypto capitulation.
Hashdex submitted an application for the product on June 18, 2024, seeking to be the first to offer a combined spot Bitcoin and Ether ETF in the United States.
The HashKey team will distribute 10 million HSK tokens via the DejenDog Telegram bot, with a listing scheduled for the third quarter of 2024.
According to the Gemini report, if the Ether/Bitcoin ratio returns to its median value from the past three years, Ether could see a rally of almost 20% to 0.067.
This shift suggests that investors are increasingly opting to hold onto their crypto assets rather than selling them, a potential sign of growing market stability.
None of the US-based spot Bitcoin ETFs registered negative cash flow on Monday as BTC price attempts to regain bullish momentum.
Historically, after every downtrend in June, Bitcoin price has demonstrated an average return of 7.98% and a median return of 9.60% during July.
Although the intakes are currently happening at a much slower rate than before, these ETFs have still impressed so far.