QCP Capital: When Ethereum ETFs achieve stable daily inflows, it may drive Ethereum prices to break through.
PANews, July 30 news, Singapore-based cryptocurrency investment firm QCP Capital said that due to the frenetic sentiment triggered by Trump's weekend speech, BTC tested the high point of $70,000 before the US stock market opened, but a few hours later it plummeted more than $3,000, falling below $67,000. This optimistic sentiment did not last long, as the US government transferred about $2 billion worth of 30,000 BTCs, and also held another 39,000 BTCs confiscated from the founder of the Silk Road. At the same time, compared to BTC, the performance of the spot ETH was relatively better after Trump's speech. Although its spot ETF has seen capital outflows for the fourth consecutive day, ETHBTC has risen 5% since then. In addition, the volatility premium of ETH relative to BTC has expanded from 4% last week to about 8% for longer-term maturities. Why is ETH performing strongly? The market may have become immune to the headline capital outflow data as funds shift from the higher-priced ETHE to the lower-priced ETF. This raises the question: once we see stable daily capital inflows, will ETH see a significant breakout? US election headline news will still be the main focus, but there are also some important macroeconomic events coming up. Important events include the Federal Open Market Committee (FOMC) meeting on Wednesday, major tech earnings (Apple, Amazon, Meta) throughout the week, and the unemployment data on Friday.
