24/07/24 Ethereum ETF trading volume exceeded 1 billion, Grayscale ETHE accounted for nearly half, but the market fell
The first-day trading volume of Ethereum spot ETF exceeded US$1 billion, with Grayscale ETHE accounting for nearly half. The trading volume of BlackRock Ethereum Spot ETF (ETHA) was US$240 million, accounting for 24%; the trading volume of Fidelity Ethereum Fund (FETH) was US$136 million, accounting for 13%. In comparison, the trading volume of Bitcoin spot ETF on its first day of listing in January this year was US$4.6 billion, a huge difference.
Yesterday, 714,000 ETH worth $2.4 billion flowed into the address of Ethereum "long-term holders", setting a record high. However, the Bitcoin Ethereum market continued to fall. Bitcoin spot ETFs had inflows for 12 consecutive days, and yesterday there was an outflow of 77.8 million. In addition, the total outflow on the first day of the launch of the spot ETH ETF was $244 million, and the outflow of Grayscale ETHE was $484 million, of which a small amount ($15 million) flowed back to the Grayscale Ethereum Mini Trust with low management fees. The management fee is more than ten times higher than others, and the previous profits were also very high. The withdrawal of funds is very normal. In addition, Mt. Gox has already opened the compensation market, which needs time to digest.
Flatbread
On July 22, BTC was reminded that the 4-hour channel triangle structure had broken, and the 4-hour MACD top diverged from SKDJ downward. Yesterday, BTC was reminded that the 4-hour rising wedge was collapsing, and ETH's 4-hour rising channel lower edge supported. The weekly line is testing the BOLL middle track support, KDJ golden cross has formed and the weekly rebound has not yet completed, but the OBV indicator has touched the yellow line under pressure.
The daily rising trend line was broken, OBV fell below the yellow line, SKDJ formed a double death cross and turned downward, Fibonacci touched 0.786 twice under pressure, the first target of the callback was 64900, the second target was 62700. Note that it cannot fall below 60600. We said that the previous rebound would reverse the downward trend if it broke through, and this wave was pulled to around 68500.
The 4-hour rising wedge was broken, and the rebound test continued to fall last night. As of the time of writing, it fell below the 65777 pin position and rebounded back. In the 1-hour period, it formed a descending wedge near 65441 and bottomed out for the second time and rebounded in the short term.
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ether
Ethereum spot ETF did not increase much even after the milestone, the trading volume was lower than expected, and the inability to pledge reduced the attractiveness of funds. Next, the SOL spot ETF will be hyped and it is recommended to get on board at around 150. The weekly line also stepped back to the middle track, the daily KDJ dead cross, OBV continued to turn downward, and the 4-hour line was still oscillating in the rising channel. From the 22nd to the end of the article, the price was almost at the same level. The idea is to take more on the pullback.
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