Last night was the first day of listing of the Ethereum spot ETF. On the first day of trading, the cumulative trading volume of 9 Ethereum spot ETFs on the US exchanges exceeded US$1.019 billion. In January this year, the cumulative trading volume of Bitcoin spot ETF on the first day of listing was US$4.6 billion. At present, the overall situation is similar to the forecast, with a trading volume of less than 30% of Bitcoin.
Grayscale's ETHE had a net outflow of 484 million US dollars on the first day, but most of it was probably from left hand to right hand, so the price of ETH did not fall sharply yesterday like Bitcoin did at that time.
On July 24, Bitcoin ETF had a net outflow of US$78 million, BlackRock had an inflow of US$71.9 million, BITB had an outflow of US$70 million, ARKB and GBTC had outflows of US$52.3 million and 27.3 million respectively.
On July 24, the Ethereum ETF had a net inflow of US$106 million, BlackRock's ETHA and bitwise's ETHW both had inflows of more than US$200 million, Grayscale ETHE had an outflow of 484 million, but Grayscale mini ETH only had an inflow of 15 million.
After Harris officially became the new candidate, her support rate began to rise. At present, Trump has gradually lost his overwhelming advantage in this election. The follow-up still depends on the situation of canvassing for votes. It is rumored online that Harris will also attend the Bitcoin conference. This Bitcoin conference will be interesting. Will it become a big stage for canvassing for votes? But no matter what, it should be good for encryption.
Musk changed his profile picture yesterday, which affected some MEME coins and made them plummet. This guy is really manipulating the market. However, Tesla's Q2 financial report shows that the remaining Bitcoin holdings have not been moved so far.
Yesterday, Kraken's CEO claimed that Kraken has successfully distributed BTC and BCH from Mt. Gox assets to creditors. The data given yesterday said that Kraken received 48,641 BTC, and it is the distribution platform that received the most transfers from Mt. Gox. The largest exchange has already started to repay debts, and the others should have also executed. The distribution of these 50,000 coins did not actually cause too much panic selling on Bitcoin. So we will wait for it to be distributed bit by bit until it is all distributed, and the negative news will come to fruition.
The transaction volume of Solana on-chain DEX has surpassed the Ethereum mainnet for the first time in the past 30 days, which means that Solana has now become the first choice for people to trade on the chain. However, this is largely due to the popularity of MEME coins.
Bitcoin also fluctuated last night due to the listing of Ethereum, and once fell to 65,400. It is similar to the idea suggested before. It will encounter support at 65,000. At present, there seems to be no strong counterattack from the bulls, so there is a high probability that this position will be broken. It is hard to say where it will break, but a large-scale rebound may form in the range of 63,000-65,000.
So far, Bitcoin and Bitcoin have not fallen sharply due to Grayscale’s redemption. If they don’t fall further, they should only rise in the future. However, I don’t think it is very realistic to start rising independently, because with the Bitcoin ETF, the market is already very mature and may be stronger than Bitcoin in recent weeks.
As for copycats, there is not much to say. There are still opportunities to buy at the bottom. Excessively high costs will keep you at the top of the mountain. For example, if you are now stuck with 80% or even 90%, not reducing costs will only prolong your payback period. It is also possible that you will be stuck at the top of the mountain forever. Don't fall in love with copycats. If you do so for too long, you will become a forgotten lover, or even a disappeared lover.
Bitcoin Fear Greed Index: 69 (Greed)
