As a seasoned researcher with extensive experience in the digital asset market, I have closely monitored the recent trends in Ethereum and Bitcoin investment products. The latest CoinShares Digital Assets Funds Flow report has piqued my interest, showcasing significant inflows into Ethereum and Bitcoin last week.
As a crypto investor following the latest trends, I’m excited to note that Ethereum has seen significant inflows according to CoinShares’ Digital Assets funds flow report. Last week alone, Ethereum investment products attracted an impressive $45 million. This brings Ethereum’s year-to-date inflows to a remarkable $103 million. In comparison, Solana investment products also experienced inflows of $9.6 million during the same period, resulting in a total of $71 million for the year so far.
Anticipation builds as the long-awaited Ethereum Exchange-Traded Fund (ETF) is slated for launch on July 23, fueling robust inflows into ETH. Analysts project a substantial increase in Ethereum’s value post-ETF approval, mirroring the price surge experienced following the debut of spot Bitcoin ETFs earlier in 2021.
At present, Ethereum (ETH) is priced at around $3,500 in the markets, boasting a market capitalization of approximately $420 billion. Notably, daily trading volumes have experienced a significant surge, exceeding $17 billion – a rise of over 76%. However, this price point, at $3,500, has proven to be a formidable barrier for Ethereum to surmount.
According to IntoTheBlock’s on-chain analysis, approximately 3.13 million Ethereum holders have established a significant sell wall, with an average purchase price of $3,547. These investors are currently experiencing losses, contributing to the selling pressure and hindering Ethereum from surmounting this key resistance level.
Ethereum Faces Critical Resistance at $3,500
Starting on July 16th, Ethereum (ETH) has faced difficulties in breaking past the $3,500 mark. One significant reason for this struggle is the presence of approximately 3.13 million Ethereum holders who bought ETH at an average price slightly above their current target, around $3,547.
These…
— IntoTheBlock (@intotheblock) July 22, 2024
As an analyst, I find it intriguing to explore whether the approval of the Ethereum ETF triggers sufficient buying pressure to surmount the sell wall, potentially paving the way for a more significant price increase.
Bitcoin Products Clock $1.27B in Inflows
Last week, there were inflows totaling $1.27 billion into Bitcoin investment products. This was primarily driven by substantial investments in spot Bitcoin exchange-traded funds (ETFs) based in the United States. Conversely, short-Bitcoin ETPs experienced outflows amounting to $1.9 million during the same period.
Last week, there was significant purchasing activity in digital asset investment products, amounting to $1.35 billion in inflows. This marks a three-week accumulation of $3.2 billion. The trading volume for exchange-traded products (ETPs) also surged by 45% compared to the previous week, reaching $12.9 billion. Nevertheless, this figure represents only about a fifth (22%) of the overall crypto market’s trading volumes.
Across different regions, the flow of funds showed diverse trends. The United States and Switzerland witnessed substantial investments amounting to $1.3 billion and $66 million respectively. On the other hand, Brazil and Hong Kong recorded modest outflows with values of $5.2 million and $1.9 million respectively.
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2024-07-22 17:36