US spot Bitcoin ETFs reached US$17 billion net inflows; CBOE confirmed five US spot Ether ETFs will start trading on 23 Jul; South Korea’s Virtual Asset User Protection Act came into effect on 19 July
US spot Bitcoin ETFs had a weekly net inflow of $1,198 million last week (past five trading days), compared to a net inflow of $1,048 million the week before. Grayscale Bitcoin Trust ETF’s (GBTC) weekly net outflow settled at $56 million.
On the macro side, ECB kept interest rates unchanged, in line with expectations. ECB President Lagarde noted domestic price pressures remain high and wages are still rising at an elevated rate. She did not provide specific guidance on the rate outlook and mentioned ECB’s actions in September are “wide open”. In the US, retail sales were unchanged in June compared to May, better than Reuters’s poll expectations, reflecting resilience in the economy. The latest CME FedWatch Tool shows a 98% probability of a September rate cut in the US.
Notable updates: Polygon will migrate its native token from MATIC to POL on 4 September; the Crypto.com App listed Gravity (G) and Banana Gun (BANANA)
Notable events in the coming week: Interest rate decision from Canada, US Core Personal Consumption Expenditures (June) and GDP (Q2)
Weekly Market Index
All three indices increased last week. The price and volume indices increased by +11.67% and +13.67% last week, respectively. The volatility index increased more significantly by +74.45%.
Chart of the Week
As of 19 July, US spot Bitcoin ETFs reached a record high of $17 billion in net inflows since launch, according to Farside Investors. Weekly net inflow amounted to $1,198 million last week, the largest weekly record in six weeks. The ETFs accumulated $2.5 billion of net inflows month-to-date in July and are currently on an eleven-day streak of net inflow as of 19 July. This coincided with Bitcoin’s price rebounding from the $57,000 level in the week of 8 July to $67,000 over the past weekend.
Since the ETFs launched, most of the net inflows were going into BlackRock’s IBIT and Fidelity’s FBTC, which contributed a total of $19.0 billion and $10.0 billion, respectively. This is offset by $18.7 billion in net outflows from Grayscale’s GBTC.
Weekly Performance
BTC and ETH increased by +11.9% and +9.5%, respectively, in the past seven days. The price action for most other selected top market capitalisation tokens was up, with INJ (+32.9%) leading.
Key categories were all up in market capitalisation in the past seven days. The meme category led the rise.
News Highlights
ETFs and Funds
The Chicago Board Options Exchange (CBOE)confirmed five US spot Ethereum ETF products would commence trading on 23 July, pending “regulatory effectiveness”. The five ETFs include 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF. Four other spot ETH ETFs will trade on Nasdaq or NYSE Arca, but there are no official announcements yet from those exchanges. In addition, the US SEC approved 19b-4 filings of two additional spot Ether ETFs, Grayscale Ethereum Mini Trust and ProShares Ethereum ETF, for listing on the NYSE Arca electronic trading platform. ProShares Ethereum ETF will still need to wait for comments on S-1 and is not expected to be listed on 23 July.
Grayscale announced plans to spin off a portion of Grayscale Bitcoin Trust (GBTC) into a new ETF. On 31 July, Grayscale will contribute 10% of Bitcoin held by GBTC to its new ETF, Grayscale Bitcoin Mini Trust (BTC). The ETF is set to begin trading on NYSE’s Arca exchange pending final regulatory signoff.
Grayscalelaunched Grayscale Decentralised AI Fund, a new crypto fund that aims to to provide accredited investors with exposure to decentralised AI protocols. The fund has a basket of tokens including Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR).
Over 36% of Bitcoin owed to Mt. Gox creditors were distributed as of 17 July, according to CryptoQuant. The trustee originally held a total of 141,686 BTC ($9.4 billion).
Alpha Navigator: Quest for Alpha [June 2024]: Equities and Fixed Income were up in June, while Cryptocurrencies dropped. Fed remains cautious on rate cuts, while ECB cuts rates for the first time in five years.
What Is MakerDAO (DAI): Learn about MakerDAO, the DAO of DAOs, and its stablecoin, DAI — including how to use, trade, and create it.
Catalyst Calendar
We’re all ears.
Your feedback helps make our reporting more insightful. Tell us how we can improve this newsletter by taking the survey below. It will take less than a minute of your time. Thank you!
The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.
The brands and the logos appearing in this report are registered trademarks of their respective owners.
💸 US spot Bitcoin ETFs reached a record high of US$17 billion net inflows; CBOE confirmed five US spot Ether ETFs will start trading on 23 July
US spot Bitcoin ETFs reached US$17 billion net inflows; CBOE confirmed five US spot Ether ETFs will start trading on 23 Jul; South Korea’s Virtual Asset User Protection Act came into effect on 19 July
Dapatkan panduan langkah demi langkah untuk menyiapkanakun Crypto.com
Dengan mengeklik tombol Kirim, saya menyatakan telah membaca Pemberitahuan Privasi Crypto.com tempat kami menjelaskan cara kami menggunakan dan melindungi data pribadi Anda.
