💸 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

Jul 22, 2024
Crypto Market Pulse

Quick Take

  • 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.


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News Highlights

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Research and Insights Team

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