JUST

Tezos

Bitcoin ETF

Bitcoin

Arkham

<p class="is-style-lead">Crypto has been in turmoil over the weekend, but trading volumes in Bitcoin ETFs are hitting unprecedented levels, and despite widespread sell-offs, major financial institutions don’t appear to be selling — yet.&nbsp;&nbsp;</p> 
<p>Within just 20 minutes of Monday Aug. 5th opening bell, Bitcoin ETFs experienced a trading volume of $1.3 billion. Later in the day, volume <a href="https://x.com/kyle_chasse/status/1820474077489832078" target="_blank" rel="">surged</a> to nearly $3 billion in volume over the first couple of trading hours.&nbsp;</p> 
<p>This surge in volume showcases sustained interest from institutional investors, despite the plummeting prices. Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) dipped below the $50,000 mark earlier Monday, signifying a 28% decline from its recent peaks of $70,000.</p> 
<h2 class="wp-block-heading" id="financial-transfers">Financial transfers</h2> 
<p>Grayscale, a major player in the crypto space, has <a href="https://x.com/solidintel_x/status/1820451941685575962" target="_blank" rel="">been transferring</a> large amounts of Bitcoin and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" data-type="link" data-id="https://crypto.news/price/ethereum/" rel="noreferrer noopener">ETH</a>) to Coinbase Prime. Currently, Grayscale holds 2.455 million ETH valued at $7.82 billion and 271,743 BTC worth $14.36 billion. These transfers could be a strategic repositioning rather than a complete exit from the market, but typically transfers mean sales.&nbsp;</p> 
<p>Despite the market crash, <a href="https://x.com/ArkhamIntel/status/1820467463341080624" target="_blank" rel="">data</a> from Arkham shows that BlackRock and Fidelity, two of the world’s largest asset managers, are not selling their Bitcoin holdings. This indicates a long-term bullish outlook from these financial giants despite short-term market volatility.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">You guys sold all your coins<br><br>… But<br><br>BlackRock<br>MicroStrategy<br>Grayscale<br>Fidelity<br><br>didn’t. <a href="https://t.co/R2NY3rDPcQ" target="_blank" rel="">pic.twitter.com/R2NY3rDPcQ</a></p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1820467463341080624?ref_src=twsrc%5Etfw" target="_blank" rel="">August 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Furthermore, Capula Management, the fourth largest hedge fund in Europe, just <a href="https://www.sec.gov/Archives/edgar/data/1557017/000117266124003075/xslForm13F_X02/infotable.xml" target="_blank" rel="">reported</a> $500 million in Bitcoin ETF holdings, which shows a significant investment by a major hedge fund in Bitcoin ETF holdings.&nbsp;</p> 
<p>This news could potentially influence other institutional investors to consider investing in Bitcoin, leading to increased market activity and potentially driving up the price of Bitcoin.</p> 
<p> You might also like: <a href="https://crypto.news/crypto-is-a-damn-casino-for-dum-dums-ethereum-developer-says/"> ‘Crypto is a damn casino for dum-dums,’ Ethereum developer says </a> </p> 
<h2 class="wp-block-heading" id="crypto-s-plunge">Crypto’s plunge</h2> 
<p>Crypto’s present <a href="https://crypto.news/bitcoin-falls-below-50000-is-a-black-swan-coming-to-the-crypto-market/" data-type="link" data-id="https://crypto.news/bitcoin-falls-below-50000-is-a-black-swan-coming-to-the-crypto-market/">market collapse</a> is linked to several factors: a strong correlation with falling stock markets, geopolitical tensions in the Middle East, changes in the Bank of Japan’s policy, and the U.S. Federal Reserve’s interest rate stance.&nbsp;</p> 
<p>On-chain analysts <a href="https://crypto.news/crypto-black-monday-why-is-crypto-crashing-right-now/" target="_blank" data-type="link" data-id="https://crypto.news/crypto-black-monday-why-is-crypto-crashing-right-now/" rel="noreferrer noopener">suggest</a> that the liquidation of the market maker Jump Crypto, marked by the sale of 120,000 wETH, contributed to Ethereum’s decline. Over 100,000 ETH from Jump Trading wallets have been moved to centralized exchanges. Other contributing factors include Mt. Gox’s payments to creditors, weak ETF dynamics, and political changes in the U.S.</p> 
<h2 class="wp-block-heading" id="stock-market-rout">Stock market rout</h2> 
<p>At least six major trading platforms in the U.S. reported outages and user login issues, including Citi, Fidelity, E-Trade, Vanguard, TD Ameritrade, and Charles Schwab. </p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">JUST IN: 🇺🇸 Over $1.93 trillion wiped out from the US stock market so far today. <a href="https://t.co/LVnknYv2eB" target="_blank" rel="">pic.twitter.com/LVnknYv2eB</a></p>— Watcher.Guru (@WatcherGuru) <a href="https://twitter.com/WatcherGuru/status/1820454625801085230?ref_src=twsrc%5Etfw" target="_blank" rel="">August 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>This disruption came as the S&amp;P 500 opened 4.2% lower and the NASDAQ 6.3% lower, reflecting market turmoil in both crypto and Wall Street.</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-store-of-value-narrative-being-decimated-tezos-co-founder-says/"> Bitcoin store of value narrative ‘being decimated’, Tezos co-founder says </a> </p>

Crypto sell-off: Massive trading volumes seen in Bitcoin ETFs

Table of Contents

crypto.news

Other articles published on Aug 5, 2024

Thousands Of Australian Crypto Wallets Compromised By Scammers

Solana Memecoin TRUMPSEC Will Skyrocket Over 19,000% Before CEX Listings, While SHIB and DOGE Str...

Jump Trading Dumps Ethereum: Is Solana Next on the Chopping Block?

Bitcoin Price Reached $49K Amidst Global Financial Collapses Wave

Why Did Bitcoin And Altcoins Fall? Is the Collapse in Global Markets a New Opportunity?

Fed Rate Cut Today? Experts Warn It May Worsen Crypto Market Bloodbath

Join our free newsletter for daily crypto updates!