Ethereum

Bitcoin ETF

Spot

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-experiences-sharp-decline-after-spot-etf-launch/" data-wpel-link="internal">Ethereum Experiences Sharp Decline After Spot ETF Launch</a> 
Ethereum experienced a sharp decline a day after the launch of spot Ethereum ETF funds in the US. Ethereum price dropped approximately 8.75% in the last 24 hours, reaching around $3,170 on July 25. This decline came after the launch of eight spot Ethereum ETF funds on the New York Stock Exchange, erasing gains from about two weeks ago. 
<h2 class="p1" style="text-align: justify" id="why-is-ethereum-dropping">Why is Ethereum Dropping?</h2> 
Ethereum‘s decline today, on the second trading day of July 24, was mainly exacerbated by significant withdrawals from Grayscale’s Ethereum Trust, with $113.3 million exiting spot ETF funds. Notably, seven out of the newly launched eight spot Ether ETF funds saw net inflows. Leading this process were the Fidelity Ethereum Fund (FETH) and Bitwise Ethereum ETF (BITW), which pulled in $74.5 million and $29.6 million, respectively. In contrast, BlackRock’s iShares Ethereum Trust (ETHA), which had the strongest inflow on July 23, gathered only $17.4 million from <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> on July 24. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-373886 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/etf-1.webp" alt="" width="1378" height="1116"> 
On the other hand, Grayscale Ethereum Trust (ETHE) experienced a staggering outflow of $326.9 million, similar to the withdrawals witnessed after the Grayscale Bitcoin ETF launch in January, due to its relatively high fee. ETHE’s fees were also recorded as the highest transaction fee at 2.5%. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-373887 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/eth-etf-1.webp" alt="" width="1208" height="922"> 
However, Grayscale’s Ethereum Mini Trust (ETH) pulled in $15.1 million on July 24 with a 0.15% fee. This indicates that investors are withdrawing their capital from Grayscale Ethereum Trust to seek opportunities in lower-fee alternatives. 
<h2 class="p1" style="text-align: justify" id="what-is-happening-in-the-futures-market">What is Happening in the Futures Market?</h2> 
Ethereum experienced a sell-off decline, surprising investors who expected a bull run immediately after the ETF funds’ launch. Notably, the Ethereum futures market witnessed $103.65 million in long liquidations in the last 24 hours, the highest level in the <a href="https://en.coin-turk.com/significant-increase-in-crypto-trading-volume-at-south-koreas-bithumb-exchange/" data-wpel-link="internal">crypto market</a>. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-373885 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/veri-2.webp" alt="" width="1488" height="716"> 
When the market moves against these long positions, the liquidation process triggers the sale of assets. This sudden increase in selling pressure further drives down the price, triggering more long liquidations and increasing the momentum. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-experiences-sharp-decline-after-spot-etf-launch/" data-wpel-link="internal">Ethereum Experiences Sharp Decline After Spot ETF Launch</a></h5>
The post <a href="https://en.coin-turk.com/ethereum-experiences-sharp-decline-after-spot-etf-launch/" data-wpel-link="internal">Ethereum Experiences Sharp Decline After Spot ETF Launch</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Ethereum Experiences Sharp Decline After Spot ETF Launch

Daftar Isi

COINTURK NEWS

Artikel lain yang dipublikasikan pada 25 Jul 2024

PEPE Price Gained 864% in the Last Year: Here’s What to Expect Next

Here’s Why Bitcoin (BTC) price is falling

Sygnum Bank sees first half-year profit thanks to Bitcoin

Setting Sail for Success: TLIP and IOTA’s Role in Maritime Advancements through the EU-Funded MIS...

Bitstamp starts Mt. Gox creditor repayments

Shibarium Approaches 6 Million Blocks: Can SHIB Price Rebound to $0,0001?

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!