Ethereum

Solana

Bitcoin

On Thursday, Ether’s price dropped below the $3,200 level as the recently launched ETH exchange-traded funds (ETFs) reported an outflow of $133 million. Other large cap cryptos, including Bitcoin (BTC) and Solana (SOL), also printed red indexes in the last 24 hours. 
Also read: <a href="https://www.cryptopolitan.com/113-3m-outflow-spot-ethereum-etfs-on-day-2/">Grayscale leads $113.3M outflow in spot Ethereum ETFs on day 2</a> 
<a href="https://www.cryptopolitan.com/ether-etf-strong-debut-eth-price-declines/">ETH price dropped</a> by more than 8% over the last day dragging it to trade in the $3,100 price range. A similar decline can be seen in Bitcoin price which dropped by 4% in the same period. The cumulative crypto market cap slumped by more than 4% to stand at $2.32 trillion. 
<h3 id="span-style-font-weight-400-ether-etfs-leak-133-million-in-outflow-span">Ether ETFs leak $133 million in outflow</h3> 
<a href="https://sosovalue.com/assets/etf/us-eth-spot" rel="nofollow noopener" target="_blank">Data</a> shows that the spot ETH ETFs’ total net outflow for July 24 turned out to be $133 million, while the total trading volume stood at $1.05 billion. Grayscale ETH Trust ETF (ETHE) recorded an outflow of $327 million, while, Grayscale mini ETF ETH saw an inflow of around $46 million. 
Fidelity Ether ETF (FETH) registered the highest inflow for the day with $74.4 million. Bitwise Ethereum ETF (ETHW) endured an inflow of $29.64 million as Ether spot ETFs’ total net asset value stood at $9.538 billion on day 2. 
The launch of fresh investment products linked to Ethereum has had a major impact on the market. ETH price is now down by 16% in the last 60 days. The second largest crypto is trading at an average price of $3,172, at the press time. Its 24 hour trading volume is marginally up, staying at $22.2 billion. 
<figure id="attachment_559875" aria-describedby="caption-attachment-559875" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="wp-image-559875 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/eth-eth-data.jpg" alt="" width="812" height="685" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/eth-eth-data.jpg 812w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/eth-eth-data-300x253.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/eth-eth-data-768x648.jpg 768w" sizes="(max-width: 812px) 100vw, 812px">
 <figcaption id="caption-attachment-559875" class="wp-caption-text">
 Source: Sosovalue
 </figcaption>
</figure> 
<h3 id="span-style-font-weight-400-eth-bulls-endure-a-tough-24-hours-span">ETH bulls endure a tough 24 hours</h3> 
Data provided by Coinglass shows that around $102 million worth of long and short positions taken by traders on the ETH price got liquidated in the last 24 hours. $98.35 million (95%) of the bets liquidated turned out to be long positions. This huge margin suggests that bulls were hoping for a market turnaround for ETH, however, the sentiments remained bearish for the crypto. 
<figure id="attachment_559876" aria-describedby="caption-attachment-559876" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-559876 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/eth-liq-24-data.jpg" alt="" width="961" height="575" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/eth-liq-24-data.jpg 961w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/eth-liq-24-data-300x180.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/eth-liq-24-data-768x460.jpg 768w" sizes="(max-width: 961px) 100vw, 961px">
 <figcaption id="caption-attachment-559876" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure> 
The on-chain tracker depicts that the total liquidation has come in at $290 million in the past 24 hours. More than $262 million worth of long bets (90%) liquidated as the crypto market sees increased selling pressure. 
Bitcoin is down 4% and is trading at an average price of $64,144 as of press time. However, its 24-hour trading volume is up 9%, standing at $34.6 billion. 
BTC-linked ETFs logged a daily net inflow of $44.51 million as BlackRock’s IBIT saw a $65.99 million incoming, while, ARK’s ARKB recorded $3.29 million. Grayscale’s GBTC shrunk by $26.22 million in outflows over the last day. Bitcoin ETFs hold a cumulative positive net flow of $17.5 billion.

Ether crashes 8% as ETH ETFs record heavy outflow

Table of Contents

Cryptopolitan_News

Alte articole publicate pe 25 iul. 2024

Markets Insight: Volatility Overview Vol.11

This CRYPTO Will Make MILLIONAIRES: Avoid These Investment Mistakes!

Chainlink Join Hands With Wenia to Boost Transparency of Colombian Peso-Backed Stablecoin

BitcoinOS Verifies First-Ever ZK Proof On Bitcoin Mainnet, Enabling Infinite Scaling And Function...

Experts Share Predictions About Ethereum’s Future After ETF Approvals

When Will Spot ETH ETFs Be Allowed to Start Staking?

Join our free newsletter for daily crypto updates!