The Debut Week of Ether ETFs: What the Numbers Tell Us So Far
Bitcoin Struggles to Break Free. The Descending Channel in Play Once More
Amidst a lively crypto market, all eyes are on the debut of Ether ETFs in the U.S. On July 23, the first trading day for these spot Ether ETFs saw net outflows of $78 million. However, the following days brought a positive shift, with inflows of $44.5 million and $31.1 million on the second and third days, respectively.
Despite this turbulence, some funds have managed to stand out. BlackRock’s ETHA led the inflows with nearly $71 million, showing strong investor confidence. Similarly, Grayscale’s Ethereum Mini Trust and Fidelity’s FETH saw hefty inflows of about $58 million and $34 million, respectively. Bitwise’s ETHW and VanEck’s ETHV also contributed positively with $16 million and $8 million in net inflows. Invesco’s QETH added $6 million to the positive side of the ledger, while funds managed by Franklin and 21Shares saw no activity.
Some analysts have expressed their opinion that the Ether ETFs have been launched at a bad time, as they will only distract investors from the Bitcoin ETFs. And since there is not much interest anyway, this may hurt both the Bitcoin and Ethereum ETFs.
In other news, Marathon Digital, a major player in Bitcoin mining, announced a bold $100 million Bitcoin purchase, bringing their total holdings to over $1 billion. This move falls in line with Marathon’s bullish stance on Bitcoin’s future.
Marathon’s strategic moves, including their recent venture into mining Kaspa (KAS), have resulted in a remarkable 42.6% surge in their stock value over the past six months, outperforming industry norms. Looks like investing in Bitcoin is paying off.
Chart Analysis – BTC/USD
Bitcoin is once again quarrelling with the parallel descending channel: after another false break of the bottom, it travelled straight to the upper boundary and it is now trying to break free.
The Digital King is trading at $67,000 at the time of writing, after a perfect bounce at the $63,600 support. This goes to show that $63,600 is important for short-to-medium-term price action because just recently it acted as resistance and provided another perfect bounce.
The big question is whether we will see another false break or if this time the price will actually break free. If the latter is true, we will probably see Bitcoin challenge the resistance at $71.500. However, even if that happens, we will probably see some pullbacks along the way, especially when the RSI enters overbought territory.
