Positive ETF flows may stabilize Ethereum's price, potentially reversing recent declines and mirroring Bitcoin's post-ETF launch recovery.
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ETH price failed to crack the $3,400 resistance level, as spot Ethereum ETFs are seeing more outflows largely due to Grayscale.
Ethereum (ETH) is about to close the month of July in the red, down roughly 1%, despite the launch of spot Ethereum ETFs in the United States.
US spot Ethereum ETFs went live on July 23, and the market’s immediate reaction was a 9% drawdown. At present, the ETH price is down 4.05% since launch. However, other reasons may have hindered price performance.
The overall ETF numbers have been underwhelming, with the cumulative total net inflow currently at negative $439.64 million, according to Sosovalue.
ETH’s price continues to underperform Bitcoin’s price, and the downside is set to continue.
After rallying to 26% to $3,563 leading into the launch of spot Ether exchange-traded funds (ETFs), Ether’s (ETH) price has underperformed over the last month compared to Bitcoin and the broader crypto market. This underperformance has led traders to question whether the altcoin will have a sustained recovery. ETH’s price is down 4.3% over the last seven days and 2.11% over the last month.
To put this into context, Bitcoin’s (BTC) price climbed by 7.7% over the last 30 days, while the total cryptocurrency market capitalization rose by 6.2% over the same period.
Other top-cap layer-1 tokens, Solana’s SOL (SOL) and Cardano’s ADA (ADA), have rallied 27 27% and 6%, respectively, over the same timeframe.
Blackrock, the world’s largest asset manager with $10.5 trillion in assets under management, has warned about cryptocurrency scams. The firm urged caution when dealing with individuals, websites, or social media platforms using its brand to offer training or investments. Blackrock noted a spike in scams directing users to crypto investment-related websites or platforms like Whatsapp […]
21shares announced it has integrated Chainlink’s Proof of Reserve on Ethereum mainnet to bolster the transparency of the 21shares Core Ethereum exchange-traded fund (ETF), also known as CETH. The crypto exchange-traded product (ETP) issuer said this integration aims to provide real-time visibility into the ethereum (ETH) reserves backing the ETF. 21shares Enhances CETH Transparency With […]
The integration aims to create more transparency for 21Shares’ Ether ETF, which could create more trust among investors.
21Shares has integrated Chainlink’s proof-of-reserve (PoR) system to create more transparency for its Core Ethereum exchange-traded fund (ETF).
21Shares, one of the world’s largest issuers of crypto exchange-traded products (ETPs), aims to build greater trust in its physically-backed Ether (ETH) ETF by integrating proof of reserves.
The transparency created by the new integration could further the path of digital asset adoption, according to Johann Eid, the chief business officer of Chainlink Labs, who wrote in a shared statement:
Investor shifts from Grayscale to new Ethereum ETFs highlight market volatility and the competitive landscape in crypto investment products.
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BlackRock's focus on Bitcoin and Ethereum ETFs may limit diversification in the crypto market, affecting broader adoption and innovation.
The post Bitcoin and Ethereum top client interest with ‘very little’ demand for other crypto ETFs: BlackRock Head of Digital Assets appeared first on Crypto Briefing.
Grayscale's Ethereum ETF struggles highlight investor preference shifts and potential volatility in the cryptocurrency ETF market.
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Clients see Bitcoin and Ethereum as complements, not substitutes, in crypto portfolios, according to Blackrock's head of digital assets.
Asset manager Blackrock sees “very little interest” among clients in crypto beyond Bitcoin (BTC) and Ethereum (ETH) and doesn’t foresee many crypto exchange-traded funds (ETFs) outside of those two core digital assets, according to Robert Mitchnick, BlackRock’s head of digital assets, speaking at the Bitcoin2024 conference on July 25 in Nashville, Tennessee.
“I would say that our client base today, their interest overwhelmingly is in Bitcoin first, and then somewhat in ETH… and there’s very little interest today beyond those two,” Mitchnick said at a panel entitled From Strategy to Innovation: BlackRock's Bitcoin Journey.
“I don't think we're gonna see a long list of crypto ETFs,” Mitchnick said. Blackrock launched its first crypto exchange-traded funds — iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust ETF (ETHA) — in January and July, respectively.
