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Trader Warns of BTC Price Peak After $530M ETF Inflows

Bitcoin faces potential profit-taking and price weakness despite a surge in institutional buying, with recent ETF inflows surpassing $500 million.

• Main Points:

  • Profit-Taking Risks: Large ETF inflows historically precede BTC price sell-offs.

  • ETF Popularity: US spot Bitcoin ETFs attract significant investments.

  • Market Dynamics: Sustained demand is needed to maintain BTC price levels.

  • Ethereum ETF Launch: ETH price remains flat ahead of ETF debut.

• Detailed Insights:

  • Profit-Taking Risks: Bitcoin may experience a phase of “profit-taking” and potential price weakness even as institutional buying increases. Historical data shows that significant ETF inflows, such as the $526 million into BlackRock’s IBIT, often lead to sell-offs.

  • ETF Popularity: Bitcoin ETF inflows reached $533.6 million on July 23, the highest since March, but Bitcoin’s price remains cautious, currently trading around $66,550, down 1.5% for the day.

  • Market Dynamics: Sustaining Bitcoin’s price requires consistent spot demand, absorption of supply by spot takers, and overall seller absorption. These factors are crucial for maintaining upward momentum.

  • Ethereum ETF Launch: Ethereum ETFs set to begin trading on July 23 have not yet impacted ETH’s price significantly, with ETH/USD up just 1.5% over the past week and flat on the day.

Related: Bitcoin Surprises with Huge Weekly Gain

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Blackrock: Ethereum ETFs Are About To Happen!

Spot Ethereum ETFs are set to debut on July 23, 2024, following SEC approval. Blackrock's Ishares Ethereum Trust ETF will commence trading on Nasdaq, featuring a one-year fee waiver.

• Main Points:

  • ETF Launch: Nine spot Ethereum ETFs to debut on July 23.

  • Blackrock's ETHA: Features a one-year fee waiver for the first $2.5 billion in AUM.

  • Grayscale’s Role: Transformation of ETHE and launch of Ethereum Mini Trust.

  • Market Impact: Increased institutional interest and potential reshaping of the crypto investment landscape.

  • Current ETH Price: Ethereum declined by 2.5%, trading at $3,447.

• Detailed Insights:

  • ETF Launch: Spot Ethereum exchange-traded funds (ETFs) are set to launch on Tuesday, July 23, 2024, following approval from the U.S. Securities and Exchange Commission (SEC). This marks a significant milestone in the cryptocurrency market, providing investors with new opportunities to gain exposure to Ethereum.

  • Blackrock's ETHA: Blackrock, the world’s largest asset manager, announced that its Ishares Ethereum Trust ETF (ETHA) will commence trading on Nasdaq. ETHA will feature a one-year fee waiver of 0.12% for the first $2.5 billion in assets under management (AUM).

  • Grayscale’s Role: Grayscale will transform its Ethereum Trust (ETHE) into a publicly traded fund and launch the Ethereum Mini Trust (ETH). Other asset managers such as Franklin Templeton, Vaneck, Bitwise, 21Shares, Invesco, and Fidelity will also launch their spot Ether ETFs on the same day.

  • Market Impact: Bloomberg ETF analyst Eric Balchunas confirmed the listings, indicating a significant step forward for digital asset investment. Jay Jacobs, U.S. Head of Thematic and Active ETFs at Blackrock, emphasized the growing interest in digital assets and the convenience of exchange-traded products (ETPs).

  • Current ETH Price: Despite the upcoming ETF launches, Ethereum (ETH) declined by 2.5% against the U.S. dollar on Monday evening, trading at $3,447 per unit. This represents a 1.2% decrease over the past week.

Related: Fidelity Surpasses BlackRock in Bitcoin ETF Inflows

Trump's Claims About El Salvador and President Bukele Debunked

Former President Donald Trump's recent statements about El Salvador's crime reduction were fact-checked and found to be false, attributing the drop in murders to President Nayib Bukele’s anti-crime measures instead.

• Main Points:

  • Trump’s Claim: El Salvador’s crime dropped due to criminals being sent to the U.S.

  • Fact-Check Result: Reduction attributed to Bukele’s stringent anti-crime measures.

  • Bitcoin Community Reaction: Prominent Bitcoin supporters refute Trump’s statements.

• Detailed Insights:

  • Trump’s Claim: Donald Trump claimed that El Salvador’s 70% drop in murders was due to criminals being sent to the U.S.

  • Fact-Check Result: PBS found this claim false, crediting President Nayib Bukele's anti-crime measures for the reduction in homicides.

  • El Salvador’s Crime Measures: Since March 2022, El Salvador has been under a state of emergency to combat gang violence, leading to a significant increase in the prison population.

  • Bitcoin Community Reaction: Prominent Bitcoin supporters like Max Keiser and Stacy Herbert have refuted Trump’s claims, emphasizing Bukele’s effective policies.

  • Broader Context: Trump aims to support the cryptocurrency sector and prevent the Federal Reserve from issuing a central bank digital currency (CBDC), stressing competition with China.

Related: El Salvador's First Digital Debt Offering Flops

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results