Ethereum Bounces as Grayscale’s Ether ETF Posts First Daily Inflow
The post Ethereum Bounces as Grayscale’s Ether ETF Posts First Daily Inflow appeared on BitcoinEthereumNews.com.
Crypto markets traded higher on Tuesday, coinciding with the Grayscale Ethereum Trust (ETHE) recording its first day without outflows since launching. Ethereum (ETH) rallied 1.7% to $2,635, while Bitcoin (BTC) posted a modest 0.11% gain to $58,882, Polkadot (DOT) fell by 2%, and Solana (SOL) is up 0.12%. Sats (1000SATS) was the strongest performing top 100 cryptocurrency by market capitalization over the past 24 hours with a 15% gain, followed by Ordi (ORDI) with 9%, and Eos (EOS) with 2%. Lido DAO (LDO) was the worst performer with a 5% drawdown, followed by Dogwifhat (WIF) which dropped 4.41%. Spot Ether flows turn bullish On Monday, Ether exchange-traded funds (ETFs) recorded $4.93 million in net inflows, marking the fifth positive inflow day since ETH ETFs went live for trading on July 23, according to Farside data. Spot Bitcoin ETFs also reported inflows of $27.8 million. ETHE’s daily inflow followed 14 straight days of outflows since launching. For comparison, Grayscale’s Bitcoin Trust (GBTC) took nearly four months to achieve a day without outflows. ETHE has hosted $2.29 billion worth of outflows so far, driving significant outflows for the Ether ETF sector during the first two weeks of operations. With the sector hosting net inflows last week as outflows from Grayscale subside, the milestone suggests the sector may enjoy positive flows moving forward. Spot Ether ETF inflows. Source: Sosovalue. Analysts skeptical of crypto rebound Despite most cryptocurrencies partially rebounding from last night’s violent crash, analysts are approaching the markets with caution as Bitcoin and Ethereum struggle to reclaim key resistance levels above $60,000 and $2,700 respectively. “While the price recovery has been strong… the market remains cautious in the near term with a BTC put skew out till September,” QCP Capital analysts said. “In the previous two sharp drawdowns this year (April and…
Filed under: News - @ August 14, 2024 1:28 pm