- Outflows from Grayscale’s Ethereum Trust exceeded inflows into ETH-ETF.
- Investors shifted focus from the debut of spot Ethereum-ETFs to Mt.Gox coin movements and macroeconomics.
On July 24, Ethereum’s daily decline reached 7.9%, while Bitcoin’s was 2.7%, according to CoinGecko. According to SoSoValue, the net outflow from spot Ethereum-ETFs amounted to $133.2 million.
At the time of writing, the second-largest cryptocurrency by market capitalization is trading near $3175, with digital gold at $64,300.
Inflows into “new” exchange-traded products based on Ethereum were insufficient to offset the $326.9 million withdrawn by clients from Grayscale’s ETHE.
Trading volume again exceeded $1 billion ($1.05 billion).
Inflows into 21 Shares’ CETH were zero, while other instruments ranged from $2.5 to $45.9 million. Leaders in this regard were Fidelity’s FETH ($74.5 million), Grayscale’s ETH ($45.9 million), and Bitwise’s ETHW ($29.6 million).
Considering data from the first trading day, the net outflow from ETH-ETF over two days reached $26.4 million. AUM of the products amounted to $9.54 billion.
BTC-ETF
Positive inflow dynamics resumed in spot Bitcoin-ETFs. The net inflow was $44.5 million.
A key contribution was made by BlackRock’s IBIT ($66 million), which offset the $26.2 million withdrawal from Grayscale’s GBTC.
Other instruments recorded zero changes, except for Fidelity’s FBTC ($1.4 million), ARK Invest and 21 Shares’ ARKB ($3.3 million).
Cumulative inflows since the approval of BTC-ETF in January amounted to $17.5 billion.
Focus on Mt.Gox
The ETF factor has taken a backseat to Mt.Gox compensation payments and the influence of the macroeconomic backdrop, according to The Block.
The previous day, the Nasdaq Composite index plummeted 3.6%, marking its worst day since October 2022, while the S&P 500 index fell 2.3% (the steepest decline since December 2022).
On July 24, it was reported that Mt.Gox clients received coins through Kraken.
Payments began following a series of transactions, after which the platform’s trustee moved a total of 48,641 BTC worth over $3 billion.
According to Arkham Intelligence, on July 23, 37,477 BTC ($2.47 billion) returned to Mt.Gox’s cold wallet, which the next day went to an unidentified address.
According to the service, no assets remain at the exchange’s address.
QCP Capital has noted growing concerns in the Bitcoin options market about a resumption of downward trends. Besides the Mt.Gox factor, analysts highlighted information about the U.S. authorities sending coins to Coinbase.