Ethereum ETFs Turning Heads from Day One!

U.S. spot Ethereum ETFs recorded over $1 billion in trading volume on their first trading day.

Danielle du Toit
July 24, 2024

Here's what we've got for you today:

US Spot Ethereum ETFs Saw Net Inflows of $106.7 Million on First Trading Day
BlackRock’s Bitcoin ETF Inflows Surpass Major Tech Stocks in 2024
Bitcoin Conference Could Host Huge Election Showdown with Kamala Harris as Potential Speaker
Kraken Begins Distributing Bitcoin to Mt. Gox Creditors

U.S. spot Ethereum ETFs also recorded over $1 billion in trading volume on their first day in the market.

The nine different ether ETFs reached total trading volume of $1.05 billion. Blackrock's ETHA led with $266.55 million in inflows, followed by Bitwise’s ETHW ($204 million), Fidelity’s FETH ($71.31 million), and Grayscale's Ethereum Mini Trust ($15.15 million).
The Grayscale Ethereum Trust (ETHE) experienced $484.1 million in net outflows, and was the only fund among the nine ETFs to log outflows.
These spot Ethereum ETFs already accumulated more than $10 billion in assets under management.

BlackRock’s iShares Bitcoin Trust ETF has accumulated almost $19 billion worth of Bitcoin year-to-date (YTD).

Inflows into BlackRock’s spot Bitcoin ETF have exceeded those of the "magnificent seven" stocks Microsoft, Apple, Tesla, Amazon, Meta, Alphabet, and Nvidia.
US spot Bitcoin ETFs now control over $61 billion in on-chain holdings, which is more than 4.6% of the total BTC supply.
Crypto analyst Titan of Crypto predicts that Bitcoin could reach a new high of $88,500 by September.

Democrat nominee Kamala Harris may join Donald Trump to speak at the upcoming Bitcoin Conference between July 23 and 25.

David Bailey, the CEO of Bitcoin Magazine, confirmed the news that talks are ongoing for Vice President Kamala Harris to speak at The Bitcoin Conference.
This could be a major event for the upcoming presidential race as Democrats are worried about Donald Trump's growing support from crypto-based voters.
Donald Trump is scheduled to speak at the Bitcoin Conference on July 25, where he will talk about crypto regulation. There is speculation that he may also discuss the possibility of making Bitcoin a reserve asset.

After a decade, creditors of the defunct crypto exchange Mt. Gox have started receiving their locked Bitcoins from Kraken.

Analyst Mignolet shared that Kraken advised Mt. Gox creditors to use Over-The-Counter (OTC) trading for their transactions.
Arkham Intelligence also reported that Mt. Gox transferred 42,587 BTC to an internal wallet, along with a separate transfer of $2.85 billion in BTC to new wallets to distribute 5,110 BTC to four Bitstamp addresses.
According to Arkham's analysis, Mt. Gox currently holds approximately $5.70 billion in Bitcoin.

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