Galaxy’s Post

Our Daily Market Report is out! Today, we cover: #BTC Trading Volume (24hr): $57.8B / +99% #DigitalAssets: Wells Fargo Discloses Investments in Bitcoin ETFs #TradFi: This week's key focus will be the consumer price index (#CPI) report set for release on Wednesday, crucial for assessing the Federal Reserve's future monetary policy. Despite recent higher-than-expected inflation figures, traders are optimistic that the Fed will hold off on increasing rates Every day, the SDM research team summarizes what is happening in crypto. Make sure to follow our page to get tomorrow's market breakdown! Institutional Insights: https://lnkd.in/e3V-W3zR

Weekly Crypto News time! 😁 📈 After a relatively flat week crypto prices roared back, led initially by ETH, which hit its highest price in 92 weeks, and then followed by BTC. Catalysts for this seem fairly obvious… ETFs baby! The noise surrounding the ETH ETF continues to grow. The market’s conclusion, drawn from the success of the BTC ETFs, is to dive into ETH. The BTC ETFs continue to post incredible numbers on inflows and adoption and are literally sucking money out of other ETFs, particularly Gold. In concert, FundStrat’s Tommy Lee said on CNBC that Bitcoin could hit US$150k this year due to the current supply dynamics and easing of monetary policy. CNBC is pretty mainstream! The big banks continue to lobby the SEC to relax custody rules so they can play in the ETF space. Observers have noted a clear change of tone towards BTC from Washington. The Bitcoin ETFs are having an impact on Tradfi products too, Gold ETFs are the big loser. Carson group, a $30bn RIA in the US, has announced approval to buy into the Spot ETF’s… this is the much vaunted second wave. Kaiko has done an excellent piece of research on the ETF wallets, tracking time of day flows. Almost all trading is done in US hours and Tuesday clearly stands out. They also report that ETH and BTC liquidity have improved materially, that means market makers are back. Staying in ETF news, in preparation for its own ETF boom, Hong Kong is issuing guidance on custody arrangements. Other notable highlights from the crypto space: 🔘 The UK thinks it can get laws for stablecoins and staking approved in the next 6 months. 🔘 Coinbase wrote to the SEC detailing why it should approve the spot ETH ETF. 🔘 USDC issuer Circle is discontinuing support for the Tron network due to…..its questionable compliance. 🔘 Panterra Capital dropped their latest newsletter. They analyse what the BTC price could be post halving. 🚀 🔘 Reddit is preparing for an IPO, and in doing so put a bunch of crypto on its balance sheet. Punchy play. 🔘 Avalanche suffered a 5 hour outage over the weekend due to a client bug. 🔘 A judge has signed off on the $4.3bn Binance plea deal from last year. The interesting sideline is there is a 5 year supervision period included in the agreement. Another hectic crypto week! See you next time ✌️

Sentiment Check on Ethereum Spot ETF Launch Day: Exploring market #sentiment in crypto and traditional markets   Are current markets driven by greed or fear? Let's decode the complexities of today's financial world, by analyzing investor sentiments.   📌 Crypto Fear and Greed Index: 71 — #Greed   📌 Stock Market Fear and Greed Index: 57 — #Greed   📌 AAII Investment Sentiment Survey: 52.7% of members feel the stock market is bullish for the coming 6 months, up from 41.7% at the beginning of July.   📌 Bitcoin is trading at $66'700, up more than 24% from its early-July-low.   📌 The S&P 500 has corrected to the downside from its recent all-time high, being down 1.8% from the top and the Nasdaq is down over 4% from its recent all-time high.   👉 While U.S. equities have calmed down a bit, the stock market sentiment has shifted slightly into greed territory with more than 52% of AAII investors being bullish for the coming 6 months. The crypto market has found a temporary bottom in early July and market sentiment is already back in greed territory after a short visit into extreme fear in early July.   #BitcoinSuisse #MarketSentiment #CryptoMarketSentiment Sources: edition.cnn.com, alternative.me, aaii.com, tradingview.com   This social media post is for information purposes only, limited to our followers in Switzerland, and does not constitute an opinion, legal or investment advice or any other statement that creates any obligation or responsibility on the part of Bitcoin Suisse. Disclaimer and Disclosure: https://lnkd.in/dR6fXEHn

📉 Bitcoin (BTC) took a swift dip on Wednesday, reminding investors of its volatility. A research report predicting rejections for anticipated spot BTC exchange-traded funds in the U.S. and CNBC host Jim Cramer's comments were pointed out as potential triggers. However, overzealous bullish bets set the stage for a market pullback, according to analysts. 🔍 BTC plummeted from around $45,000 to a low of $40,800 within hours. This coincided with Matrixport's report forecasting SEC rejection of spot bitcoin ETFs, contradicting its earlier outlook. Jihan Wu, Matrixport's co-founder, downplayed the report's impact, citing weakness in crypto-related stocks and an unexpected drop preceding the report. 📈 Analysts dismissed Matrixport's argument, stating no evidence supported SEC rejection. Bitcoin recovered to around $42,900 but remained nearly 5% lower in the past 24 hours. The decline followed Jim Cramer's positive remarks, with observers joking about his past backfiring takes. 💥 K33 Research Senior Analyst Vetle Lunde attributed the drop to an overheated and over-leveraged market, making it vulnerable to downside risks. Matrixport's report served as a catalyst, leading to cascading liquidations, wiping out nearly $560 million in leveraged long derivatives positions. 📊 CryptoQuant also linked the decline to high funding rates, bitcoin miners' selling pressure, and short-term holders' high profit rates. Last week, CryptoQuant analysts predicted a spot bitcoin ETF approval could trigger a "sell the news" event, potentially pulling BTC to $32,000. #Bitcoin #CryptoNews #MarketVolatility #BTC #SEC #ETF #CryptoAnalysis

Grayscale's recent victory in its ETF case is unlikely to prevent bitcoin from closing August with a negative monthly return. The digital asset began the month above $29,000, but now hovers above the $27,000 level. The digital asset's performance in August casts uncertainty over what September will bring. August was marked by record low volatility, declining trade volume, and a flash crash that sent the BTC price into $25,000 territory. According to CoinShares head of research James Butterfill, August's price decline "has underscored bitcoin's vulnerability from larger trades, exacerbated by current low volumes." https://lnkd.in/eDeGUqDd

📉 Bitcoin (BTC) took a swift dip on Wednesday, reminding investors of its volatility. A research report predicting rejections for anticipated spot BTC exchange-traded funds in the U.S. and CNBC host Jim Cramer's comments were pointed out as potential triggers. However, overzealous bullish bets set the stage for a market pullback, according to analysts. 🔍 BTC plummeted from around $45,000 to a low of $40,800 within hours. This coincided with Matrixport's report forecasting SEC rejection of spot bitcoin ETFs, contradicting its earlier outlook. Jihan Wu, Matrixport's co-founder, downplayed the report's impact, citing weakness in crypto-related stocks and an unexpected drop preceding the report. 📈 Analysts dismissed Matrixport's argument, stating no evidence supported SEC rejection. Bitcoin recovered to around $42,900 but remained nearly 5% lower in the past 24 hours. The decline followed Jim Cramer's positive remarks, with observers joking about his past backfiring takes. 💥 K33 Research Senior Analyst Vetle Lunde attributed the drop to an overheated and over-leveraged market, making it vulnerable to downside risks. Matrixport's report served as a catalyst, leading to cascading liquidations, wiping out nearly $560 million in leveraged long derivatives positions. 📊 CryptoQuant also linked the decline to high funding rates, bitcoin miners' selling pressure, and short-term holders' high profit rates. Last week, CryptoQuant analysts predicted a spot bitcoin ETF approval could trigger a "sell the news" event, potentially pulling BTC to $32,000. #Bitcoin #CryptoNews #MarketVolatility #BTC #SEC #ETF #CryptoAnalysis

February Monthly Commentary Bitcoin entered February around $42,600 and ended the month at ~$61,200, increasing a whopping 44% for its largest monthly gain since December 2020. Crypto’s apex asset drifted lower to start the month after the Fed expressed caution around near-term rate cuts post the latest FOMC meeting. Not to be outdone, Ethereum entered February around $2,300 and rose 46% throughout the month to finish around $3,350. ETH’s price was helped by Bitcoin’s move, and likely also by enthusiasm for a potential spot Ethereum ETF and the forthcoming Dencun upgrade set for March 13th. https://lnkd.in/eitng5Mi

E-CURREX LIVE CHART📈⚖️📊 📊The two trading sessions following the approval of new Bitcoin exchange-traded funds (ETFs) experienced substantial inflows totaling $1.4 billion. After accounting for outflows from GBTC, the net total inflows across all Bitcoin-related products amounted to $819 million. A breakdown of this activity shows a remarkable volume of 500,000 individual trades, contributing to a total trading volume of $3.6 billion. BlackRock’s iShares Bitcoin Trust (IBIT) led the pack in this initial surge, which garnered $497.7 million in total flows. The Fidelity Advantage Bitcoin ETF (FBTC) was close behind, amassing $422.3 million. Bitwise (BITB) also significantly impacted, attracting $237.90 million in investments. In contrast, the Grayscale Bitcoin Trust (GBTC), a pre-existing product, saw an outflow of $579 million during the same period. This shift is partly attributed to investors opting for the new Bitcoin ETFs offering lower fees. This trend aligns with earlier forecasts by ETF analysts, who anticipated that Bitcoin ETFs could attract around $10 billion in their first year of operation. It’s worth noting that GBTC is one of the largest holders of Bitcoin, managing over $27 billion. 🌐Website: www.e-currex.com ELECTRONIC CURRENCY EXCHANGE (E-CURREX) LIMITED📈⚖️📊

## Title: "Spot Ethereum ETFs Face Market Volatility: $113M Outflows Highlight Investor Caution" ### Introduction The crypto market continues to capture the attention of investors and regulators alike. Recently, the focus shifted to spot Ethereum exchange-traded funds (ETFs), which began trading in the United States on July 23, 2024. Despite the initial excitement, these newly launched financial products experienced significant outflows of $113.3 million on their second trading day. In this blog post, we will delve into the underlying factors behind this trend, offering insights on market dynamics, investor sentiment, and regulatory impacts. ### The Rise and Immediate Challenges of Spot Ethereum ETFs The approval of spot Ethereum ETFs by the US Securities and Exchange Commission (SEC) was hailed as a landmark event in the crypto industry. For the first time, investors could trade Ether ETFs in the United States, marking a significant step towards mainstream adoption of cryptocurrencies. However, the significant outflow on the second trading day indicates that market participants are quick to reassess their positions. This rapid sell-off can be attributed to several key factors: ### Market Dynamics: Volatility and Sensitivity Cryptocurrency markets are notorious for their volatility, and the performance of Ethereum ETFs is a stark reminder of this reality. The initial enthusiasm was quickly overshadowed by a wave of selling, underscoring the high sensitivity of the market to new investment products. This pattern suggests that investors are actively monitoring broader economic conditions and adjusting their strategies accordingly. ### Investor Sentiment: Caution in an Uncertain Market The sharp outflows from Ethereum ETFs also reflect a cautious approach by investors. The crypto market is still relatively young, and investors are prudent to weigh the potential risks and rewards of these new financial instruments. Concerns about future price volatility and the potential impact of regulatory decisions seem to be driving a more conservative stance. ### Regulatory Impact: A Double-Edged Sword While the SEC's approval of spot Ethereum ETFs was a regulatory breakthrough, it also introduces new layers of complexity. By classifying Ether as a commodity rather than a security, regulators have opened up new investment avenues. However, this classification also brings new uncertainties that could affect the asset's valuation and attractiveness to investors. ### Useful Links and Resources 1. [Cointelegraph Article: "Spot Ethereum ETFs to Begin Trading on July 23"](https://lnkd.in/emu_MUMn) 2

Bitcoin’s recent price movement has caught the attention of investors and analysts alike. After a notable recovery to the $58,000 level following a five-month low of $53,500, the digital asset is again under scrutiny. Technical analysis indicates pot https://lnkd.in/ea5ne6ZA