Ethereum ETF’s see $107 million inflow, Tom Lee sees bitcoin market cap increasing 1.100%, Bitcoin spends ‘considerable time’ at $66.000

Ethereum ETFs see $107 Million in net inflows on launch day

The recent launch of spot Ethereum ETFs in the United States saw significant activity on their first day, with a net inflow of $106.6 million. BlackRock’s iShares ETF (ETHA) led with $266.5 million, followed by Bitwise’s Ethereum ETF (ETHW) with $204 million, and Fidelity’s Ethereum Fund (FETH) at $71.3 million. Despite these positive inflows, Grayscale’s Ethereum Trust (ETHE) experienced a substantial outflow of $484.9 million, likely due to investors taking advantage of the easier selling process now available.

This dynamic mirrors the January experience with Bitcoin ETFs, which also saw large outflows from Grayscale’s Bitcoin Trust (GBTC) post-conversion. Overall, the cumulative trading volume for spot ETH funds reached $1.08 billion, equating to 23% of the volume seen by spot Bitcoin ETFs on their debut​.

Source: Cointelegraph

Tom Lee sees bitcoin market cap increasing 1.100%

Tom Lee, managing partner and head of research at Fundstrat Global Advisors, predicts that Bitcoin’s market cap could increase by 1.100%, reaching $16 trillion, equating it with the current value of above-ground gold.

Lee argues that Bitcoin is a more resilient and useful hedge against economic calamity compared to gold, citing its portability and potential use as collateral. Currently, Bitcoin trades at $66,096 with a market cap of $1.304 trillion. Lee envisions growing investor interest in Bitcoin as a store of value surpassing gold.

Source: The Daily Hodl

Analyst: Bitcoin to spend ‘considerable time’ at $66.000

Bitcoin recently faced challenges maintaining its price above the $66,000 mark. After hitting one-month lows, the price managed a modest recovery but remained volatile, influenced by U.S. economic data such as jobless claims. Analysts emphasize that $66,000 is a critical support level, with potential resistance at $69,000.

“We will spend considerable time here and accumulate,” pseudonymous crypto trader Emperor wrote in a July 23 X post after explaining that the $66,000 price level has been “broken multiple times and then retested as support.”

If Bitcoin fails to hold this level, further declines could occur, potentially testing support around $60,000 to $61,000.

Market analysts also highlighted the resilience and accumulation behavior of long-term Bitcoin holders, which continues to provide a strong support base for BTC prices. Additionally, the mining sector is experiencing economic adjustments post-halving, with miner capitulation indicating a pre-breakout phase.

Source: Cointelegraph