How Did 16 July Crypto News Affect the Market?
On July 16, the cryptocurrency market continued to be shaped by various dynamics. While the launch of the Spot Ether ETFs attracted a lot of attention, inflows to these ETFs are expected to be around 30–35%, indicating an increase in demand for Ethereum. On the other hand, due to Mt. Gox’s payouts, there has been a significant drop in the price of Bitcoin, which has raised investors’ concerns. These developments clearly show the volatile nature of the cryptocurrency market and how it affects investors’ strategies.
- Even though the price of bitcoin has rebounded, its seven-day options skew, which gauges the richness of call options compared to puts traded on Deribit, is still negative.
- The negative print denotes a sustained desire for downside protection or puts.
- Longer-term skews show a bullish bias since they stay above zero.
BTC Prices Declined on July 16
When selling pressure from Mt. Gox resurfaced, Bitcoin fell below $63,000. Before falling 3% during Asian trading hours, Bitcoin experienced a test return above $65,000 when a wallet connected to Mt. Gox sent around $3 billion in bitcoin, most likely as part of its repayment plan to creditors. On July 4, the now-defunct cryptocurrency exchange started paying back its loan. Traders were worried that the beneficiaries would sell their coins right away, which would lower the price of bitcoin.
Countdown to Spot Ether ETFs: May List on July 23 on Exchanges
Next Tuesday, spot ether ETFs might go live in the US. The final copies of the S-1 forms must be filed by Wednesday, according to a second source, who also mentioned that the funds might be listed on exchanges on July 23. SEC officials informed one issuer that the agency had no more remarks regarding the last-minute submissions.
Huge Interest in Spot Ether ETFs: Investor Inflows Could Reach 35%
A research report published by Citi suggests that Ether ETFs may see inflows of between 30% and 35% of what bitcoin products saw. According to the research, at that level, net inflows over a six-month period may range from $4.7 billion to $5.4 billion.
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