The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
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It's Tuesday! Here’s what you need to know today in crypto. |
Bitcoin bulls might have reason to cheer entering July following an uninspiring second quarter.Investors withdrew over $120 million from ether ETPs in the past two weeks.Spot ETH ETFs could see $5 billion of inflows in the first six months, Gemini says. |
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CoinDesk 20 Index: 2,156 −0.1% Bitcoin (BTC): $62,674 +0.0% Ether (ETC): $3,448 −0.3% S&P 500: 5,475.09 +0.3% Gold: $2,332 +0.2% Nikkei 225: $2,332 +0.2% |
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Bitcoin bulls may have reason to cheer as we enter July following an uninspiring second quarter in which BTC was weighed down by billions in sales and negative sentiment among retail traders. The first day of the month saw U.S.-listed ETFs record nearly $130 million in inflows – the most since early June – after more than $900 million in outflows over the month. Over the last decade, bitcoin has gained by an average of more than 11% in July, with positive returns in seven of the 10 years, data shows. Bitcoin is currently trading at around $62,600, a drop of about 0.15% in the last 24 hours. The CoinDesk 20 Index (CD20) is down by around 0.2%. |
Professional investors withdrew over $120 million from ether-tracked exchange-traded products in the past two weeks, CoinShares said in a Monday report. Such products recorded $60 million in net outflows in each of the past two weeks, the most since August 2022. Elsewhere, multiasset and bitcoin ETPs recorded inflows at $18 million and $10 million, respectively, suggesting sentiment may be turning. Ether ETFs are close to becoming available for trading in the U.S. after the SEC approved applicants' filings last month. The regulator must also approve their S-1 filings before the products are cleared to trade. Spot ether ETFs in the U.S. could see net inflows of $5 billion in the first six months, according to crypto exchange Gemini. The flows, when combined with the current Grayscale Ethereum Trust (ETHE) assets under management give a total AUM for spot ETH ETFs in the U.S. of $13 billion-$15 billion in the first six months, the report said. Gemini noted that ether’s market value relative to bitcoin remains close to multiyear lows, and the inflows could improve ether's relative standing. “Given the AUM comparable in international ETF markets, robust on-chain dynamics, and differentiating factors such as a thriving stablecoin environment, there is favorable risk-reward of an ETH catch-up trade in the months to come,” Gemini said. |
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Market Insight: These Hot Crypto Tokens Beat Bitcoin Gains in Q2 |
The second quarter saw three crypto tokens – brett (BRETT), Ton Network's TON, and Kaspa's KAS – emerge as shining stars while market bellwether bitcoin wilted, pulling most major digital assets, including ether, lower. The BRETT surge was not an isolated event but part of a broader rally in meme coins. Analytics platform DYOR's Dune-based relative strength crypto narrative tracker shows the meme coin sub-sector rose over 45% in three months while others registered losses. TON's surge stemmed from its involvement in the Telegram messaging app, which boasts 1.56 billion users worldwide and 800 million active users. KAS' parent proof-of-work (PoW) blockchain Kaspa's attempts to solve the blockchain trilemma helped the token grab investor attention. The trilemma refers to the trade-off between three key aspects of blockchain technology: scalability, decentralization and security. KAS also received a bullish boost from listed bitcoin miner Marathon Digital's announcement that it has started mining the token to diversify its revenue stream. |
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The chart shows bitcoin is looking to get past a descending trendline, which characterizes the pullback from record highs.A breakout here would open up the door for near-term gains. On-chain analysis shows that $65,000 could prove to be a formidable resistance.Source: TradingView |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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