Bitcoin Nears $70K, Ethereum, Solana Up 3%: Why Is Crypto Up On Monday Morning?
Portfolio Pulse from Murtuza Merchant
Bitcoin surged to $69,670, nearing $70,000, driven by former President Trump's declaration to make it a national strategic asset if re-elected. The broader crypto market also saw gains, with Ethereum, Solana, and others rising. Bitcoin spot ETFs saw substantial inflows, particularly BlackRock's ETF, while Grayscale's experienced outflows. Ethereum ETFs had mixed results.
July 29, 2024 | 12:29 pm
News sentiment analysis
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NEGATIVE IMPACT
Grayscale's Ethereum Trust ETF saw a substantial single-day outflow of $356 million, indicating significant investor withdrawal.
The large outflow from Grayscale's Ethereum Trust ETF indicates a significant withdrawal of investor funds, likely leading to a short-term price drop.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 75
NEGATIVE IMPACT
Grayscale's Bitcoin Trust ETF experienced a net outflow of $120 million, indicating declining investor interest.
The net outflow from Grayscale's Bitcoin Trust ETF suggests waning investor confidence, likely leading to a short-term price decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70
POSITIVE IMPACT
BlackRock's Ethereum ETF attracted $87.2178 million in inflows, reflecting strong investor interest.
The inflow into BlackRock's Ethereum ETF suggests strong investor confidence, likely boosting the ETF's price in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 65
POSITIVE IMPACT
Fidelity's Bitcoin ETF added $29.61 million in net inflows, reflecting moderate investor interest.
The net inflow into Fidelity's Bitcoin ETF indicates positive investor sentiment, which could lead to a short-term price increase.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
BlackRock's Bitcoin ETF saw a significant weekly net inflow of $758 million, indicating strong investor interest.
The substantial inflow into BlackRock's Bitcoin ETF suggests strong investor confidence and demand, likely boosting the ETF's price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 80