Bitcoin Down To $64,500, Ethereum ETFs Stutter: Why Did Crypto Not Rally After The FOMC Meeting?
Portfolio Pulse from Murtuza Merchant
Bitcoin experienced a 2.3% decline to $64,500 despite significant inflows into Bitcoin spot ETFs, particularly from BlackRock and Grayscale. Ethereum also saw a decline, with substantial outflows from its ETFs. The broader cryptocurrency market showed weakness, but long-term prospects remain optimistic.
August 01, 2024 | 11:52 am
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NEGATIVE IMPACT
Grayscale's Ethereum ETF experienced a substantial outflow of $133 million, reflecting concerns about Ethereum's short-term prospects.
The significant outflow from Grayscale's Ethereum ETF suggests a lack of confidence in Ethereum's short-term performance, likely leading to a negative impact on ETHE's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
BlackRock's Bitcoin ETF saw a substantial inflow of $20.9892 million, indicating strong institutional interest despite Bitcoin's price dip.
The significant inflow into BlackRock's Bitcoin ETF suggests strong institutional confidence in Bitcoin, which could positively impact IBIT's short-term price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80