US Spot Bitcoin ETFs See Biggest Outflow in Past 90 Days
12 U.S. spot ETFs experienced outflows of $237.45 million, the largest single-day outflow since May 1. Grayscale’s Bitcoin Mini Trust and BlackRock’s IBIT funds saw inflows of $9.88 million and almost $43 million, respectively, while Fidelity’s FBTC, Ark Invest, and 21Shares’ ARKB experienced large outflows from other funds. This resulted in high net outflow. On the same day, nine spot Ethereum ETFs experienced an outflow of $54 million. This was the smallest single-day outflow ever for the funds, with total net assets falling to $8.33 billion, the lowest ever.
Morgan Stanley to Offer Spot Bitcoin ETFs to Wealthy Clients
Morgan Stanley will be the first major Wall Street bank to allow its financial advisors to offer spot Bitcoin ETFs, CNBC reports. This decision allows Morgan Stanley to sell its largest Bitcoin ETFs, IBIT and FBTC, to prestigious clients with a net worth of at least $1.5 million. Morgan Stanley noted that in addition to the client’s high net worth, those interested in this investment must have a significant tolerance for risk and an interest in speculative investments.
Stablecoin Market Cap Reaches $164 Billion, Extending 10-Month Growth Streak
USDC saw an increase in trading volume in July due to rising market funds and new European digital asset regulations. Total stablecoin market capitalization increased by 2.11% to $164 billion. USDT has reached a new high with its market capitalization rising to $116 billion and the stablecoin holds almost 70% of the market share. PYUSD posted the biggest gain among the top ten stablecoins, rising 17.9% to $589 million. USDC trading volume on centralized exchanges increased by 48.1% to $135 billion, thanks to compliance with Markets in Crypto-Assets (MiCA) regulations. Although stablecoin trading volumes fell 8.35% overall in July to $795 billion, monthly volumes are trending upward following the launch of spot Ethereum ETFs and positive sentiment at the Bitcoin 2024 Conference.
US Unemployment Rate Rises to 4.3%
The US labor market weakened in July, posting 114,000 jobs below expectations, and the unemployment rate rose to 4.3%. This was also lower than June’s revised level of 179,000 and below expectations of 175,000. The price of Bitcoin started to fall after rising. There were major declines in Treasury bond yields and stock futures. While the dollar lost 0.6% of its value, gold reached a record level of $2,513 per ounce. Average hourly earnings and weekly working hours failed to meet expectations, raising the possibility of a larger rate cut by the Federal Reserve. The probability of a 50 basis point cut in September has increased to 70%.
MicroStrategy Will Sell $2 Billion in Stock to Buy More Bitcoin
MicroStrategy plans to sell up to $2 billion in shares to fund corporate ventures and increase its Bitcoin holdings. He purchased 12,222 Bitcoins in the second quarter of 2024, bringing his total Bitcoin holdings to 226,500. This decision demonstrates MicroStrategy’s long-term belief in Bitcoin’s potential as a valuable asset, despite negative market sentiment due to the US government’s Bitcoin sale and weak economic indicators.
Security Update in Dogecoin
Dogecoin will be rolling out a significant security update with the release of Dogecoin Core 1.14.8. This latest update focuses on improving the reproducibility of the build process, which is a crucial step towards improving the security and reliability of the network. The Dogecoin Core client is required for various functions, including joining the network and validating and transmitting transactions.
Lumnis’ Letters Sponsoring the Bill
U.S. Senator Lumnis of Wyoming introduced a bill on July 31 directing the U.S. government to create a Strategic Bitcoin Reserve program. Lummis compared this initiative to the US Strategic Petroleum Reserve, claiming that a large Bitcoin reserve could similarly help strengthen the US dollar. He also suggested that these assets could be crucial in reducing the national debt, which currently exceeds $35 trillion. Over the past three days, U.S. senators have received 2,200 letters from their constituents asking them to co-sponsor Lummis’ Strategic Bitcoin Reserve Bill. Democrats received the most letters with 1,333, while Republicans received 850 letters and independents received 41 letters.
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BITCOIN (BTC)
BTC is priced at $53,700 with a loss of 8.48% as of the morning hours. After the rise to $ 70,000, a serious selling pressure was encountered and a decline occurred to the level of $ 53,200. $53,000 is a critical support zone, and if there is an upward reaction from here, it can rise up to $56,000.
ETHEREUM (ETH)
ETH is priced at $2336 with a 12.93% loss of value as of the morning hours. After losing the $2800 level, there was a rapid decline to the $2160 level. It seems like he’s gotten a reaction from here so far. If an upward reaction occurs, a rise up to $2800 may be seen. In case of a decrease, a withdrawal may occur up to $1880.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.4724 with a 9.85% loss in value. After being rejected at $0.67, there was a drop to $0.47. For now, it seems like it has received a reaction from this region. $0.50 is an area that can act as resistance. 0.4235 appears to be a strong support zone.
AVALANCHE (AVAX)
AVAX is priced at $18.96 with a 10.73% loss in value as of the morning hours. With the horizontal band breaking downwards, the retreat deepened. If the withdrawal deepens, a withdrawal may occur up to $11.83. In case of an upward movement, $23 will appear as resistance.
SOLANA (SOL)
SOL is priced at $121.18 with a 12.45% loss in value as of the morning hours. When we examine the daily chart, we see that the $ 120 level, which we follow as the support zone, was tested with the sharp decline. If this movement continues and the $120 level is broken downwards, the $110 region can be followed. In upward movements, the $130 region appears as resistance.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $ 9.19, with a 15.44% loss in value. When we examine the daily chart, we see that the $12 level, which we follow as an important support zone, has been broken downwards and there is additionally a pricing below the $10 level. If this movement continues, the $9 zone can be followed as support.
MKR
As of the morning hours, MKR is priced at 1925 dollars, with a loss of 11.30% in value. When we examine the daily chart, we see that the 2200 and 2000 dollar support zones were broken downwards with the downward movement. There is some reaction movement from the 1800 – 1900 dollar area, which we follow as the support zone for now. If this reaction continues, it is very important to maintain permanence above the 2000 dollar region.
OUNCE OF GOLD
Ounce of gold is priced at 2437 dollars with a 0.25% loss of value as of the morning hours. The rise continues after receiving a reaction from $2353. The $2485 area is a critical area. In case of an upward break, increases up to 2500 dollars may be seen. The $2400 region is likely to act as support in case of pullbacks.
OUNCE OF SILVER
As of the morning hours, silver is priced at $28.29 with a 1% loss in value. When we examine the four-hour chart, we see that the $28.10 area is being tested with the selling pressure seen at the $29 level, which we follow as the resistance zone. If it persists above this region, it is possible that we may encounter a movement towards the 29 dollar region again.
