$4.9 Million Inflow into Spot Ethereum ETFs
On Monday, there were total inflows of $4.9 million into spot Ethereum ETFs in the US, reversing three days of negative flows. VanEck’s ETHV was the only ETF with negative flows with $2.92 million. Fidelity’s FETH had the highest inflows with $3.98 million, while Bitwise’s ETHW saw inflows of $2.86 million. The total trading volume of spot ETH ETFs reached $286 million. Net inflows in the spot BTC ETF market were $27.87 million, with Ark and 21Shares’ ARKB leading the way with $35.4 million. BlackRock’s IBIT saw inflows of $13.45 million, while Bitwise’s BITB and Grayscale’s GBTC saw significant outflows. Bitcoin and ETH prices rose by 1.09% and 4.51%, respectively.
DeFi Dominance at 3-Year Low
The market share of DeFi projects has reached its lowest level in the last 3 years. DeFi dominance, which fell below 3% with the decline experienced last week, last reached these levels in January 2021. In addition to Bitcoin increasing its dominance in the cryptocurrency market, it is thought that many new altcoin sectors such as AI, memecoins and real-world assets are stealing share from DeFi projects and are a factor in the decline of DeFi dominance to these levels.
Texas Blockchain Council Endorses Ted Cruz for US Senate
The Texas Blockchain Council (TBC) has endorsed incumbent Senator Ted Cruz for re-election, highlighting Cruz’s knowledge of Bitcoin and its potential benefits for freedom and grid stability. Cruz, who has supported cryptocurrencies and blockchain initiatives in the past, reinforced his support for crypto during a speech at the Core Scientific mining facility, saying, “Crypto is the future.” Cruz will be competing against Democrat Colin Allred, Libertarian Ted Brown, and Democratic candidate Tracy Andrus in the upcoming election. An ActiVote poll from July showed Cruz with an eight-point lead over Allred.
Donald Trump Did Not Mention Crypto in His Interview with Elon Musk
More than a million people watched the Twitter Spaces interview between former President Donald Trump and Elon Musk, with many expecting Trump to talk about cryptocurrencies. However, Trump did not mention crypto, Bitcoin, or Tesla, which caused disappointment in the crypto community. More than $4 million was bet on Trump mentioning specific words like crypto. The interview, which covered topics such as immigration and U.S. border security, was interrupted by a DDoS attack, but it still reached more than a million listeners after the interview resumed.
CPI Data and Token Unlocks
The crypto market is facing significant volatility this week due to the release of the US Consumer Price Index (CPI) data and the unlocking of more than $230 million in tokens. The CPI data, which will be released on August 14, 2024, is expected to confirm the downward trend in inflation and potentially lead to a rate cut by the Federal Reserve. This development could also increase market liquidity. Additionally, major token unlocks from The Sandbox and Arbitrum are expected to have an impact on token prices and market sentiment. MakerDAO’s Spark Tokenization Grand Prix and Ethena Labs’ synthetic dollar expansion to the Solana network are also important developments that could shape market trends this week.
SEC Files Lawsuit Against NovaTech Founders
The United States Securities and Exchange Commission has filed a lawsuit against NovaTech for $650 million in fraud. The SEC announced that two individuals named Cynthia and Eddy Petion organized the fraud under the guise of a cryptocurrency investment scheme, causing thousands of people to lose millions of dollars.
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BITCOIN (BTC)
BTC is priced at $59,288 with a 0.08% loss in value as of the morning hours. There was an increase from $48,000 to $62,800, but it could not be sustained. The first support area of $57,000 seems strong. If there is pricing above here, increases to $65,000 can be seen. If $57,000 is lost, a pullback to $52,000 can occur.
ETHEREUM (ETH)
ETH is priced at $2654 with a 2,448% loss in value as of the morning hours. There was an increase from $2150 to $2700, but it could not be sustained. In the pullbacks, $2400 seems strong after $2500. If there is a break below the $2400 level, pullbacks to $2200 can be seen. If $2700 is broken upwards, pricing up to $3000 can be seen.
RIPPLE (XRP)
XRP is priced at $0.5636 with a 0.53% loss in value as of the morning hours. It rose to $0.65 due to the news, but it was not permanent. In pullbacks, a decline of up to $0.52 is possible. In prices above $0.60, increases of up to $0.70 can be seen.
AVALANCHE (AVAX)
AVAX is priced at $21.05 with a 1.3% loss in value as of the morning hours. It was able to rise from $17.30 to $22.83. It works as resistance between $23 and $24. In pullbacks, $20 and $18 appear as strong support areas. In prices above $23, an increase of up to $25 may be seen.
SOLANA (SOL)
SOL is priced at $143.67 with a 0.38% loss in value as of the morning hours. The pullback continues after the rise from $112 to $164. The pullback may continue to $128. If it reacts from $128, it may rise again to $170. The pullbacks are strong at $132 and $116.
CHAINLINK (LINK)
LINK is priced at $10.35 with a 1.99% loss in value as of the morning hours. When we examine the hourly chart, LINK, which continued its horizontal movement between this level and 10.90 after breaking the 9.30 region, is performing an upward re-test of this region after breaking the 10.10 level, which is the middle band of the horizontal movement, downward. If LINK rises above this level, it can target $10.90 and then the $12 region, but if there is no upward break, we can expect a pullback to 9.30.
OUNCE GOLD
The ounce of gold is priced at $2462 with a 0.42% loss in value as of the morning hours. When we examine the 4-hour chart in gold, we see that there is a horizontal movement between 2360 – 2480, and the 2420 and 2450 regions work as support in this range. Yesterday, the price movement was not enough for the new ATH. A new ATH can be seen at closings above $2477.
OUNCE SILVER
Silver is priced at $27.65 with a 1.16% loss in value as of the morning hours. When we examine the hourly chart, we see that the horizontal movement between the $26.50 and $27.50 levels, despite breaking upwards, could not be sustained and there was a downward movement again. If this movement continues, the $27.20 and $27 levels can be followed as support.
