Spot Ethereum ETFs Gain $951 Million in Volume on Second Day
In their second day on the US markets, Ethereum ETFs reached nearly $1 billion in trading volume. It traded $951 million on Wednesday and $1.054 billion on Tuesday. Grayscale Ethereum Trust led the transaction volume with $492 million, followed by BlackRock’s iShare Ethereum Trust ($256 million) and Fidelity’s Ethereum Fund ($113 million). ETFs recorded net inflows of $106.7 million on Tuesday, reaching over $10 billion in assets under management. There was an outflow of $77.97 million from spot Bitcoin ETFs. This shows that interest in Ethereum ETFs is increasing.
Hashdex Files S1 for an ETF Including Bitcoin and Ethereum
Hashdex has filed an S-1 registration statement with the U.S. Securities and Exchange Commission to launch the Hashdex Nasdaq Crypto Index US ETF, which directly owns spot Bitcoin and Ethereum. This could be the first index-based crypto ETF in the US. The fund may later include other assets, subject to regulatory approvals. Hashdex’s move follows the approval and launch of spot Ethereum ETFs. These ETFs traded with total volume of approximately $2 billion. The ETF will be listed and traded on Nasdaq and will be custodial by Coinbase Custody Trust Company and BitGo Trust Company.
Kamala Harris Will Not Attend the Bitcoin 2024 Conference
US Vice President and potential Democratic Party candidate Kamala Harris will not attend the Bitcoin Conference 2024 as a speaker. David Bailey, CEO of Bitcoin Magazine, confirmed this news, stating that this is not surprising considering how the Biden administration has treated the industry. Meanwhile, Bailey did not elaborate on why Harris would not attend the event, but many took it as a sign of her strong anti-crypto stance.
Solana ETF Comment from Franklin Templeton
Following the successful launch of spot Bitcoin and spot Ethereum ETFs, crypto investors have their eye on Solana ETFs as a third ETF. Global investment firm Franklin Templeton is among those touting the benefits of a potential Solana ETF. “Aside from Bitcoin and Ethereum, there are other exciting and major developments that we believe will drive the crypto space forward,” Franklin Templeton said on social media. he wrote.
Ferrari Will Accept Crypto Payments in Europe
Italian luxury car maker Ferrari said on Wednesday that its dealers in Europe will begin accepting cryptocurrency, following a similar move in the United States. It was stated that the new payment system will be implemented as of the end of July. “The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago to support dealers in better meeting the changing needs of their customers,” the company said in a statement. It was said.
Senator Cynthia Lummis Criticizes Biden Administration’s Proposed 30% Tax on Bitcoin Miners
On July 23, Cynthia Lummis published a report opposing the Biden administration’s proposal to impose a 30% tax on the energy consumed by Bitcoin miners, arguing that the tax could push the industry abroad and harm the US economy. Lummis stated that this tax is based on environmental concerns and could cause major damage to the US Bitcoin mining industry, similar to the shutdown or relocation of 90% of the industry following China’s ban. Lummis emphasized that Bitcoin mining can balance energy grids and that a significant portion of the energy used is emission-free. Highlighting the economic and infrastructure benefits of Bitcoin mining, especially for underserved regions, Lummis warned that aggressive taxes could hinder technological advances and economic growth.
Crypto Bank Sygnum Posts Profit as Crypto Transaction Volumes Increase
Swiss crypto bank Sygnum Bank, with $4.5 billion in customer assets, announced that it has reached profitability after a large increase in crypto transaction volumes in the first half of 2024. In a statement released on July 25, Sygnum reported a twofold increase in crypto spot trading volumes and a 500% increase in crypto derivatives transactions compared to the previous year. Loan volume also increased by 360%. Sygnum Chief Customer Officer Martin Burgherr attributed this growth to the approved spot Bitcoin and Ethereum ETFs.
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BITCOIN (BTC)
As of the morning hours, BTC is priced at $64,278 with a 1.74% loss in value. With the upward break of the horizontal band, the middle band level of $ 65,000 was also broken upward, but permanence could not be achieved. In the continuation of the upward movement, $ 72,000 appears as the first resistance. When this level breaks up, a new ATH level can be seen. Since the $65,000 support level was broken, first $63,000 and then $60,000 are among the strong areas as support.
ETHEREUM (ETH)
ETH is priced at $3192.68 with a 4.34% loss in value as of the morning hours. We see a horizontal movement between the $2860 and $4030 levels. These two levels can be followed as main support and resistance zones. The intermediate resistance zone is the $3700 level. If the resistance zones are crossed in upward movements, the $ 4000 level can be followed. $3400 was an important support, but it broke down. Below $3400, the $2860 level may be retested.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.6010 with a 2.75% loss in value. When we examined the daily chart, we saw that XRP faced a strong downward selling pressure from the $ 0.64 level, which we followed as a resistance zone after the strong movement in the past few days. With this move, XRP broke the $0.56 level, which we followed as the support zone, and gained this zone again. In upward movements, the $0.60 – $0.65 region appears as an important resistance zone.
AVALANCHE (AVAX)
AVAX is priced at $27.62 with a 2.71% loss in value as of the morning hours. When we examine the four-hour chart, we see a break below $ 30 again. The rise may continue at prices above $30. If the price continues below $30, $27 appears to be the next strong support zone.
SOLANA (SOL)
SOL is priced at $171.20 with a 3.86% depreciation as of morning hours. When we examine the hourly chart, we see that after the strong upward movement, the descending triangle formation was broken downwards and the $ 170 level, which we follow as the support zone, was tested. If it persists above this region and receives a strong reaction, the $176 region can be tested. If the support zone breaks downwards, the $166 zone can be followed.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $13.12, with a 2.09% loss in value. When we examine the four-hour chart, we see that the $ 13.50 level, which we follow as the support zone, was broken downwards and there was some upward reaction movement from the $ 13 level. If this movement continues, the $13.50 and $14 areas appear as resistance.
LTC
LTC is priced at $69.25 with a 2.86% gain in value as of the morning hours. When we examine the four-hour chart, we see that the ascending triangle formation has broken downwards. If this movement continues, the $67 region can be followed as support. In upward movements, the $70 level can be followed as a short-term resistance zone.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2375 dollars with a 0.96% gain in value. When we examine the daily chart, we see that after the horizontal movement broke upwards, it returned to the horizontal region with a retreat movement and the breakout movement was invalid. $2417.50 is acting as resistance. A pullback may be seen up to $2307.
OUNCE OF SILVER
As of the morning hours, silver is priced at $27.95 with a 3.30% loss in value. When we examine the daily chart, we see that the $28.65 area, which we follow as the support zone, has been broken downwards. If this movement continues, the $27 level appears as an important support zone.
