Spot Ethereum ETFs Gain Under $900 Million in Volume on Third Day
Ethereum ETFs initially experienced strong trading volumes, but demand faded and total trading volumes fell from more than $1 billion on Tuesday to around $850 million on Thursday. Net outflows were $133.16 million on Wednesday, compared to net inflows of $106.78 million on Tuesday, largely driven by significant outflows from the Grayscale Ethereum Trust. ETH price dropped more than 7% overnight and continued to fall close to 8% to $3,102 on Thursday.
Bitcoin and Tech Stocks Continue to Fall After Strong US Data
Bitcoin continued its decline along with tech stocks after stronger-than-expected US economic growth data showed GDP rising 2.8% in Q2 2024. The Nasdaq Composite and S&P 500 also fell, reflecting market reactions. Bitcoin traded sideways at $63,800 over the last 24 hours. Inflation pressures eased as the PCE price index fell from 3.4% to 2.6%, approaching the Fed’s 2% target. Despite mixed signals from business surveys and the consumer spending outlook, interest rate cut expectations rose to 85.7% in September.
RFK Jr. He Said He Will Get the State to Buy Bitcoin Worth $615 Billion
Independent candidate Robert F. Kennedy Jr. In an interview on Wednesday, he said he would force the government to buy Bitcoin until the size of BTC holdings equals the country’s gold reserves. The US government has the world’s largest gold reserve at 8,134 tons, worth $615 billion at current prices. To reach this value in Bitcoin, 9.4 million BTC must be purchased at the current price. “Bitcoin is an honest currency,” Kennedy said in a meeting with Custodia Bank CEO Caitlin Long. said.
US Senator to Suggest Fed Accepts Bitcoin as Reserve Asset at Bitcoin Conference
According to Fox News, Wyoming Senator Cynthia Lummis, known for her pro-crypto stance, plans to propose that the Fed keep Bitcoin as a strategic reserve asset like gold and foreign currencies. Former President Donald Trump hopes Lumnis’s proposed bill will give his proposal significant weight by supporting it, sources told Fox.
New Jersey Mayor Plans to Invest in Bitcoin ETFs for City’s Pension Fund
Jersey City Mayor Steven Fulop announced that the city plans to allocate some of its retirement fund to Bitcoin ETFs. On July 25, he stated that this investment would be reflected in updates with the SEC and said that they would make this rate similar to the Wisconsin Retirement Fund’s 2% allocation. In May, Wisconsin reported investing $164 million in Bitcoin ETFs, but major financial institutions like Wells Fargo and JPMorgan Chase have little investment in such ETFs.
Marathon Digital Bought $100 Million Bitcoin
Marathon Digital, the world’s largest Bitcoin mining company, has announced its full HODL strategy, deciding to hold all the BTC it produces and make periodic purchases on the open market. Most recently, he purchased $100 million worth of BTC, increasing his holdings to over 20,000 BTC. This change in strategy reflects Marathon’s confidence in the long-term value of Bitcoin and is in line with its aim to diversify its revenue and mining operations. Additionally, Marathon earned $15 million from mining operations for its decentralized Kaspa network and is using mining heat to heat a community of approximately 11,000 people in Finland.
TON Offers Gas-Free Fares with Its New Smart Wallet
The TON Core team, in collaboration with Tonkeeper, has launched the W5 smart wallet standard, which promises to offer gas-free transactions on the TON blockchain. The upgrade to the Layer-1 blockchain’s pre-existing wallet smart contract will allow users to use Tether for gas fees when transferring USDT and Notcoin for gas fees when transferring Notcoin (NOT). The addition of gas-free features for USDT and Notcoin payments aims to eliminate the need for users to hold Toncoin to make payments easier and reduce the barriers faced by newcomers.
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BITCOIN (BTC)
As of the morning hours, BTC is priced at $66.90 with a 1.71% gain in value. With the upward break of the horizontal band, the middle band level of $ 65,000 was also broken upward again. 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 has been regained, firstly, 68,000 and then $ 60,000 are among the strong areas as support.
ETHEREUM (ETH)
ETH is priced at $3269 with a 2.95% gain 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. $3100 serves as an important support. Below $3100, the $2860 level may be retested.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.6085 with a 1.45% gain 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 $28.12 with a 3.41% gain 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.
SOLANA (SOL)
SOL is priced at $176.74 with a 2.84% gain in value as of the morning hours. When we examined the four-hour chart, we saw a strong move with an upward break of the $170 level. If this movement continues, the $177 – $178 region appears as resistance. If the resistance zone is crossed, we can see a movement towards the $185 level. In case of withdrawals, the $ 170 region can be followed as support.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $ 13.42 with a 3.71% gain in value. When we examined the four-hour chart, we saw that the $13 level, which we followed as the support zone, was broken downwards, but then passed this zone with a strong reaction movement. If this movement continues, the closest resistance area is $ 13.50, and if it is crossed, $ 14 can be tested. In case of withdrawals, the $13 level can be followed as support.
AAVE
AAVE is priced at $101.68 with a 9.53% gain in value as of the morning hours. When we examine the four-hour chart, we see that the falling trend line has been broken upwards. If this move continues, the previous high of $105,500 could be tested. In case of withdrawals, the $100 level appears as a short-term support zone.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2370.76 dollars with a 0.25% 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
Silver is priced at $27.85 with a 0.23% loss of value as of the morning hours. 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. In upward movements, if there is a persistence above the 28 dollar level, the reaction rise may continue.
