Daily Market Brief

2024/07/17   04:15  UTC

Analyst's Opinion

“Ether spot ETFs net inflows are likely to be 30%-35% of bitcoin equivalents, this gives a range of $4.7 billion-$5.4 billion of potential net inflows into ether ETFs over six months. Investors who would likely buy spot ETFs, as opposed to the respective tokens, may view bitcoin and ether as similar enough to split their allocations between the two cryptocurrencies, rather than viewing them as distinct assets. Another reason that flows could disappoint is due to the lack of staking in ether spot ETFs." - Citi

“SOL's daily chart shows a triangular consolidation pattern. A breakout would mark a bullish continuation of the long-term uptrend, putting secondary resistance near $202. Triangle support is near $132. We hold a neutral bias until a breakout unfolds.” - Fairlead Strategies

“Unlike the German govt selling, Mt. Gox creditors aren't forced to sell, so it's not purely sell-side liquidity. @krugermacro estimated a maximum 10% price drop, even with an insta-dump. I believe this distribution won't end the bullish trend, as the coins are expected to react to market sentiment similarly to the existing Bitcoin supply.” - CryptoQuant

News Brief

• The US Bitcoin ETFs net inflows on July 16th was $429 million (6,608 BTC), marking eight consecutive days of positive growth. In the past three days, the total inflow reached $1 billion.
• Today’s Fear and Greed Index stands at 69, shifting from fear to greed compared to last week.
• ETH exchange traded-funds issuers were told by the SEC that funds can start trading July 23, according to sources. The SEC had no further comments on the recently submitted S-1s and the final versions needs to be submitted by Wednesday.