Daily Market Brief 2024/07/24 12:40 UTC+8
Analyst Views
"The second day of trading for the spot Ethereum ETF ETHA was similar to the first day, or even slightly higher. This is a good sign because many times after the first day of hype, there will be a big drop." - Eric Balchunas, ETF analyst at Bloomberg
“ETH’s rally before the ETF listing has peaked at nearly $3,600. Excluding delta-neutral flows, the actual net inflow of the ETF yesterday was negative, and there is a possibility of a rapid withdrawal of about $4-5 billion of front-running funds and leveraged funds. The ETH/BTC ratio may fall to 0.04 or lower . If it falls to this level, ETH will no longer be an attractive hedging tool.” - Andrew Kang, co-founder of Mechanism Capital
“Kraken’s spot Bitcoin trading volume is normal after providing repayments to Mt. Gox creditors, and Mt. Gox creditor selling is not currently occurring .” - Ki Young Ju, Founder and CEO of CryptoQuant
“The best performing sector last month was the crypto sector, but the leader wasn’t Bitcoin, but rather privacy and meme coins . Additionally, Solana was the only large-cap stock in the top 10 over the past month. Momentum in the DeFi, dApps, and infrastructure sectors remains poor, but there are signs that Altcoin are entering a cyclical low.” - Jamie Coutts, Lead Crypto Analyst at Real Vision
Market Hotspots
Yesterday, the U.S. spot Bitcoin ETF had a total net inflow of $ 44.2 million
Yesterday, the U.S. spot Ethereum ETF had a total net outflow of $ 133 million
Ethereum spot ETF trading volume reaches $951 million on the second day
U.S. Senator Cynthia Lummis plans to announce draft legislation on using Bitcoin as a strategic reserve at the Bitcoin Conference
The largest BTC option today was when a user bought a $65,000 year-end call option and sold a $100,000 year-end call option, totaling 413 BTC and paying a premium of $3.627 million.
