Digital assets move sideways despite the first performance of ETH spot ETF

US ETH spot ETF records net inflow of 1.386 trillion won
BTC spot ETF net outflow tax conversion and Mt. Gox redemption
Digital assets, including BTC, are trading sideways... Some Altman rebounds

Despite the successful first trading performance of the Ethereum (ETH) spot exchange-traded fund (ETF), digital assets (cryptocurrency) moved sideways due to a number of negative factors.

The Ethereum spot ETF recorded a net inflow of more than $1 billion (approximately KRW 1.386 trillion) on the first day of trading. The Bitcoin (BTC) spot ETF recorded a net inflow of approximately $655.2 million (approximately KRW 908.9 billion) on the first day of trading, which was a very high net inflow.

Despite the good performance of the Ethereum spot ETF, the net outflow of the spot ETF in the U.S. and the redemption of Mt. Gox limited the market's rise.

According to data from the on-chain analysis platform Coinglass on the 24th, on the 23rd (local time) the Bitcoin spot ETF in the United States recorded a net outflow of approximately $77.97 million (approximately KRW 107.94166 billion).

Here, news broke that Mt. Gox had completed its Bitcoin repayment.

On the 24th, Kraken CEO Dave Ripley announced on his Kraken is a global digital asset (cryptocurrency) exchange and Mt. Gox's bond redemption partner.

Only 'light' altcoins with low market capitalization rose by about 5-10%.

◇Bitcoin = As of 5 p.m. on the 24th, the Bitcoin price is trading at 92.73 million won on Upbit. Bitcoin market share (dominance) was 55.44%.

As the possibility of former President Trump being elected increased, opinions asserting optimism about Bitcoin were expressed day after day.

Best-selling author Robert Kiyosaki said, “If Trump is elected, gold will soar to $3,300, silver to $79, and Bitcoin to $105,000 by August 2025.”

◇ Rising Coin = As of 5 PM on the 24th, the cryptocurrency that recorded the largest increase compared to the previous trading day was Sentinel Protocol (UPP), which showed an increase of about 7%.

Sentinel Protocol is a blockchain security platform that tracks hacked and stolen cryptocurrency in real time, shares all information with cryptocurrency exchanges, and prevents their use.

Sentinel Protocol seeks to create a virtuous cycle in the ecosystem by creating a compensation system that provides Sentinel Protocol tokens as incentives to companies, government organizations, and individual users who provide security threat information to the Risk Reputation Database (TRDB).

◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the ‘Greed’ stage with 69 points. The greed stage is the stage where price volatility and trading volume increase, and is the stage where the price rises. There is a high possibility of a short-term peak forming, so one must be cautious when selling.

Reporter Seungwon Kwon ksw@