BIT Daily Market Briefing 07/24 - ETH/BTC is likely to decline in the coming weeks rather than rise

Daily Market Briefing 2024/07/24 12:40 UTC+8

Analyst Opinions

"I still maintain the contrarian view that ETH/BTC will actually decline in the coming weeks rather than rise. Reasons include: people will buy on rumors and sell when the facts are revealed; net flow may be negative. It is expected that ETH/BTC will drop below 0.05 and stabilize between 0.0475 and 0.05." - Daniel Yan, Founder of Kryptanium Capital and Co-founder of Matrixport

"Investors will continue to stake Ethereum outside of ETFs to earn yields, rather than paying fees and holding Ethereum in ETFs." - McLug, Analyst at CoinShares

"The outflow from Grayscale's Ethereum Trust may put pressure on ETH prices after today's ETF launch, and may also suppress market sentiment in the short term, but just like with Bitcoin ETFs, investors may shift funds to lower-fee options." - Jupiter Zheng, Partner at Hashkey Capital Liquid Fund

Market Highlights

• Yesterday, nine U.S. Bitcoin ETFs collectively increased their holdings by 8,021 Bitcoins, worth approximately $532.93 million.
• Kraken has successfully distributed BTC and BCH from Mt. Gox assets to creditors.
• On its first day of launch, nine spot ETH ETFs saw a total inflow of $107 million, with total trading volume exceeding $1.1 billion.
• The Harris concept meme coin Kamala Horris (KAMA) broke through $0.032, reaching an all-time high with a 24H increase of 53.1%, currently valued at $31.85 million.
• Tesla's Bitcoin holdings have remained unchanged for eight consecutive quarters.