BIT Daily Market Briefing 07/25 - ETH/BTC exchange rate may drop to 0.04 or lower

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

Analyst Opinions

"The trading volume of the spot Ethereum ETF ETHA on its second trading day is similar to the first day, even slightly increased. This is a good sign, as often there is a significant drop after the first day of hype." - Eric Balchunas, Bloomberg ETF Analyst

"The rebound of ETH before the ETF listing has peaked near $3600. Excluding delta-neutral capital flows, the actual net inflow of the ETF yesterday was negative, with about $4-5 billion of front-running and leveraged funds at risk of quick withdrawal. The ETH/BTC ratio may drop to 0.04 or lower; if it reaches that position, ETH will no longer be an attractive hedging tool." - Andrew Kang, Co-founder of Mechanism Capital

"After providing repayments to Mt.Gox creditors, Kraken's spot Bitcoin trading volume has performed normally, and there has been no selling from Mt.Gox creditors so far." - Ki Young Ju, Founder and CEO of CryptoQuant

"The best-performing sector last month was the digital currency sector, but the leader was not Bitcoin, but privacy coins and meme coins. Additionally, Solana was the only large-cap stock among the top 10 in the past month. The momentum in DeFi, dApps, and infrastructure sectors remains poor, but there are signs that altcoins are entering a cyclical low." - Jamie Coutts, Chief Crypto Analyst at Real Vision

Market Highlights

• Yesterday, the total net inflow of the US spot Bitcoin ETF was $44.2 million

• Yesterday, the total net outflow of the US spot Ethereum ETF was $133 million

• The trading volume of the Ethereum spot ETF on its second day reached $951 million

• US Senator Cynthia Lummis plans to announce legislation regarding Bitcoin as a strategic reserve at the Bitcoin conference

• The largest BTC block options today involved a user purchasing call options for $65,000 at the end of the year and selling call options for $100,000 at the end of the year, totaling 413 BTC, with a premium payment of $3.627 million.