flows

According to SoSoValue data, during the last trading days (Eastern Time from August 3 to August 7), the net inflow of Ethereum spot ETFs was $245 million. The Ethereum spot ETF with the highest net inflow last week was Blackrock ETF ETHA, with a weekly net inflow of $203 million, bringing ETHA's historical total net inflow to $11.65 billion; followed by Fidelity ETF FETH, with a weekly net inflow of $24.154 million, and FETH's historical total net inflow currently stands at $2.12 billion.The Ethereum spot ETF with the highest net outflow last week was Grayscale Ethereum Trust ETHE, with a weekly net outflow of $4.7636 million, and ETHE's historical total net inflow currently stands at $5.35 billion. As of the time of writing, the total net asset value of Ethereum spot ETFs is $10.74 billion, with an ETF net asset ratio (market value relative to Ethereum's total market value) of 4.65%, and the historical cumulative net inflow has reached $11.46 billion.

According to GMGN data, the top 5 tokens with net inflow of KOL in the past 24 hours are as follows:HORSE (89gZ....ump): Net inflow of $4,000, increased by 211% in the past 24 hours, currently priced at $0.0008.Toast (DHKf....ump): Net inflow of $1,000, increased by 2780.7% in the past 24 hours, currently priced at $0.0001.URMOM (6zj2....r3A): Net inflow of $886, increased by 3808.8% in the past 24 hours, currently priced at $0.0003.ICM (DZch....ump): Net inflow of $715, increased by 30075.8% in the past 24 hours, currently priced at $0.0007.Mochi (HDgk....ump): Net inflow of $712, increased by 7232.9% in the past 24 hours, currently priced at $0.0002.

According to Lookonchain monitoring, the net inflow of Bitcoin ETFs in the United States today is 3,781 BTC, valued at $243 million; the net inflow over the past 7 days is 9,034 BTC, valued at $582 million.The net inflow of Ethereum ETFs is 27,700 ETH, valued at $5.29 million; the net inflow over the past 7 days is 40,600 ETH, valued at $77.37 million.

According to CoinDesk, JPMorgan stated that the Hyperliquid (HYPE) ETF led the inflow of funds into non-Bitcoin crypto funds in May and June, but related demand has basically stagnated in July and early August, reflecting growing concerns about its competitive prospects.Analysts led by Nikolaos Panigirtzoglou pointed out that decentralized platforms like Hyperliquid face significant pressure on market share. After the launch of regulated crypto perpetual futures products in the U.S., some trading activity may shift from overseas decentralized platforms to compliant centralized exchanges, which have advantages in licensing, compliance, and investor protection.JPMorgan also mentioned that Hyperliquid is expanding its prediction market business, but competition in this area is also intensifying. Although HYPE has become the fourth largest asset in corporate crypto treasuries after BTC, ETH, and SOL, it remains uncertain whether it can continue to gain market share from larger ecosystems like Solana and XRP.Currently, the assets under management for BTC and ETH ETFs are approximately $77 billion and $10 billion, respectively, while other crypto ETFs, including SOL, XRP, and HYPE, have a combined size of only about $2 billion to $3 billion. HYPE has fallen over 3% in the past 24 hours, trading at around $55.30.

According to Jinshi News, Citigroup strategist David Chew stated that the European stock market is the only major market area where risk appetite has significantly improved recently, thanks to new capital inflows and better-than-expected corporate earnings performance.The report pointed out that last week, the investment sentiment for all major European stock indices improved, while relevant indicators in the U.S. market showed a decline in investor confidence. Chew also mentioned that the European market benefited from the European Central Bank's decision to maintain interest rates unchanged.

In July, among the capital flows of cryptocurrency asset ETFs, the Ethereum (ETH) ETF emerged as the biggest winner, with a net inflow of $365 million for the month. Data shows that the Bitcoin ETF had a net inflow of $172.43 million in July; the Solana (SOL) ETF had a net inflow of $14.62 million; the XRP ETF had a net inflow of $27.29 million; the Chainlink (LINK) ETF had a net inflow of $4.54 million; the HBAR ETF had a net inflow of $3 million; and the LTC ETF had a net inflow of $30,400.In contrast, HYPE-related ETFs became the only products to experience net outflows, with a net outflow of $15.16 million in July. Overall, institutional capital allocation in July clearly favored the Ethereum ecosystem, with the ETH ETF attracting more capital than the BTC ETF, indicating a continued increase in market demand for Ethereum-related assets.

According to CoinDesk, Bitfinex analysts released a report stating that derivative traders have largely been washed out during the Bitcoin sell-off at the end of June.Bitcoin fell below $58,000 on July 1, and since then, the average daily liquidation amount has remained well below this year's typical range of $400 million to $500 million, indicating that despite macro shocks, there is little forced selling pressure. The decline in the Bitcoin market is smaller than that of leveraged stock themes because the "fuel" for forced selling has been exhausted.Bitfinex analysts expect that investors will remain defensive ahead of next week's U.S. employment report (the next major macro catalyst after the Federal Reserve meeting).They believe that rather than worrying about a new round of forced liquidations, the more critical question is whether the inflow of spot Bitcoin ETF funds can return once the market has a clearer judgment on the Federal Reserve's path.The analysts wrote, "We believe that positions will remain defensive as long as the risk of Federal Reserve interest rate hikes persists. Whether institutional buyers are active or insensitive to prices is the signal that traders have yet to see."

According to GMGN data, the top 5 tokens with net inflow from KOL in the past 24 hours are as follows:fin (5LLJ....ump): Net inflow of $2,000, with a 24-hour increase of 4004.6%, currently priced at $0.0002.BMC (AnJB....ump): Net inflow of $1,000, with a 24-hour increase of 238.8%, currently priced at $0.0001.TIT (5xhJ....ump): Net inflow of $1,000, with a 24-hour increase of 1764.5%, currently priced at $0.0002.pumpcat (DyKo....ump): Net inflow of $1,000, with a 24-hour increase of 26%, currently priced at $0.0003.CALLOUT (BSJP....qqC): Net inflow of $834, with a 24-hour decrease of -27.2%, currently priced at $0.0001.

The International Monetary Fund (IMF) stated in its financial system stability assessment report released this month that Brazil's cross-border capital flows based on cryptocurrency have continued to grow since 2017, surpassing traditional capital flows. The report indicates that these capital flows are mostly driven by stablecoins, as businesses and retail investors use stablecoins for efficiency and tax-related reasons. The flow of stablecoins is related to international and local investment indicators such as the S&P 500, VIX, and Bitcoin prices, and is also influenced by exchange rates, interest rates, policy uncertainty, and changes in tax policies.The IMF noted that the Central Bank of Brazil has taken measures to regulate the virtual asset service provider (VASP) industry, but there are still shortcomings in areas such as customer legal protection and asset segregation. Comprehensive implementation of international standards such as the travel rule for anti-money laundering and combating the financing of terrorism (AML/CFT) is still needed. The report pointed out that Brazil's cryptocurrency system is connected to the traditional financial system, and regulators need to cooperate with domestic and international regulatory bodies to establish a more robust reporting mechanism. The Brazilian Congress is preparing to review Bill 4308/2024 to regulate the status of stablecoins.

According to SoSoValue data, yesterday (Eastern Time July 24), the total net outflow of Ethereum spot ETFs was $70.6179 million.The Ethereum spot ETF with the highest net inflow yesterday was Grayscale Ethereum Trust ETF ETH, with a net inflow of $9.9362 million, bringing the historical total net inflow of ETH to $1.810 billion.The Ethereum spot ETF with the highest net outflow yesterday was Blackrock ETF ETHA, with a net outflow of $52.7593 million, bringing the historical total net inflow of ETHA to $11.410 billion.As of the time of writing, the total net asset value of Ethereum spot ETFs is $10.167 billion, with an ETF net asset ratio (market value as a percentage of total Ethereum market value) of 4.53%, and the historical cumulative net inflow has reached $11.183 billion.

According to GMGN data, the top 5 tokens with net inflow of KOL in the past 24 hours are as follows:Jimothy (Ge87....ump): Net inflow of $7,000, with a 24-hour change of -32.7%, currently priced at $0.0248.SAKURA (EWiV....ump): Net inflow of $1,000, with a 24-hour change of 49.2%, currently priced at $0.0003.Terp (ALvN....ump): Net inflow of $807, with a 24-hour change of -65.5%, currently priced at $0.0001.Terp (G2rk....ump): Net inflow of $399, with a 24-hour change of 12.1%, currently priced at $0.0001.Lambocheesi (7W2q....ump): Net inflow of $252, with a 24-hour change of 1065.7%, currently priced at $0.0001.

Former Fox Business reporter Eleanor Terrett stated that the U.S. Hispanic Chamber of Commerce (USHCC), which claims to represent millions of Hispanic businesses across the country, sent a letter to Senate leaders this week expressing concerns similar to those of community banks that the Clarity Act could accelerate deposit outflows. The organization believes that the bill will reduce loans to Hispanic small businesses and weaken investments in underserved communities.

Social Capital founder Chamath Palihapitiya stated on the X platform that the current cryptocurrency market, especially Bitcoin bulls, is facing two major issues: first, marginal liquidity is more inclined to flow into prediction markets and stock markets; second, the marginal energy used for Bitcoin mining, if reallocated to serve AI token-related demands, could be valued 10 to 20 times higher. Chamath noted that these changes appear to be structural, but there is also a possibility of misjudgment.In response, Coinbase CEO Brian Armstrong said that the first point "seems more like a temporary phenomenon," while the second point may be more enduring. However, the computing power or energy flow used for Bitcoin mining does not directly determine Bitcoin prices, as the network difficulty will automatically adjust to maintain the same block production pace when miners exit. He also stated that, in the long run, Bitcoin prices reflect more of people's concerns about inflation, and there are no signs that the trend of democratic governments around the world continuing to expand fiscal deficits is coming to an end.

CryptoQuant analyst Darkfost stated that the outflow of stablecoins from Binance and Bybit in the past 30 days exceeded $2.3 billion, leading to a depletion of Bitcoin liquidity. Bitcoin has been testing the critical price level of $60,000 for nearly 165 days. Although it briefly broke through $80,000 in May, it failed to maintain or reignite the upward momentum of Bitcoin.One of the reasons for this situation is the lack of new liquidity flowing into the market. Whether through direct investment in Bitcoin or investment in the entire crypto market, new demand has been difficult to realize. Observing the changes in stablecoin reserves at exchanges, the situation has been particularly poor since the beginning of the year, with a nearly continuous decline, reflecting that outflows are significantly exceeding inflows. In just the past 30 days, Binance's stablecoin reserves have decreased by $1.55 billion, while Bybit lost $786 million during the same period. The decline in reserves sends a clear signal: demand and liquidity are shrinking, and investors seem inclined to withdraw stablecoins from exchanges or even exit the market entirely. Therefore, it is this still overly pessimistic overall market sentiment that continues to deprive Bitcoin of the resources needed to break through the current consolidation range.

According to GMGN data, the top 5 tokens with net inflow of KOL in the past 24 hours are as follows:ANSEM (9cRC....ump): Net inflow of $20,000, 24-hour price change -3.9%, currently priced at $0.169.ACCOUNT (5rnh....t1r): Net inflow of $1,000, 24-hour price change 697.8%, currently priced at $0.0001.Raj (5kD2....ump): Net inflow of $551, 24-hour price change 569.8%, currently priced at $0.0001.HODL (Hh3o....ump): Net inflow of $456, 24-hour price change -6.9%, currently priced at $0.0009.DUMP (9bmv....HDa): Net inflow of $383, 24-hour price change -10.7%, currently priced at $0.0008.

According to SoSoValue data, yesterday (Eastern Time July 14), the total net inflow of Ethereum spot ETFs was $58.3385 million. The Ethereum spot ETF with the highest single-day net inflow yesterday was the Blackrock ETF ETHA, with a single-day net inflow of $58.3385 million. Currently, the historical total net inflow of ETHA has reached $11.237 billion.As of the time of writing, the total net asset value of Ethereum spot ETFs is $10.091 billion, and the ETF net asset ratio (the market value compared to the total market value of Ethereum) is 4.46%. The historical cumulative net inflow has reached $11.016 billion.

According to the latest "Bitcoin Weekly Market Pulse" report published by glassnode, although BTC has rebounded after a recent sell-off, this round of increase is still closer to a "volume contraction recovery." The report shows that the weekly spot trading volume decreased by 21.5% to $4.1 billion, and the spot CVD turned from positive to negative at -$58.8 million, indicating that the breadth of market buying remains weak.In terms of institutional funds, the weekly net inflow of the US spot BTC ETF has recovered to $161.3 million, but ETF trading volume still decreased by 11.97% to $8.4 billion. On-chain data shows that the number of active addresses decreased by 7.6% to 599,000, on-chain transfer volume decreased by 16.1% to $4 billion, and total fees decreased by 13.9% to $168,400, indicating that on-chain activity continues to weaken.In terms of derivatives, the futures funding rate increased by 13.4% to $1.9 million, but the perpetual contract CVD plummeted by 81.7% to $83.9 million; at the same time, the options market 25-Delta Skew rose to 18.87%, indicating that investors still maintain strong demand for downside protection during the rebound process.