There is a notable shift in the market, with Spot Bitcoin ETF banking an inflow for the first time in five weeks. There was a trend of outflow for 4 consecutive weeks, but that has been broken with the inflow of $130 million in total. This pertains to the US Spot Bitcoin ETF offering with a hint that the investors have renewed their interest, and the market could gain slightly with the reduction of outflow.
Grayscale led the charge in the best possible manner. It registered a reduced outflow of $171 million, the lowest weekly outflow since January this year. One reason the market is looking up to this trend is that it brings hopes for stabilization amid uncertainty and volatility that have sparked since Bitcoin’s Halving. The approval of the Spot Bitcoin ETF allowed traders and investors to interact with the flagship crypto without gaining direct exposure to it.
That said, the Spot Ether ETF may struggle to get the desired approval. There is a lack of interaction between the regulator and Ethereum ETF applicants. Their conversations have remained low, and speculation is that Ether ETF may not see the light at the end of the tunnel, at least not this year.
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This speculation has already affected the price of ETH, taking the value below the $3k mark. It was earlier seen testing the resistance of $3,100. A fall beneath that mark was already teased to open the doors for further falls.
James Butterfill, the Head of Research at Coinshares, interacted with the media about this. James noted that the low interaction has created speculation that the approval for the Ether ETF is not imminent, reflected in the outflows of $19 million in the last week.
Hong Kong has seen a drop to $19 million in inflows. Switzerland’s inflow amounted to $14 million. Canada and Germany still see outflows as their year-to-date figures reach $660 million.
Bitcoin and Ethereum are dancing on bearish tones except for Bitcoin, which is said to be consolidating within the restricted region of $61,000 and $64,000. It is currently listed at $62,018.37, up by 0.54% in the last 24 hours. That reflects a drop of 2.44% in the last 7 days and 4.27% in the last 30 days.
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ETH is closely following the trend with a dip of 0.43% in the last 24 hours and 4.90% in the last 7 days. The market performances of BTC and ETH are not precisely bullish. They are, however, expected to bounce back in the coming days. For instance, BTC is expected to make a breakthrough by testing the resistance at $75,000 – thereby achieving a new ATH – and then climbing as high as $100,000 by the end of this year.
