BIT Daily Market Briefing 07/25 - ETH/BTC exchange rate may drop to 0.04 or lower
The ETH/BTC exchange rate may drop to 0.04 or lower. If it falls to that level, ETH will no longer be an attractive hedging tool.Share to
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.
