Fun

US Bitcoin, Ethereum ETFs hit $6B volume amid market rout

News Feed - 2024-08-06 09:08:09

Felix Ng8 hours agoUS Bitcoin, Ethereum ETFs hit $6B volume amid market routBitcoin plunged to under $50,000 at the start of US trading on Aug. 5, prompting a huge spike in trading volumes of crypto-related ETFs.5226 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onThe United States Bitcoin and Ether exchange-traded funds (ETFs) recorded nearly $6 billion in trading volume amid market turmoil on Aug. 5. 


According to data from CoinGlass, spot Bitcoin (BTC) ETFs registered a total daily volume of $5.24 billion on the day, with more than half coming from BlackRock’s iShares Bitcoin Trust.


Spot Ether (ETH) ETFs recorded $715.3 million in trading volume, led mainly by Grayscale’s Ethereum Trust and BlackRock’s iShares Ethereum Trust.US spot Bitcoin ETF trading volumes on Aug. 5 Source: CoinGlass


The total volume between the two spot crypto ETF categories amounted to $5.96 billion. 


In an X post earlier in the trading day, Bloomberg ETF analyst Eric Balchunas warned that “crazy volume” during a market rout is generally a “pretty reliable measure of fear.”Source:Eric Balchunas


“On flip, deep liquidity on bad days is part of what traders and institutions love about ETFs, so you also want to see volume too, good for the long term,” he explained. 


Crypto markets began to plunge into the red on Aug. 4 as news emerged of Jump Trading moving hundreds of millions of Ether to exchanges. The price fall dramatically increased yesterday following big falls on the Nikkei and the Japanese yen carry trade unwound, with Bitcoin briefly falling under $50,000 near the start of US trading hours on Aug. 5.


Related:Europe’s fourth largest hedge fund put nearly $500M in Bitcoin ETFs — Filing


Bitcoin has since bounced back slightly to trade above $54,200 at the time of writing.Preliminary inflow data starts to trickle in


Preliminary daily inflow data from CoinGlass before the final tallies show mixed results across Bitcoin and Ether ETFs.


The Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF each posted outflows of $69 million on the day, while the Bitwise Bitcoin ETF and the Grayscale Bitcoin Mini Trust recorded inflows of $2.9 million and $21.8 million, respectively.


The Grayscale Ethereum Trust meanwhile saw outflows of $46.8 million on the day, while Bitwise and Franklin Templeton’s ETFs saw inflows of $7.2 million and $900,000, respectively.


However, in an Aug. 5 post on X, Bloomberg ETF analyst James Seyffart predicts the Bitcoin ETFs will end up with net inflow once all the data is published.Source: James Seyffart 


Magazine:Hodler"s Digest Criminal at Bitcoin 2024, BTC Strategic Reserve Bill, and more: Hodler’s Digest, July 28 – Aug. 3# Bitcoin# Ethereum# Ethereum ETF# Bitcoin ETF# ETFAdd reaction

News Feed

Report: Bitcoin Surges With Rising Real Interest Rates and Economic Stimulus While Gold Performs Better With Rising Inflation
Report: Bitcoin Surges With Rising Real Interest Rates and Economic Stimulus While Gold Performs Better With Rising InflationA new report by Bitstamp and Bytetree says bitcoin respo
Bitcoin buying advised as US enters the ‘looting-the-treasury phase’
Martin Young2 hours agoBitcoin buying advised as US enters the ‘looting-the-treasury phase’Amid rising national debt levels in the United States, influencers on X say Bitcoin is the only realistic solution to sideste
Tristan Greene3 hours agoOxford scientists develop GPU-accelerated limit order book sim to teach AI how to tradeThe first-of-its-kind architecture gives up to a 7x speedup over traditional training methods.1940 Total vie
Prometheum labels UNI, ARB securities in custody expansion
Derek Andersen4 hours agoPrometheum labels UNI, ARB securities in custody expansionPrometheum is the only SEC-registered crypto custody provider and already treats ETH as a security.612 Total views8 Total sharesListen to
Turner Wright5 hours agoCoinbase CEO will meet with US lawmakers to discuss crypto legislation: ReportThe crypto exchange is currently involved in a legal battle with the U.S. Securities and Exchange Commission over alle
Bank of Russia Advises Stock Exchanges to Avoid Trading Crypto Instruments
Bank of Russia Advises Stock Exchanges to Avoid Trading Crypto Instruments In line with its hardline stance on cryptocurrencies, the Central Bank of Russia (CBR)
Universal Music Group’s Web3 Label Buys Bored Ape for $360K in Ethereum
Universal Music Group’s Web3 Label Buys Bored Ape for $360K in Ethereum On Friday, Universal Music Group’s Web3 label dubbed 10:22PM revealed it purchased the Bored Ape Ya
SEC has taken ‘too expansive’ a view of crypto, says former commissioner
Turner Wright4 hours agoSEC has taken ‘too expansive’ a view of crypto, says former commissionerFormer SEC commissioner Troy Paredes was not the first to criticize the U.S. financial regulator’s lack of clarity on
PancakeSwap integrates Zyfi for gas-free DeFi trading
Zoltan Vardai12 hours agoPancakeSwap integrates Zyfi for gas-free DeFi tradingThe simplified trading experience could help PancakeSwap attract a larger market share from centralized exchanges.1269 Total views5 Total shar
Inside Altcoin Daily’s crypto bull market strategy
Marco Castrovilli6 hours agoInside Altcoin Daily’s crypto bull market strategyPopular crypto YouTubers Austin and Aaron Aarnold share their tips to take the most out of the current bull market in an exclusive interview
Nigerian CBDC Website Goes Live, Central Bank Faces Trademark Infringement Allegations
Nigerian CBDC Website Goes Live, Central Bank Faces Trademark Infringement Allegations According to reports from Nigeria, the official website for the Central Bank of Nigeria (CBN)
Bitcoin, Ethereum Technical Analysis: BTC, ETH Close to 3-Month High to Start the Week
Bitcoin, Ethereum Technical Analysis: BTC, ETH Close to 3-Month High to Start the Week Bitcoin and ETH rallied on Sunday evening, as prices approached their highest level in almost