Bitcoin prices soared past $64,000 early today, peaking at $65,000 in futures trading. This surge directed attention to Ethereum, which also reached a significant milestone by surpassing $2,700, a level it hadn’t achieved in a long period. The broader cryptocurrency market mirrored these gains. The spotlight then shifted to Wall Street’s final trading day, which was heavily focused on ETF activities. So, what developments in ETFs prompted these changes?
What Happened with Bitcoin and Ethereum ETFs?
On August 23, Friday, Lookonchain released critical data concerning spot Bitcoin and Ethereum ETFs. Fidelity emerged as the leader in Ethereum inflows, overtaking BlackRock. The disclosed data showed a net outflow of -4,972 ETH in nine spot Ethereum ETFs by the end of Friday, driven by substantial outflows from Grayscale’s Ethereum Trust. This fund saw an outflow of 11,885 ETH, valued at $31.61 million, contributing to a negative trend.
What is the Current Ethereum Price?
Amid these market movements, Ethereum’s price experienced a noticeable increase following a speech by Jerome Powell. The price of ETH surpassed $2,700 last evening and continues to rise. As of the most recent update, Ethereum is trading at $2,770, marking a 4% increase in the past 24 hours. This uptrend has pushed Ethereum’s market capitalization beyond $330 billion, now standing at $333 billion.
Investor Actions and Market Impact
– Fidelity saw a significant inflow of 5,500 ETH, increasing its total by 11,250 ETH over the past week.
– BlackRock’s iShares Ethereum Trust reported zero inflows.
– Grayscale Ethereum Mini Trust registered an increase of 1,602 ETH.
– Invesco Galaxy Ethereum ETF faced an outflow of 189 ETH.
While the market experienced these movements, trading volume has also seen a parallel increase. An over 38% rise in trading volume pushed the value to $16.1 billion, highlighting growing investor interest.
In summary, the recent surges in Bitcoin and Ethereum prices reflect heightened activity in the ETF markets, with significant shifts in inflows and outflows among leading funds, impacting overall market dynamics. This trend underscores the increasing influence of institutional actions on cryptocurrency valuations.