Ethereum
Bitcoin Falls Below $64,000, Ether Curbs ETF Outflows
Key points to remember
- Ether fell more than 7% on Thursday and Bitcoin briefly fell below $64,000 before recovering somewhat.
- Spot ether exchange-traded funds (ETFs) saw $133.3 million in outflows during the second day of trading on Wednesday, while spot bitcoin ETFs saw $44.5 million in inflows.
- Marathon, a publicly traded bitcoin miner, has purchased $100 million worth of bitcoin.
- Hashdex has taken another step towards launching a combined Bitcoin and Ether ETF.
Bitcoin (Bitcoin) fell below $64,000 early Thursday before recovering to trade slightly above $65,000. Ether (ETH) prices fell more than 7% as investors continued to withdraw money from Grayscale’s Ethereum Trust (ETHÉ).
Grayscale’s Ether ETF Outflows Weigh on Ether Price
After a strong day 1 with $106.6 million in total net receiptsSpot ether ETFs saw their first day of net outflows on Wednesday as $326.9 million left the pre-existing Grayscale product. That brings the two-day cumulative outflows for Grayscale’s ETHE to $811 million.
These exits from the Grayscale fund are expected will continue in the short term as investors look to cheaper ETF deals or simply exit the market.
Overall, outflows for spot ether ETFs totaled $133.3 million on Wednesday, according to Farside Investors. The Fidelity Ethereum Fund (FETH) had the strongest day among spot ether ETFs, with $74.5 million in inflows.
Other Crypto ETF News
On the bitcoin side of the crypto ETF spot market, there were $44.5 million in inflows on Wednesday, according to Farside Investors.
Crypto asset manager Hashdex has taken another step towards the eventual launch of its proposed Hashdex Nasdaq Crypto Index US ETF with the filing of its filing Registration Form S-1 with the U.S. Securities and Exchange Commission (SEC). The proposed ETF would start with combined holdings of Bitcoin Cash and ether, in addition to potentially adding other crypto assets as they gain regulatory approval over time.
Marathon Digital Doubles Down on Bitcoin
Shares of bitcoin miner Marathon Digital Holdings (MARA) rose on Thursday after announcing a Bitcoin Purchase for $100 MillionThe company not only increased the bitcoin reserve on its books, but also pledged to return to its previous “pay in full” policy. HODL“a cryptographic term for ‘clinging to life’, with all the he mines bitcoin go forward.