Ethereum
Ether ETFs Make Quiet Debut, Bitcoin ETFs Outflow
Key points to remember
- Bitcoin is approaching $67,000 again as ether falls to $3,400.
- Spot Ether ETFs saw $1 billion in transactions and $107 million in inflows on their first day.
- Bitcoin Spot ETF flows turned negative for the first time since July 3.
- The Mt. Gox estate sent an additional $335.8 million worth of bitcoin to Bitstamp, though the distributions are unlikely to drive down the price of bitcoin.
Bitcoin (Bitcoin) is approaching $67,000 again in the form of ether (ETH) is trading around $3,400. Notably, ether is down 1.6% on Wednesday, a day after the launch point ether exchange traded funds (ETFs)) in the US markets.
Ether ETFs’ First Day Over, Bitcoin ETFs See Outflows
Spot ether ETFs saw more than a billion dollars in transactions the first day, which led to $107 million in revenue in these new products. For now, releases from the pre-existing Grayscale Ethereum Trust (ETHÉ) are likely to limit combined net inflows for spot ether ETFs.
While Bitcoin Spot ETFs have seen strong influxes In recent weeks, yesterday was the first day of outflows since July 3, according to Farside Investors. Despite the net outflows for these products as a whole, iShares Bitcoin Trust (I BITE) still recorded $71.9 million in capital inflows. May 1 remains the only day of net capital outflows in IBIT’s short history.
Bitcoin Price Little Affected by Mt. Gox Distributions
Funds from the estate of a bankrupt Bitcoin exchange Mount Gox are still being distributed to former customers, with blockchain analytics provider Arkham Intelligence reporting that $335.8 million worth of bitcoin was sent to Bitstamp this morning.
Kraken Chief Executive Officer (CEO)) Dave Ripley announced that the exchange has distributed funds from the Mt. Gox estate to creditors. The Mt. Gox estate had previously sent Kraken has over $3 billion worth of bitcoin.
That said, some analysts say the selling pressure from these distributions is should be limited and not have the kind of negative impact on the price of bitcoin that was seen with the German government’s decision sale $2.4 billion worth of bitcoin in a week earlier this month. The Mt. Gox estate still holds more than $5 billion worth of bitcoin.
Bitcoin Related Actions
Coinbase (PIECE OF MONEY) The stock was down 1.1% as of 1:45 p.m. ET Wednesday, despite being named custodian of eight of the nine spot ether ETFs that began trading yesterday.
Bitcoin-focused financial services provider Fold has announced a deal to go public later this year via a merger with a special purpose acquisition company (SPAC)).
Riot Control Platforms (RIOT) announced Tuesday the acquisition of bitcoin miner Block Mining in a bid to expand Riot’s mining capacity. Riot shares were trading up 1.2%.