Ethereum
Ether ETFs Move to Inflows
Key points to remember
- Bitcoin and Ether remained stable on Wednesday.
- Spot ether exchange-traded funds (ETFs) moved to daily net inflows after four days of additional outflows. Bitcoin ETFs saw a rare day of outflows on Tuesday.
- XRP initially rose nearly 3% after news broke Tuesday that the Securities and Exchange Commission (SEC) would not move forward with a ruling on third-party digital assets named in its case against Binance.
- The Mt. Gox estate on Tuesday night transferred an additional $3.1 billion worth of bitcoin to a new digital address that is believed to be the custodian helping return the bankrupt exchange’s assets to creditors.
Bitcoin (BTC/USD) and ether (ETH/USD) traded flat on Wednesday, with bitcoin steady around $66,000 and ether trading just below $3,300.
Ether ETFs Turn Positive, Bitcoin ETFs Stumble
Exactly one week after their debut on US stock exchanges, spot ether exchange-traded funds (ETFs) recorded their second day of positive inflows at $33.7 million.
BlackRock’s iShares Ethereum Trust (ETHA) had the third-strongest day of any new spot ether ETF so far with $118 million in inflows, according to Farside Investors. But cumulative net outflows for spot ether ETFs totaled $406.4 million by the end of Tuesday, driven primarily by Grayscale Ethereum Trust (ETHÉ) $1.84 billion in outflows so far.
Tuesday also saw a rare day of net capital outflows for the Bitcoin Spot ETFwith $18.3 million leaving that market, according to Farside Investors. expectedThe Grayscale Mini Bitcoin Trust began trading Wednesday morning. Its launch included a 10% distribution of the existing fund’s bitcoin holdings to seed the new ETF, which caused the value of GBTC shares to drop by more than that percentage the day before the new investment firm’s Mini Bitcoin Trust began trading.
XRP surges on optimism over SEC lawsuit
XRP (XRP) saw strong growth among larger digital assets, initially rising nearly 3% after the SEC filed a brief Tuesday in its case against the cryptocurrency exchange Binance This indicates that the regulatory agency cannot make a decision on whether third-party tokens, such as Solana (GROUND) and Polygon (MATICS), are unregistered titles.
While some traders see this as a sign that the SEC will drop charges against digital assets which could be considered unregistered securities, others advise caution.
“There’s no reason to believe the SEC has decided that SOL is not a security. The fact that they don’t want to do discovery on a dozen tokens in the Binance case seems like a litigation tactic, not a change in policy,” Variant Fund’s chief legal officer Jake Chervinsky told X, adding that the SEC still considers these tokens to be securities in other lawsuits.
Mt. Gox Distributions Continue
In addition, the bitcoin exchange failed Mount Gox On Tuesday night, another $3.1 billion in bitcoin was transferred to a new bitcoin address that crypto analytics firm Arkham Intelligence believes belongs to custody firm BitGo, which is helping Mt. Gox curator return bitcoins to creditors.
The Mt. Gox estate has been distribute funds to former clients Over the past few months.