Cryptos Mixed After Ethereum Spot ETF Launch

Crypto market sentiment remains muted despite the much-awaited Ether Spot ETF launch in the U.S. Bitcoin supply from Mt. Gox settlements continued to haunt crypto markets. Data from Farside Investors that showed net outflows of $78 million from Bitcoin Spot ETF products in the U.S. on Tuesday also dampened crypto market sentiment.

Latest data from S&P Global that showed Composite PMI in the U.S. rising to 55.0 in July from 54.8 in June also swayed market sentiment. Amidst the data update, the 6-currency Dollar Index which measures the Dollar’s strength against a basket of 6 currencies and perceived as a proxy for interest rate expectations dropped 0.26 percent overnight to 104.18.

The Manufacturing PMI unexpectedly declined to 49.5, the year’s lowest reading. Markets had expected the same to edge up to 51.7 from 51.6 in June. The Services PMI however unexpectedly rose to 56 in July, the highest level in 28 months. The same was seen edging down to 55 from 55.3 in June.

Aggregate crypto-market capitalization is steady at $2.42 trillion. Around 25 percent of the top-100 cryptocurrencies are trading with overnight losses in excess of 1 percent.

Bitcoin traded between $67,359 and $65,484 in the past 24 hours. It is currently trading at $66,740 implying overnight addition of 0.2 percent, weekly gains of 2.8 percent and year-to-date rally of 58 percent. At its current price, the leading cryptocurrency is trading 10 percent below the all-time high recorded in March 2024.

Ethereum slipped 0.63 percent in the past 24 hours to trade at $3,450.35, around 29 percent below the all-time high. Amidst weekly losses of 0.2 percent, the leading altcoin’s year-to-date gains are now just above 51 percent.

The leading alternate coin traded between $3,498.74 and $3,395.42 in the past 24 hours amidst the widely anticipated Ether Spot ETF launch in the U.S. Data from Farside Investors showed net inflows at $106 million on Tuesday, the day of the launch.

BlackRock’s iShares Ethereum Trust (ETHA) topped with inflows of $266.5 million followed by Bitwise Ethereum ETF (ETHW) that recorded inflows of $204 million. Fidelity Ethereum Fund (FETH) also mobilized funds of $71.3 million.

Grayscale Ethereum Mini Trust (ETH), Franklin Ethereum ETF (EZET), VanEck Ethereum ETF (ETHV), 21Shares Core Ethereum ETF (CETH) and Invesco Galaxy Ethereum ETF (QETH) managed to record inflows between $15 million and $5 million.

Grayscale Ethereum Trust (ETHE) which has been converted to a spot ETF recorded outflows of $484 million.

Bitcoin dominates 54.4 percent of the overall crypto market followed by Ethereum that has a 17.2-percent market share. With market capitalization of $172 billion, the share of stablecoins is currently at 7.1 percent of the overall crypto market.

4th ranked BNB (BNB) added more than half percent overnight and 1.8 percent on a weekly basis to trade at $586.43.

5th ranked Solana (SOL) gained 2.2 percent overnight and more than 11 percent in the past 7 days. SOL is currently trading at $179.13.

6th ranked XRP (XRP) rallied 5.9 percent overnight and 3.8 percent in the past week to trade at $0.6308. The rally helped the cryptocurrency issued by Ripple Labs to record year-to-date gains of more than 2.5 percent.

Dogecoin (DOGE), ranked 8th overall has also gained 1.3 percent in the past 24 hours to trade at $0.0134.

9th ranked Toncoin (TON) added more than 1 percent overnight to trade at $6.96. TON is the highest-ranking cryptocurrency to trade with losses over the past 7 days as well as past 30 days. TON however tops year-to-date gains among the top-15 cryptocurrencies with an addition of 201 percent.

10th ranked Cardano (ADA) edged down 0.06 percent overnight and 7.7 percent over the past week. With losses of close to 30 percent, ADA is the highest-ranking crypto to trade with year-to-date losses. ADA is currently trading at $0.4185.

70th ranked Flow (FLOW) topped overnight gains among the top-100 cryptocurrencies with a gain of close to 10 percent. 79th ranked Ethena (ENA), a synthetic dollar protocol built on Ethereum to provide a crypto-native solution for money not reliant on traditional banking system followed with gains of 9.74 percent. 94th ranked cat in a dogs world (MEW), a Solana-based meme coin also added 9.67 percent in the past 24 hours.

65th ranked Celestia (TIA) topped overnight losses among the top-100 cryptocurrencies with a decline of 8.4 percent. 97th ranked Mog Coin (MOG) also shed close to 8 percent in the past 24 hours.

Meanwhile, as the U.S. presidential race heats up, 3 cryptos in the political memes category rank among the top 1000 cryptocurrencies. 218th ranked MAGA (TRUMP), 512th ranked MAGA (MAGA) and 774th rank Super Trump coin (STRUMP) are the toppers amongst the 88 cryptocurrencies in the category ranked by coinmarketcap.com. 218th ranked MAGA (TRUMP) has gained more than 2500 percent in 2024. Kamala Harris (KAMALA), a cryptocurrency ranked 2803 overall topped overnight gains in the category with a surge of close to 85 percent.

The political memes category collectively commands a market capitalization of $366 million or 0.02 percent of the overall crypto market. With a market capitalization of $52 billion, the broader memes category occupies 2.15 percent of the overall crypto market.

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