This article was originally published in First Mover, CoinDesk’s daily newsletter, putting the latest moves in the crypto markets into context. Subscribe to get it delivered to your inbox every day.
Latest Prices
(CoinMasa)
The best stories
Bitcoin fell below $63,000 as Mt. Gox selling pressure returned. BTC tested returns above $65,000 during Asian trading hours before falling 3% after a wallet associated with Mt. Gox moved about $3 billion worth of bitcoin, likely as part of a debt repayment plan. The defunct cryptocurrency exchange began paying off its debt on July 4, and investors were worried that buyers would immediately sell their coins, driving down the price of BTC. Bitcoin fell to around $62,500 in mid-morning Europe before settling above $63,500, 1.6% higher than 24 hours earlier. The broader cryptocurrency market, as measured by the CoinDesk 20 Index, rose about 1.55%.
A source familiar with the matter told CoinDesk on Monday that spot ether ETFs could begin trading in the U.S. as soon as Tuesday. SEC officials told one issuer that the regulator had no further comment on the recently filed S-1 filings and that final versions were due by Wednesday, while another source added that the funds could then list on exchanges as soon as July 23. Ether outperformed bitcoin on Monday, gaining 7.3%. ETH was sitting at around $3,410 at press time, a 2.2% increase over the past 24 hours.
According to a research report by Citi, ether ETFs could see inflows of around 30%-35% of what bitcoin products have experienced. That level would give a net inflow range of $4.7 billion to $5.4 billion over six months, the report said. The bank said the beta of inflows and ether returns based on such flows could be lower than the analysis suggests. “One reason for this is that while ETH may offer diversification benefits over the long term, given its different and broader set of use cases, this is not currently the case,” the analysts wrote. They added that investors could split their potential allocations for crypto investment between bitcoin and ether ETFs rather than allocating additional funds specifically for ether. The lack of stocks in ETFs could also hinder inflows.
Chart of the Day
(Amber data)
Bitcoin’s seven-day options curve, which measures the wealth of call options relative to put options on Deribit, remains negative despite the recovery in the cryptocurrency’s price.
Negative print indicates continued demand for put options or downside protection.
Longer-term curves remaining above zero indicate an uptrend.
Source: Amberdata
The story continues
– Omkar Godbole
Trending Posts