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Ethereum ETF Launch Triggers Sell-Off and Restaking Sector Slide
2024-07-25 22:59:45
Blockchain
Finance

Ethereum ETF Launch Triggers Sell-Off and Restaking Sector Slide

The launch of Ethereum ETFs led to a sell-off with Grayscale Trust experiencing significant outflows. Bitwise saw inflows, but ETH price dropped 8%.

Wall Street struggles to define ETH's value amidst potential declines from US earnings and seasonal weakness. Restaking sector also declined as EigenLayer, Renzo, and Kelp reported $2.3B in outflows due to lagging yields.

Ethena's 10%+ yield stands out, while Jito introduces Solana restaking. As ETH faces corrections in a descending channel pattern, risk aversion sentiment and tech shares' decline compound its losses.

Related news on that topic:

Key Takeaways on Ethereum ETFs

Ethereum ETFs approved by SEC, set to begin trading; analysts predict billions in inflows; Bitwise CIO Matt Hougan believes ETH ETFs will not cannibalize Bitcoin ETFs, may accelerate their growth; Bloomberg analyst James Seyffart to watch trading volumes over first weeks as indicator of real demand; Grayscale, BlackRock, Fidelity among key players; Bitcoin ETFs attracted $15 billion in 5 months; Seyffart estimates Ethereum ETFs may attract one-fifth of that. Coinbase Institutional says spot crypto ETFs signal transition to digital assets. Ethereum ETF debuts attract $106.6M inflows; ETH flat, Bitcoin, Solana, Ripple gain 1.1-5.5% at 2pm NY. SEC Commissioner Peirce suggests Ethereum ETFs could allow staking in the future. New Ethereum spot ETFs launched, drawing $107M in investment. Franklin Templeton considering Solana-based ETF after Ethereum success. Investors eye Solana ETFs after successful bitcoin and ethereum launches.

Spot Bitcoin ETFs attract $1 billion in just three days

Spot Bitcoin ETFs have seen significant inflows in a short period of time, with $1 billion flowing in over just three days. The inflows have been led by BlackRock and Fidelity ETFs. In other news, Mt. Gox has distributed cryptocurrency to victims, the German government has sold Bitcoin, impacting prices, and Trump's pick J.D. Vance is pro-crypto and has criticized SEC Chair Gensler. Despite some recent price fluctuations, the overall Bitcoin price has recovered 23% since its low on July 5th. On July 16th, there was a 6-week high of $420 million in inflows. Additionally, Ethereum ETFs have had a successful start, with over $1 billion in trading volume on the first day. Analysts expect monthly net inflows of between $750 million to $1 billion for Ethereum ETFs.

Read 3 more recent news on this topic

The press radar on this topic:

Cointelegraph.com News
25. Juli 2024 um 00:00

Ethereum ETF sell-off signals more trouble — 10x Research

Finance
Cryptocurrencies & blockchain
Ethereum ETF launch sparked sell-off, Grayscale $9B Trust saw $481M/day-1, $326M/day-2 outflows. Pantera's "seed" quickly sold, 10x's stochastic showed ETH at top. Bitwise $204M inflows day-1, ETH price dropped 8%. Wall St. can't define ETH's value. Potential declines from US earnings, seasonal weakness.
Cointelegraph.com News
10. September 2024 um 17:52

Why is Ethereum (ETH) price down today?

Cryptocurrencies & blockchain
Finance
ETH price fell 8.75% after Ethereum ETFs launch due to sell-the-news; Grayscale Ethereum Trust had $326.9M outflows, while Fidelity and Bitwise ETFs saw inflows; Ethereum futures market saw $103.65M in long liquidations; ETH's losses are part of a correction within a descending channel pattern, with $2,850 as potential support; growing risk aversion sentiment and plummeting megacap tech shares also contributed to ETH's decline.
CoinDesk
25. Juli 2024 um 15:21

EigenLayer Outflows of $2.3B Signal Restaking Sector Slide Ether Slides as Grayscale's ETHE Outflows Ramp Up

Finance
Cryptocurrencies & blockchain
Technology
Economy
Restaking protocols like EigenLayer, Renzo, Kelp see $2.3B in ether outflows as yields lag Ethena's 10%+; Jito launches Solana restaking, ether.fi bucks trend with TVL growth; Restaking generates yield by harvesting volatile funding rates on top of Ethereum blockchain.
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