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Cryptocurrency Market Insights: Bitcoin and Ether Trends in July
Gain valuable insights into the cryptocurrency market trends for Bitcoin and Ether in July. Stay informed about the latest developments and data that could impact your investment decisions.
Introduction
This article originally appeared in First Mover, CoinDesk’s daily newsletter, providing insights into the latest developments in the cryptocurrency markets. Subscribe to receive it directly in your inbox every day.
Latest Prices
Bitcoin: Bitcoin is currently trading at around $62,600, experiencing a slight drop of about 0.15% in the last 24 hours. The CoinDesk 20 Index (CD20) is down by around 0.2%.
Top Stories
- Bitcoin Outlook: Bitcoin bulls may have a reason to celebrate as we kick off July, following a lackluster second quarter marked by significant selling pressure and negative sentiment among retail traders. Historical data shows that over the last decade, July has been a positive month for Bitcoin, with average gains exceeding 11% and positive returns in seven out of 10 years.
- Ether Flows: Professional investors withdrew over $120 million from ether-tracked exchange-traded products in the past two weeks, according to a report by CoinShares. This outflow trend signals a shift in sentiment, as multiasset and bitcoin ETPs recorded inflows. The approval of ether ETF filings in the U.S. by the SEC further indicates a potential positive turn for the market.
- Ethereum ETFs: Spot ether ETFs in the U.S. are projected to attract net inflows of $5 billion in the first six months, as per insights from crypto exchange Gemini. With the potential total AUM reaching $13 billion-$15 billion in the same period, these inflows could elevate ether’s market value relative to bitcoin, presenting a promising trading opportunity.
Chart of the Day
– Omkar Godbole