Key Takeaways ETH large transaction volume reached a monthly high after ETF launch, despite price decline. ETH ETFs experienced $190M net outflows in
Image: IntoTheBlock
The broader crypto and stock markets have seen a turbulent end to July, erasing monthly gains. ETH has underperformed, attributed to changing macro sentiment and profit-taking following the ETF launch. Major stock indices have fallen nearly 10% from recent highs, potentially impacting crypto markets.
Political developments have also influenced market sentiment, highlighted the analysts at IntoTheBlock. Trumps odds of winning the presidency, which had climbed to 70% following a debate and shooting incident, dropped to 62% after Biden endorsed Kamala Harris, according to Polymarket.
Notably, ETH‘s market capitalization has declined from over 50% of Bitcoin’s in September 2022 to 32% currently. While some hoped the ETH ETFs would bring Wall Street adoption, initial outflows dont reflect this trend.
Image: IntoTheBlock
However, it may be premature to label the ETH ETFs a disappointment, as Bitcoin ETFs also experienced initial outflows before seeing significant inflows weeks later.
The changing political and economic landscape appears to be weighing on Ethers price, despite the long-awaited ETH ETF launch.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
0.00