Wall Street Increasing Bitcoin and Ethereum Investments
This week, Wall Street has shown an increasing interest in investing in Bitcoin (BTC) and Ethereum (ETH) through ETFs. The cryptocurrency exchange-traded funds have witnessed significant movement of funds, with millions of dollars being bought or sold in these digital assets.
Bitcoin and Ethereum Net Inflows on Wall Street
CoinGlass data retrieved by Finbold on August 17 revealed that Bitcoin spot ETFs added $32.4 million worth of BTC to their holdings, indicating a positive demand for Bitcoin on Wall Street. In contrast, Ethereum spot ETFs subtracted $14.10 million worth of ETH this week, impacting the leading Web3 token.
The Lookonchain report on X highlighted an interesting scenario in the last seven trading days. Bitcoin ETFs sold 5,293 BTC valued at $307.97 million, while Ethereum ETFs purchased 2,846 ETH worth $7.32 million.
Bitcoin and Ethereum Price Analysis
Ethereum has slightly outperformed Bitcoin in the past seven days. Currently, ETH is trading at $2,605.78, experiencing a 0.57% decrease over the week. On the other hand, BTC is trading at $59,220, reflecting a 2.30% decline in the same period. The cryptocurrency market has seen a bearish trend, influenced by Wall Street’s trading activities.
Solana ETF Filings Removed from Cboe
Solana’s spot ETF filings were removed from the Chicago Board Options Exchange (Cboe) recently. Speculations suggest that issuers may have withdrawn this application, indicating a delay in the approval of SOL’s exchange-traded funds. Finbold reported this development on August 17.
BlackRock’s focus on Bitcoin and Ethereum has been evident, showing a lack of interest in other cryptocurrencies for now. Market participants are eagerly awaiting further updates and news in the coming week to gauge the impact on the crypto market.
Hot Take
As Wall Street continues to show interest in Bitcoin and Ethereum investments, the cryptocurrency market experiences dynamic shifts based on trading activities. Keep a close watch on the developments in ETF movements and market trends to stay informed about potential opportunities in the digital asset space.
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