Bitcoin (BTCUSD) and ether (ETHUSD) experienced little movement on Wednesday, with Bitcoin maintaining its position around $66,000 and ether trading just below $3,300.
Ether ETFs See Positive Inflows, Bitcoin ETFs Experience Outflows
One week after their introduction on U.S. stock exchanges, spot ether exchange-traded funds (ETFs) have seen a second consecutive day of positive inflows, totaling $33.7 million. Among these, BlackRock’s iShares Ethereum Trust (ETHA) reported significant activity, with $118 million in inflows, marking the third-highest inflow day for any new spot ether ETF thus far, according to Farside Investors. However, the cumulative net outflows for these spot ether ETFs had reached $406.4 million by the end of Tuesday, primarily due to Grayscale Ethereum Trust’s (ETHE) outflows amounting to $1.84 billion.
In contrast, Tuesday witnessed a rare instance of net outflows for spot bitcoin ETFs, with $18.3 million exiting the market, as reported by Farside Investors. The day also saw the debut of the Grayscale Mini Bitcoin Trust, which launched with a distribution of 10% of its bitcoin holdings to seed the new ETF. This distribution caused a corresponding drop in the value of GBTC shares the day prior to the Mini Bitcoin Trust’s launch.
XRP Rises Amid SEC Lawsuit Developments
XRP (XRP) saw a notable increase, rising nearly 3% following the SEC‘s filing on Tuesday in its lawsuit against crypto exchange Binance. The filing suggested that the regulatory agency might refrain from pursuing rulings on whether certain third-party tokens, including Solana (SOL) and Polygon (MATIC), are unregistered securities.
While this development has fueled optimism among some traders that the SEC may abandon cases against these digital assets, caution remains advised. Variant Fund Chief Legal Officer Jake Chervinsky warned on X that the SEC’s decision to forego discovery on a range of tokens in the Binance case could be a litigation strategy rather than a shift in policy. He emphasized that the SEC still considers these tokens as securities in other ongoing lawsuits.
Mt. Gox Continues Bitcoin Distributions
Additionally, Mt. Gox, the failed bitcoin exchange, transferred $3.1 billion worth of bitcoin to a new address late Tuesday. This address is believed to be associated with BitGo, a custodian firm aiding the Mt. Gox trustee in returning bitcoin to creditors, according to crypto analytics firm Arkham Intelligence. The Mt. Gox estate has been in the process of distributing funds to former customers over the past few months.
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