Bitcoin (BTC) is approaching the $67,000 mark once again, while ether (ETH) is trading around $3,400. Ether’s price has dipped by 1.6% following the launch of spot ether exchange-traded funds (ETFs) in U.S. markets on Tuesday.
Ether ETFs Debut with $1 Billion Trading, Bitcoin ETFs See Outflows
The first day of trading for spot ether ETFs saw over $1 billion in activity, resulting in $107 million of inflows into these new products. However, outflows from the existing Grayscale Ethereum Trust (ETHE) may limit the net inflows for the spot ether ETFs.
Meanwhile, spot bitcoin ETFs, which had been experiencing robust inflows, saw their first day of outflows since July 3, according to Farside Investors. Despite this, BlackRock’s iShares Bitcoin Trust (IBIT) still attracted $71.9 million in inflows. May 1 remains the only day IBIT experienced net outflows in its brief history.
Bitcoin Price Stable Amid Mt. Gox Distributions
Funds from the defunct bitcoin exchange Mt. Gox continue to be distributed to former customers. Blockchain analytics firm Arkham Intelligence reported that $335.8 million worth of bitcoin was sent to Bitstamp this morning.
Kraken CEO Dave Ripley confirmed the exchange has distributed funds from the Mt. Gox estate to creditors. Previously, the Mt. Gox estate had sent Kraken more than $3 billion in bitcoin.
Analysts suggest that the selling pressure from these distributions is expected to be limited, contrasting with the significant impact from the German government’s sale of $2.4 billion worth of bitcoin earlier this month. The Mt. Gox estate still holds more than $5 billion worth of bitcoin.
Bitcoin-Related Stocks Show Mixed Performance
Coinbase (COIN) stock was down 1.1% as of 1:45 p.m. ET Wednesday, despite being appointed custodian for eight of the nine spot ether ETFs that began trading.
Bitcoin-focused financial services provider Fold announced plans to go public later this year through a merger with a special purpose acquisition company (SPAC).
Riot Platforms (RIOT) revealed the acquisition of bitcoin miner Block Mining on Tuesday to expand its mining capacity. Riot shares were trading 1.2% higher following the announcement.
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