On Wednesday, Bitcoin (BTCUSD) and Ether (ETHUSD) maintained stability in their trading values, with Bitcoin hovering around $66,000 and Ether slightly below $3,300.
Ether ETFs Gain Traction While Bitcoin ETFs Face Outflows
Spot Ether exchange-traded funds (ETFs) registered positive inflows for the second consecutive day, amounting to $33.7 million a week after their debut on U.S. exchanges. Among these, BlackRock’s iShares Ethereum Trust (ETHA) saw significant interest, attracting $118 million in inflows, marking it as one of the top performers among the new Ether ETFs. However, cumulative outflows for spot Ether ETFs totaled $406.4 million as of Tuesday, largely driven by substantial outflows from Grayscale Ethereum Trust (ETHE), amounting to $1.84 billion.
In contrast, spot Bitcoin ETFs experienced a rare day of net outflows on Tuesday, with $18.3 million leaving the market, according to Farside Investors. The launch of Grayscale Mini Bitcoin Trust on Wednesday included a distribution of 10% of the fund’s existing Bitcoin holdings to seed the new ETF, causing a notable decline in the value of GBTC shares the previous day.
XRP Rises Amid Regulatory Developments
XRP (XRP) demonstrated notable movement following recent regulatory developments. The cryptocurrency initially rose nearly 3% after the U.S. Securities and Exchange Commission (SEC) filed a document indicating potential changes in its approach toward third-party tokens like Solana (SOL) and Polygon (MATIC), regarding their status as unregistered securities. This development sparked optimism among some traders who interpreted it as a sign of easing regulatory scrutiny. However, caution remains advised as analysts like Variant Fund’s Jake Chervinsky highlighted that the SEC’s actions may be strategic rather than indicative of a broader policy shift.
Mt. Gox Continues Bitcoin Distributions
Meanwhile, Mt. Gox, the failed Bitcoin exchange, continued its process of returning assets to creditors. On Tuesday night, approximately $3.1 billion worth of Bitcoin was transferred to a new address believed to be associated with custodian firm BitGo, as part of ongoing distributions managed by the Mt. Gox trustee.
The distribution of funds from the Mt. Gox estate has been ongoing over recent months, marking progress in resolving one of the cryptocurrency industry’s most significant legal and financial sagas.
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