Bitcoin and Ether ETFs Experience Outflows as Trump Speech Excitement Wanes
The cryptocurrency market experienced a decline of up to 5% on Monday following the move of $2 billion in BTC by the U.S. Marshals Service to two new wallets, sparking concerns about potential liquidation.
Traders are approaching the situation with caution, anticipating further price fluctuations, especially with the upcoming earnings reports from major U.S. technology companies this week. These earnings announcements have historically had an impact on bitcoin prices.
In a recent Telegram broadcast, Singapore-based QCP Capital highlighted the significance of ongoing events, stating, “Election headlines will remain a major focus, but several key macroeconomic events are also on the horizon.” They pointed out pivotal events such as the FOMC meeting, megacap tech earnings from companies like Apple, Amazon, and Meta, and the release of unemployment data later in the week.
QCP Capital maintained their stance on BTC, saying, “We maintain a range-trading outlook for BTC.”
In an update on July 31 at 08:10 UTC, there was a change in the headline, with the latest ETH ETF inflow figures being referenced throughout the article.
A correction issued on July 31 at 08:43 UTC addressed errors in the reporting of ether ETF inflows, clarifying that the ETFs did not experience their first net inflows as previously stated.
Another correction on July 31 at 10:50 UTC rectified the ticker for Grayscale’s bitcoin ETF in the third paragraph.
Sam Reynolds edited the article for publication.
