Cryptocurrency Price Movements Today: Ether ETFs Switch to Inflows
Bitcoin (BTCUSD) and ether (ETHUSD) traded flat Wednesday, with bitcoin steady around $66,000 and ether trading a a bit under $3,300.
Exactly a week after they made their debut on U.S. stock exchanges, spot ether exchange-traded funds (ETFs) recorded their second day of positive inflows at $33.7 million.
BlackRock's iShares Ethereum Trust (ETHA) experienced the third-strongest day of any of the new spot ether ETFs so far with $118 million of inflows, according to Farside Investors. But cumulative net outflows for the spot ether ETFs stood at $406.4 million at end of Tuesday, driven largely by Grayscale Ethereum Trust's (ETHE) $1.84 billion of outflows so far.
Tuesday also delivered a rare day of net outflows for the spot bitcoin ETFs, with $18.3 million leaving that market, according to Farside Investors.As expected, the Grayscale Mini Bitcoin Trust began trading Wednesday morning.Its launch included a distribution of 10% of the existing fund's bitcoin holdings to seed the new ETF, which led to a drop greater than that percentage in the value of GBTC shares the day before the new investment firm's Mini Bitcoin Trust started trading.
XRP (XRP) has been a big mover among larger digital assets, initially rising nearly 3% after the SEC made a filing Tuesday in its case against crypto exchange Binance that indicates the regulatory agency may not pursue a ruling on whether third-party tokens, such as Solana (SOL) and Polygon (MATIC), are unregistered securities.
While some traders see this as a sign the SEC will be abandoning lawsuits against digital assets that could be considered unregistered securities, others advise caution.
«There is no reason to think SEC has decided SOL is a non-security. That they don't want to do
Read more on investopedia.com
