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Ethereum ETF Excitement Shelved: Bitcoin in the Spotlight Again with the Trump Effect! - Coin Bulletin
Crypto analysis firm QCP Capital has published a market report for July 23rd.
On July 23, Telegram, QCP Capital shared a cryptocurrency market report. The report includes the fate of spot Ethereum ETFs and the market's movement based on expectations of Donald Trump.
Analysts pointed out that after the launch of Ethereum's ETF, it fell from $3,563 to $3,086, similar to the spot Bitcoin ETF launch in January.
Analysts from Grayscale fund expressed that the outflows will continue to affect spot Ethereum ETFs for a while, emphasizing that the market is in a classic 'buy the rumor, sell the news' game.
However, it was noted that spot Ethereum ETFs without staking feature may never be able to capture the expected enthusiasm.
Trump expectation in Bitcoin options market
QCP stated that Donald Trump's speech at the Bitcoin 2024 conference on July 27th has created excitement in the options markets, and also noted that the possible decision of the FOMC next Tuesday has stirred the markets.
These expectations have led to a rise in long positions for large funds for the 2nd of August maturity throughout the week: