Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Happy Monday, Ndaxers— Here’s what happened last week:
With crypto markets buzzing in anticipation for spot Ether ETFs, Nasdaq has filed for a combined Bitcoin and Ethereum ETF managed by Hashdex. This new ETF will allocate 70.54% to Bitcoin and 29.46% to Ether, based on their relative free float market capitalizations. Combined BTC and ETH ETFs offer diversified exposure to the cryptocurrency market, potentially attracting conservative investors and stabilizing returns.
Nate Geraci, president of the ETF Store, suggests that combined crypto ETFs may find a larger audience due to the category's novelty. Allocation strategies vary. Geraci believes allocations should reflect market caps, with ETH currently valued at about one-third of Bitcoin's market cap. Both market cap-weighted and actively managed products are expected. Scott Johnson of Van Buren Capital suggests a potential 50/50 split or index-weighted approach. Canadian market examples show different strategies, from market cap-based weighting to actively managed 50/50 allocations. Unchained
Spot Bitcoin ETFs experienced their 5th consecutive day of outflows totalling over $900m this week, marking their worst performance since mid-April. Grayscale's GBTC and Fidelity's FBTC led the outflows, while BlackRock's IBIT was the only ETF with net inflows. This trend follows a period of significant inflows in May. Bitcoin prices have recently declined due to large holder sales, dollar strength, and a robust U.S. technology index market. Coindesk
Recent research challenges the view that Bitcoin's price is primarily driven by ETFs, halving, and Fed policy. André Dragosch of ETC Group suggests that over 80% of Bitcoin's price action in the past six months can be explained by changes in global growth expectations. Crypto hedge funds have reduced their Bitcoin exposure to the lowest level since October 2020, coinciding with significant outflows from crypto ETFs. The macroeconomic outlook appears grim, with U.S. economic data underperforming expectations and consumer confidence waning. While some experts attribute the lack of price appreciation to the Fed's hawkish stance, others predict a period of "chopsolidation" with potential for further downside in the short term. (A reminder that Ndax does not ever offer investment advice!) The Defiant
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News Nuggets
Vaneck's spot BTC ETF goes live on Australia's largest stock exchange Bitcoin Mag
What NVIDIA’s impressive run means for market breadth Blockworks
US SEC pushes back against Ripple's efforts to lower its fines The Block
Microstrategy bought 11,931 more Bitcoin for $786 MILLION Bitcoin Mag
Bitcoin liquidations spike as price drops below the $64,000 The Block
Bitcoin Defends Democracy in Nicaragua in the Face of Financial Repression Bitcoin Mag
Bitcoin Dips 3.5% as German Government Sells $325 Million BTC Over Two Days Decrypt
As of 06-24-2024 at 12:00 PM EST
Market Summary
The total cryptocurrency market cap shed around CA$300B over the last few weeks, and currently stands around at CA$3.04T mark.
Bitcoin’s market dominance somehow continued to grow its 3+year-high of over 53.9%, even as Ethereum appears to be taking more market share:
Ethereum’s market share grew to around 18% of the global crypto market.
Performance
Bitcoin price corrected slowly after failing to break through its ATH set in March and has spent the last two weeks in what is now being referred to, beyond a sideways “crab market” as “chop-solidation”. Bitcoin continues to trade in its wide recent range of $83 to $87K CAD.
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The team at Ndax