In writing shared by William Suberg, “BTC bulls struggled to protect the $66,000 level on July 23, as US spot ETH exchange-traded funds (ETFs) wowed analysts.”
To wit, “The launch of spot Ether ETF trading seemed to catch market participants by surprise, as impressive volumes, totaling over $100 million in just 15 minutes, sent the ETH pair higher. /USD up 2.3%, reversing an initial drop”
On the other hand, popular trader Skew in part of his analysis on Move back and OI [open interest] still high”
The truth is that, “the period leading up to the ETF launch was characterized by inversely flat ETH price action, which ran counter to what was seen in Bitcoin prior to the launch of its ETF trading in January.”
Now, “With the ETH Spot ETF potentially having no price impact early on, coupled with potential selling pressure from the US Government and Mt Gox, prices may remain subdued until momentum builds.” before the elections"
SOURCES CONSULTED
Cointelegraph. Bitcoin gains $1.2K in 1 hour as BTC price rebounds on Ether ETF launch. Link
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