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Crypto Insight
12 minutes ago
- Crypto Insight
Bitcoin and Ether ETFs post $40B volume in ‘biggest week ever'
US-based spot Bitcoin and Ether exchange-traded funds (ETFs) just logged their strongest week of combined trading volume yet, according to an ETF analyst. 'Biggest week ever for them, thanks to Ether ETFs stepping up big,' ETF analyst Eric Balchunas said in an X post on Friday. Ether ETFs were 'asleep' for 11 months, says Balchunas 'Ether ETFs' weekly volume was about $17b, blowing away record, man did it wake up in July,' Balchunas said. It came the same week Bitcoin reached a new all-time high of $124,000 on Thursday, while Ether came close to reclaiming its November 2021 high of $4,878 on the same day, reaching $4,784 — just 1.94% below — according to CoinMarketCap. Since Thursday, Bitcoin has fallen 5.52% from its all-time high, trading at $117,659, while Ether has dropped 6.20% from its Thursday high, trading at $4,486. However, MN Trading Capital founder Michael van de Poppe said, 'There's way more to come for this cycle.' Ether ETFs take a sharp turn On Monday, spot Ether ETFs recorded their biggest day of net inflows ever, with flows across all funds totalling $1.01 billion. Across the first two weeks of August, they've recorded more than $3 billion in net inflows marking their second-strongest monthly performance to date. Balchunas said it was almost as if Ether ETFs were 'asleep' for the past 11 months and 'then crammed' one year's worth of activity into six weeks. While there was excitement ahead of their July 2024 launch, Ether ETFs initially saw lackluster demand, sparking speculation that Wall Street had yet to find a clear use case for the asset. Meanwhile, Bitcoin ETFs reached new highs of $73,679 just two months after launching in January 2024. Analysts are now drawing parallels between Ether's recent price surge and Bitcoin's post-ETF rally. 'This move is comparable to the BTC ETF launch, when Bitcoin continued to rally upward,' van de Poppe said, adding, 'The ETFs have a massive impact and there's a lot to come for Altcoins.' However, some analysts warn that investors must be patient before Ether reaches a new all-time high. Nansen analyst Jake Kennis said in comments shared with Cointelegraph that a new all-time high for Ether may be weeks or months away, despite ETH currently sitting only a few hundred dollars off a new record price. Source:
Crypto Insight
33 minutes ago
- Crypto Insight
US Fed to end oversight program for banks' crypto activities
The Federal Reserve Board said that it would end a 'novel activities supervision program' set up in 2023 to supervise certain activities related to crypto assets and distributed ledger technology. In a Friday notice, the Fed said it will sunset the program created in August 2023 and return to 'monitoring banks' novel activities through the normal supervisory process.' The 2023 program said it would be 'risk-focused' and include supervision of banks providing 'deposits, payments, and lending to crypto-asset-related entities and fintechs.' 'Since the Board started its program to supervise certain crypto and fintech activities in banks, the Board has strengthened its understanding of those activities, related risks, and bank risk management practices,' said the Fed. 'As a result, the Board is integrating that knowledge and the supervision of those activities back into the standard supervisory process and is rescinding its 2023 supervisory letter creating the program.' Though not necessarily suggesting a scaleback in oversight of banks dealing with crypto companies, US government agencies have taken a softer approach to regulating and handling digital assets under the Trump administration. Since January, the Securities and Exchange Commission has dropped several investigations and enforcement actions into crypto companies, and statements from leadership at the Treasury suggested the department would fall in line with the White House's policy setting up a national crypto reserve. Leadership at the Fed becoming a political issue US President Donald Trump has been publicly challenging the Fed's independence in determining federal interest rates, often personally criticizing Chair Jerome Powell, whom he nominated in 2017. Powell's term as chair is expected to end in May 2026, while his term as a Fed governor won't end until January 2028. Adriana Kugler, a member of the Fed's board of governors and the Federal Open Market Committee, resigned from her position on Aug. 8. Trump nominated Council of Economic Advisors Chair Stephen Miran to fill Kugler's role until January, when he is expected to pick a permanent replacement. Source:
Khaleej Times
2 hours ago
- Khaleej Times
Trump to 'think about' tariffs on Russian oil buyers in 'two or three weeks'
US President Donald Trump said on Friday he will not have to think of retaliatory tariffs on countries buying Russian oil right now but may have to "in two or three weeks." Trump has threatened sanctions on Moscow and secondary sanctions on countries that buy its oil if no moves are made to end the war in Ukraine. China and India are the top two buyers of Russian oil. The president last week imposed an additional 25 per cent tariff on Indian goods, citing its continued imports of Russian oil. However, Trump has not taken similar action against China. He was asked by Fox News' Sean Hannity if he was now considering such action against Beijing after he and Russian President Vladimir Putin failed to produce an agreement to resolve or pause Moscow's war in Ukraine. "Well, because of what happened today, I think I don't have to think about that," Trump told Fox News' Sean Hannity after meeting with Russian President Vladimir Putin in Alaska. "Now, I may have to think about it in two weeks or three weeks or something, but we don't have to think about that right now. I think, you know, the meeting went very well." Chinese President Xi Jinping's slowing economy will suffer if Trump follows through on a promise to ramp up Russia-related sanctions and tariffs.
