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News recap: ETH-ETFs launched. What’s next?
Bitcoin 2024 Conference “revived” the market, but ETH-ETFs launch results and other factors triggered a selling wave. Read the News recap to learn about the most important events in the crypto world between the 18th and 31st July.
Crypto market in numbers
Since 18th July, the crypto market capitalisation has dropped by 2.5%, settling at $2.3 trillion. Following the Bitcoin 2024 Conference, the market saw a significant boost. However, the distribution of Mt.Gox assets, a disappointing start to ETH-ETF trading, the movement of 28,000 BTC by the U.S. government, and geopolitical risks in the Middle East triggered a wave of selling, mainly impacting altcoins.
Average daily trading volumes have returned to the $50-100 billion range, remaining stable since May. An increase in trading volumes is expected in Q3.
The Crypto Fear and Greed Index fell into the “Neutral” zone. It quickly recovered to 74 points from 18th July but dropped back to 52 points with the decline in cryptocurrency prices.
Cryptocurrency volatility has increased slightly. Since 18th July, the 30-day BTC volatility index rose by 6%, from 2.15% to 2.28%. The same index for ETH increased by 10.4%, from 2.48% to 2.74%.
The anticipated ETH-ETF trading has begun. On the first trading day, it attracted over $100 million, but large outflows followed, totalling more than $500 million. As with BTC-ETF, outflows are pointing to Grayscale. The market reacted cautiously to the start of ETH-ETF trading in a typical “sell the news” scenario.
Unexpectedly, Donald Trump brought positivity at the Bitcoin 2024 Conference by promising to make the U.S. the “cryptocurrency capital of the world.” BTC tested $70,000.
Bitcoin closed July with a 2.95% increase, while ETH fell by 5.88%. Historically, August and September are unproductive months for the crypto market. However, the Fed is expected to lower rates in September, which could positively impact prices for digital currencies.
Gainers (16th – 30th July 2024)
| Coin | Opening price 16.07, $ | Opening price 30.07, $ | Change |
| ZEC | 29.35 | 33.39 | 13.8% |
| SOL | 165.13 | 187.20 | 13.4% |
| XRP | 0.56 | 0.62 | 11.4% |
| BCH | 406.83 | 445.75 | 9.6% |
| WAVES | 1.31 | 1.43 | 9.3% |
Losers (16th – 30th July 2024)
| Coin | Opening price 16.07, $ | Opening price 30.07, $ | Change |
| TON | 7.86 | 6.79 | -13.7% |
| SHIB | 0.00001982 | 0.00001726 | -12.9% |
| DOT | 6.71 | 5.86 | -12.7% |
| ALGO | 0.16 | 0.14 | -12.5% |
| SUI | 0.87 | 0.76 | -12.4% |
Easily track gainers and losers within the Simple Trade section on EXMO. Check real-time updates in the last 24 hours, week and month.
Most traded coins (16th – 30th July 2024)
| Криптовалюта | Объемы торгов, $ |
| USDT | 78,104,819 |
| BTC | 50,391,654 |
| ETH | 23,865,577 |
| DOGE | 11,776,236 |
| SOL | 8,522,689 |
| XRP | 8,314,446 |
| NEAR | 4,784,079 |
| LTC | 4,168,156 |
| ADA | 3,678,662 |
| TRX | 3,548,971 |
Top crypto market driving factors
Overall сrypto market
▼ 18.07.2024 – CryptoQuant data indicates a delay in the bullish rally due to decreased demand for bitcoin.
▲ 19.07.2024 – CryptoQuant notes a resurgence in stablecoin inflows to exchanges.
▲ 19.07.2024 – The SEC will no longer focus on proving certain tokens are securities.
Bitcoin (BTC)
▼ 18.07.2024 – According to Bloomberg, the UK will sell $5 billion worth of BTC.
▲ 23.07.2024 – Bitcoin’s network hash rate set a new record at 859 exahashes per second.
▼ 23.07.2024 – Mt.Gox transferred 42,587 BTC to an unknown address.
▲ 29.07.2024 – Glassnode experts report that the BTC accumulation trend indicator has reached 1, signalling substantial accumulation by whales.
▼ 30.07.2024 – Mt.Gox is preparing to return another $5 billion worth of BTC to clients.
▼ 30.07.2024 – A U.S. Department of Justice address sent 28,000 BTC (~$1.87 billion) linked to the Silk Road case to an unknown wallet.
▼ 31.07.2024 – Mt.Gox sent another 33,964 BTC ($2.25 billion) to an unknown address and transferred 47,229 BTC ($3.13 billion) internally.
Ethereum (ETH)
▲ 18.07.2024 – Most issuers have submitted updated applications to launch spot ETH-ETFs.
▲ 19.07.2024 – Galaxy Digital, owned by Novogratz, purchased $1 billion worth of ETH.
▲ 19.07.2024 – Over the past week, $126.8 million worth of ETH was withdrawn from centralised cryptocurrency exchanges.
▼ 22.07.2024 – In Q2 2024, Ethereum became inflationary, adding 120,818 ETH to the circulating supply.
▲ 23.07.2024 – Spot ETH-ETF trading began officially.
Ripple (XRP)
▲ 22.07.2024 – Ripple’s CEO stated that a legal resolution with the SEC is expected “very soon”.
▲ 23.07.2024 – Ripple whales bought over 140 million XRP worth $84 million in the past week.
▲ 31.07.2024 – XRP is outperforming the market amid rumours of an imminent resolution with the SEC.
▲ 31.07.2024 – Santiment notes a robust positive correlation between XRP’s price and the number of wallets holding 10,000+ XRP, which is actively growing.
Solana (SOL)
▲ 26.07.2024 – The weekly number of active users on the Solana blockchain exceeded 10 million, setting a new all-time high.
▲ 26.07.2024 – Solana reached a new all-time high in market capitalisation dominance – 3.71%.
Toncoin (TON)
▲ 23.07.2024 – According to The Block, the number of daily active addresses on TON increased by 5,360% over the year, reaching 373,000.
Dogecoin (DOGE)
▲ 18.07.2024 – Dogecoin whales bought over 60 million DOGE in the past 24 hours.
Chainlink (LINK)
▲ 22.07.2024 – Chainlink whales bought 8.46 million LINK tokens worth $118.44 million in the past three weeks.
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