A wallet associated with Genesis Trading has transferred nearly $720 million worth of Bitcoin to Coinbase over the past month. This significant movement suggests potential asset liquidations. According to Arkham Intelligence data, the Genesis Trading-labeled wallet has moved over 12,600 BTC, mainly in transactions of 500 to 700 BTC. The wallet’s balance has decreased from over 46,000 BTC a month ago to 33,356 BTC. These transfers follow a settlement with the New York Attorney General, requiring Genesis to pay $2 billion to defrauded investors and barring the company from operating in New York.
Genesis Trading Wallet. Token balance and outflows. Source: Arkham Intelligence
Bitcoin Index Falls to “Extreme Fear” as BTC Struggles to Breach $60,000
The Crypto Fear & Greed Index, which measures market sentiment toward Bitcoin and crypto, has fallen to “extreme fear,” marking its lowest level since January last year. This drop follows Bitcoin’s failure to break the $60,000 mark twice in the past 48 hours. On July 10, Bitcoin peaked at $59,485 before falling to $57,000 within 12 hours. It attempted another rally on July 11, reaching $59,529 but again failed to hold. Bitcoin is currently trading at $57,499, down 23% from its all-time high in March this year.
Source: Bitcoin Fear & Greed Index
Ether ETF Inflows Could Reach $10 Billion: Investment Manager
Tom Dunleavy, managing partner at MV Global, predicts that spot Ether exchange-traded funds (ETFs) will attract substantial inflows once they begin trading. Dunleavy told Cointelegraph that Ethereum ETFs could see $5 billion to $10 billion in inflows, potentially driving Ether prices to new all-time highs by early Q4. He expects Ether ETFs to attract around $1 billion per month, given the “thinner order books and less to purchase” compared to Bitcoin. Unlike early Ether investors, the new inflows are expected from traditional market participants with 401(k) accounts.
Ether supply on exchanges is declining as more is locked in staking contracts. Source: CoinMetrics
The US Securities and Exchange Commission has approved eight spot Ether ETFs but has yet to allow them to start trading. Industry insiders anticipate the final approval could come later in July.
