Morgan Stanley Enters Bitcoin Spot ETF, Ethereum Rebound, XRP Holds Key SupportMorgan Stanley Advisors will begin offering a Bitcoin spot exchange-traded fund (ETF) to its clients starting Wednesday, August 7, a move that has sparked significant market interest. Meanwhile, Bitcoin has broken through the $57,000 mark, Ethereum is poised to return to $3,000, and XRP is holding strong above $0
Morgan Stanley Enters Bitcoin Spot ETF, Ethereum Rebound, XRP Holds Key Support
Morgan Stanley Advisors will begin offering a Bitcoin spot exchange-traded fund (ETF) to its clients starting Wednesday, August 7, a move that has sparked significant market interest. Meanwhile, Bitcoin has broken through the $57,000 mark, Ethereum is poised to return to $3,000, and XRP is holding strong above $0.50.
Bitcoin, Ethereum, XRP Updates
Bitcoin traded above $57,000 early Wednesday, with the entry of Morgan Stanley Advisors into the BTC spot ETF undoubtedly injecting strong momentum into the market. Ethereum also showed strong rebound signs, poised to break through the $3,000 level. On-chain data shows that billions of dollars worth of Ethereum are flowing out of dormant wallet addresses. Lookonchain data reveals that hundreds of dormant wallets that have been inactive for over three years have transferred a significant amount of ETH, totaling 789,533 ETH, worth over $2 billion. Following JumpCrypto's $2.77 billion ETH transfer, hundreds of dormant wallet addresses started transferring ETH. This phenomenon suggests that Ethereum could rise 20% after the Monday cryptocurrency crash.
XRP remains above $0.51, rising nearly 2% on Wednesday, demonstrating strong support.
Dogecoin (DOGE)
Dogecoin (DOGE) was trading at $0.10010 at the time of writing. The meme coin is poised to extend its gains by nearly 20% and rebound towards a target of $0.12. The DOGE/USDT chart shows the meme coin facing resistance at the fair value gap (FVG) of $0.10923 and $0.10425. The Relative Strength Index (RSI) shows DOGE in an oversold region, having already recovered as the RSI rebounded above 30. The momentum indicator supports the bullish argument for Dogecoin.
Market Dynamics
On Tuesday, August 6, the total net outflow from Bitcoin spot ETFs was $149 million. Grayscale ETF GBTC continued to experience fund outflows, losing $32.18 million.
The Nasdaq Stock Market submitted a filing to the United States Securities and Exchange Commission (SEC) website, sharing its plans to list and trade options for a spot Ethereum ETF.
Game and blockchain development company Ronin announced that a white hat hacker exploited a $10 million vulnerability, and the funds have been returned. A bounty of $500,000 has been awarded to the hacker involved.
Industry Dynamics
OKX exchange announced the delisting of seven tokens: MSN, OMN, REP, EURT, IGU, PCI, and SLN.
Ethereum remains the dominant cryptocurrency, despite rising market activity in DeFi applications. According to CoinGecko, about 70% of the market share belongs to Ethereum.
Bitcoin's funding rate has turned negative, reflecting a bearish sentiment where short-sellers are dominating the asset. While this is usually a sign of correction, in the long term, it could be considered favorable for price growth as the derivatives market is no longer overheated.
Summary
The news of Morgan Stanley's entry into the Bitcoin spot ETF has infused new life into the market. Ethereum's strong rebound, XRP's steady gains, and Dogecoin's bullish trend all signal a return of market sentiment. However, the market also needs to be wary of the negative change in Bitcoin's funding rate, which suggests that there is still a degree of bearish sentiment. Overall, the future direction of the market needs to be closely watched.
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