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Bitcoin remains in a high price range, while Ethereum sees a rapid increase in fund inflows into ETFs.
In the cryptocurrency market, Bitcoin (BTC) is at 1BTC = 117,650 dollars, down -0.51% from the previous day.
Ethereum market
In the recent surge of Ethereum (ETH) over the past few weeks, the inflow of funds into spot ETFs (Exchange-Traded Funds) has rapidly expanded. Last week alone, a net inflow of 677,000 ETH (equivalent to 218 billion yen) was recorded, and the assets under management exceeded $15.5 billion (approximately 2.3 trillion yen), setting a new all-time high.
Trading volume has also become active, reaching 10.5 billion dollars (an average of 2.1 billion dollars per day) this week. Over 80% of these inflows and about 70% of the trading volume are accounted for by BlackRock's iShares Ethereum Trust ETF (ETHA), the largest asset management company.
The price of ETH increased by +27% just last week, recording a rise of over +50% since the beginning of July. One factor supporting this increase is the strategic purchases of ETH by companies.
In particular, Sharp Link Gaming (SBET) has approximately 280,000 ETH (about 84 billion yen), making it the largest single corporate holder of ETH, surpassing the Ethereum Foundation. Companies like BitMine Immersion and Bit Digital have also adopted similar strategies, holding tens of thousands of ETH.
The improvements to the Ethereum network are also progressing smoothly. A new upgrade "Fusaka" is scheduled for mainnet deployment in early November, with expectations for enhanced scalability and security. This upgrade includes 11 improvement proposals, which will implement expanded data availability and countermeasures against DoS attacks.
In contrast to the tightening of regulations on the cryptocurrency (virtual coin) industry during the Biden administration, the Trump administration has eased the regulatory tensions.
On the 21st, Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), mentioned in an interview with CNBC's "Squawk Box" regarding Ethereum, "Like Bitcoin, the SEC has informally stated that Ethereum is not a security." This has strengthened the outlook for reduced regulatory uncertainty.
Bitcoin (BTC) News and Price
Compare Bitcoin Exchanges | Which one allows for comfortable and economical trading?
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Here is the list of market reports published in the past.