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On Tuesday, the historic launch of the spot Ethereum ETFs blew standard ETF launches out of the water but ongoing performance underwhelmed at times. While the first day saw $123M in net inflows, generated by over $1B in trading volume, the progress was wiped away over the next two days, which saw $133M and $152M in net outflows, respectively. While many are berating ETH for its poor performance, it is good to remember that the same thing happened with Bitcoin in the weeks immediately after its launch. Further, given summer may be a slow time for inflows, patience with the world computer will likely pay off handsomely throughout the rest of the cycle.
Bitcoin experienced a 4% increase on Friday despite a challenging week marked by Mt. Gox creditors receiving their payouts and turmoil in the Japanese yen. As of midday Friday, Bitcoin was valued at $67.5K as the Bitcoin Nashville conference raged with speakers like Donald Trump (speaking later today), RFK Jr., and Cathie Wood. Further, we saw two new pension funds add Bitcoin to their ranks — New Jersey and Michigan. Overall, despite substantial selling pressure coming online with Kraken and Bitstamp redistributing Bitcoin from Mt. Gox to creditors, decentralized gold held up quite well.
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