BTC Outperforms Broader Crypto Market, Ether Price Drop Mirrors Bitcoin ETF Launch

📆 26/07/2024 4:34 a. m.
📰 CoinDesk

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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

BTC outperformed the wider crypto market as measured by the CoinDesk 20 Index during the Friday Asia trading session.

"This situation is very similar to the bitcoin ETF product launches at the beginning of the year," CoinShares analysts said in an emailed note. The Grayscale Ethereum Trust is following the same path but faster, making the decline a"prime buying opportunity," said Mads Eberhardt, a crypto analyst at Steno Research.

Rachel Lin, CEO and co-founder of SynFutures, disagreed, saying she expects short-term pain for ETH traders.

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