ETP craze and more trends
Investors’ interest in Ethereum has led to a significant net inflow of trading products (ETPs) on the spot ETH trading platform. In July, the net inflow of spot ETFs listed in the United States was $5.4 billion, the largest monthly net inflow since the launch of these products last year (see Figure 4).
At present, ETHETP holds approximately $21.5 billion in assets, equivalent to nearly 6 million ETH, accounting for about 5% of the total circulation. According to CFTC’s trader position report data, we estimate that only $1 billion to $2 billion of net ETF inflows came from hedge fund “basis trades,” with the rest being long-term capital.
Some listed companies have also started accumulating ETH in order to obtain the right to use tokens through equity tools. The two largest cryptocurrency fund management companies holding ETH are Bitmine Emergence Technologies ($BMNR) and SharpLink Gaming ($SBET). These two companies collectively hold over 1 million ETH, with a total value of 3.9 billion US dollars.
The third listed company, BTCS ($BTCS), announced in late July that it plans to raise $2 billion through the issuance of common and preferred shares to purchase additional ETH (BTCS currently holds approximately 70000 ETH, valued at approximately $250 million). In addition to the net inflow of ETH ETP products, purchasing pressure from Ethereum enterprise fund management companies may also have driven up prices.
In addition, Ethereum’s share in the cryptocurrency derivatives market has increased this month, indicating a growing speculative interest in the asset. In traditional futures listed on the Chicago Mercantile Exchange (CME), the open interest (OI) of ETH futures has increased to around 40% of the open interest contracts of Bitcoin (BTC) futures (Chart X). In perpetual futures contracts, the number of open interest contracts of ETH has increased to around 65% of the open interest contracts of Bitcoin (BTC). This month, the trading volume of Ethereum perpetual futures also exceeded that of Bitcoin perpetual futures.
What is the invitation code for reducing transaction fees in the cryptocurrency circle? What is the cryptocurrency circle refund transaction fee? Transaction fee rebate
Friends who speculate in cryptocurrency may not yet know how high the transaction fee is, or even consider it insignificant. Little do they know that frequent transaction fees are also a significant expense, and may even exceed your principal.
Open the relevant cryptocurrency trading app to check the transaction fees, and you can see your transaction fees for the past year,
For brothers who trade high-frequency contracts and have large positions, it may only take one month for your commission expenses to exceed the principal.
So it is necessary to apply for rebates, and the handling fees should be taken back. If you don’t apply for rebates, everything will go to the market. If you apply for rebates, the handling fees will be returned to your own account, and you may save hundreds or thousands of U in handling fees per month.
The system will automatically return it to you
If you need to spend, the province’s province. Below is the invitation code for high refund fees on major platforms
BINANCE Rebate invitation code:F2222
HTX Rebate invitation code:888ee
GATE Rebate invitation code:FFFFTTTT