Strong wind combined with drizzle lies ahead for Bitcoin in the next 24 hours, signaling volatile and slightly bearish market conditions. Solana, Uniswap, Ripple’s XRP and Dogecoin will also face drizzle but with moderate wind, so less volatility. Ether, Avalanche and Polygon will see a timid sun shining over them, signaling slightly bullish market conditions.

Over a one-week time horizon, drizzle will continue to prevail over Bitcoin, while Ether should continue to profit from a timid sun.

The trading signals available at 07:50 CET are the basis for the projections mentioned above. Please check whether ATTMO's signals have changed since then, before making an investment decision.

Cryptocurrencies edge lower on profit taking after Bitcoin hit 5-week high on Monday

The cryptocurrency trend was negative over the past 24 hours as investors cashed in their profits following the rebound witnessed over the past weeks. Ether also headed lower, despite the long-awaited listing of eight spot ETH exchange traded funds (ETFs) in the US later today.

Bitcoin reached a five-week high over the weekend supported by hopes of a Republican victory in November. These were slightly dashed on Sunday when the Democratic presidential candidate Joe Biden dropped out of the race, increasing the chances of a Democratic victory. A Republican victory is seen as much more favorable for the cryptosphere.

The price of Bitcoin dropped 1.4 percent to $66,838 over the past 24 hours, Trading View’s Bitcoin chart shows.

Weekly inflows into crypto asset products once more exceeded $1 billion

Last week saw inflows into crypto asset investment products of $1.35 billion, CoinShares reports. This brings the past three weeks total inflows to $3.2 billion. As usual Bitcoin was behind the bulk of the weekly inflows at $1.27 billion, but there is interest in Ethereum ahead of today’s listing of the first spot ETH ETFs in the US.

“The outlook for Ethereum seems to have turned a corner, seeing a further US$45m of inflows last week, overtaking Solana for the altcoin with the most inflows year-to-date (YTD) at US$103m,” CoinShares said.

Metaplanet buys additional Bitcoin

Metaplanet has acquired another 20.4 Bitcoin. It now holds almost 246 Bitcoin as treasury reserve asset, a filing shows. This makes the Japanese company join the top 20 of the listed companies that hold Bitcoin, CoinGecko data show. MicroStrategy tops the league, holding 226,331 Bitcoin valued at more than $15 billion.

Spot ETH ETF start trading in the US today

The eight spot ETH ETFs approved by the Securities and Exchange Commission (SEC) in May will start trading on the Chicago Board Options Exchange (CBOE), Nasdaq and New York Stock Exchange later today. The eight asset managers, the ETFs' starting fees and post-waiver fees can be found in table published by Bloomberg here.

“The marketing around those ETH ETFs has been somewhat limited, and this should also keep the buying interest from retail or institutions relatively low,” 10xResearch said in its daily note.

Bitwise Asset Management’s CIO, Matt Hougan, expects the ETH ETFs to reach about a quarter of the capital managed in the Bitcoin ETFs. As these Bitcoin ETFs currently manage $61 billion, this would mean total assets under management around $15 billion for the ETH ETFs in the coming months. Most investors eventually buy both assets, Hougan added.

“We suspect many will take profit once the ETF launches – if not hours before,” 10xResearch forecast.

The price of Ether was down 1.7 percent at $3,457 over the past 24 hours.

US regulator extends deadline for comments on potential options on Bitcoin ETFs

The SEC has extended its deadline for comments on the potential listing and trading of options on trusts or ETFs holding Bitcoin to between Sept 21 and Nov 20, the US regulator said.

DISCLAIMER

ATTMO, a weather-inspired AI tool, makes cryptocurrency predictions. It also forecasts longer-term cryptocurrency trends. These forecasts are not trading advice; they are only decision support tools. They do not include information that is specific to the user; in particular they do not account for their personal risk appetite or market assessment. The forward-looking weather-inspired predictions part of this report may have changed by the time you read this edition of ATTMO Times. So always check the latest ATTMO predictions before making any investment decision.