First Mover Americas: BTC’s Recovery Stalls as Dollar Rallies

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Index, also faced lackluster trading during European hours. The pause coincides with the dollar index topping 106, the highest since May 2,12:30 UTC ."The market may be most sensitive to the weekly jobless claims, given the recent increase and a growing sense, articulated by San Francisco Fed President Daly, that the labor market appears to be at an inflection point," Bannockburn Global Forex's managing director and chief market strategist, Marc Chandler, said in a market update.

On Wednesday, Galaxy Research said the ETFs, once approved, could see $1 billion of net inflows a month. “We expect the net inflows into ETH ETFs to be 20-50% of the net inflows into BTC ETFs over the first five months, with 30% as our target, implying $1 billion/month of net inflows,” analyst Charles Yu wrote. Galaxy also warned that demand may be limited due to the lack of staking rewards, echoing comments byand said outflows from the Grayscale Ethereum Trust may act as a drag on the overall inflows. The SEC could approve the funds as soon as July 4, according to a Reuters report on Thursday.

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