Ethereum ETFs see record inflows as the House pushes crypto bills, but investor confidence continues to waver.
The cryptocurrency markets saw mixed results on Thursday, July 17. Most large-cap assets experienced modest gains or traded flat after yesterday’s rally, as President Donald Trump’s new tariff threats and “Crypto Week” confusion unsettled investors.
Bitcoin (BTC) was held steady on Thursday at $119,600 – a 5% increase over the past week. Ethereum (ETH) is up 2.7% over the past 24 hours to trade around $3,430, extending its weekly gain to over 21%. This marks ETH’s highest price since around mid-January.
XRP emerged as the top-gainer among the largest crypto assets today, climbing by 9% to $3.35 and extending its weekly gain to over 34%.
Solana (SOL) was traded flat at $174, up around 9% over the past week. Total crypto market capitalization is down 2.3% in the past 24 hours, hovering around approximately $3.9 trillion, according to CoinGecko. Trading volume over the same period reached $237 billion.
ETH ETFs Hit Record Inflows Amidst Market Liquidations
According to CoinGlass data, traders liquidated more than $478 million in crypto positions over the past 24 hours. Short positions made up $237 million, while long positions accounted for $241 million. Ethereum led liquidations with $168 million, followed by Bitcoin at $62 million.
On the ETF front, U.S. spot Bitcoin ETFs saw over $799 million in inflows on July 16, according to SoSoValue. Meanwhile, Ethereum ETFs attracted $726.74 million in inflows—their highest single-day inflows to date.
The record inflows were led by BlackRock’s iShares Ethereum Trust (ETHA), which pulled in $499 million alone. The surge in demand reflects growing investor confidence, as ETH pushed past $3,000 for the first time since February less than a week ago.
Crypto Markets Grapple with ‘Crypto Week’ Disarray and Trump’s Tariff Threats
Thursday’s crypto market reflects broader mixed signals: strong ETF inflows suggest rising interest, but Trump’s new tariff threats and political drama surrounding “Crypto Week” shake investor confidence.
After several days of delays, House Republicans on Thursday finally got back on track to make a final vote on three crypto-related bills. Disagreements had stalled these bills. The House now expects to vote on the GENIUS Act, the Clarity Act, and the Anti-CBDC Surveillance State Act this afternoon. If passed, they would go to President Trump’s desk next for signature.
Manthan Davé, co-founder of Palisade, stated in a statement shared with The Defiant, “Crypto Week underscores the urgency for the U.S. to act decisively.” “If the Act merely establishes a siloed U.S. stablecoin ecosystem, even with strong backing requirements, it risks stifling the burgeoning on-chain finance sector.”
Davé warned that global businesses “won’t wait for Washington to figure it out; they’ll go where the rules are clear, enforceable, and consistent.”.
Meanwhile, Trump’s latest tariff threats intensified market jitters, as he announced plans to send letters to more than 150 countries, notifying them of potential new tariffs. He told reporters on Wednesday at the White House that the rates could be 10% or 15%, but “we haven’t decided yet.”
