U.S. spot Bitcoin (BTC) and Ethereum (ETPs) exchange-traded funds (ETFs) are back in the green, mirroring the market’s excitement surrounding the Federal Reserve’s unexpected 50 bps rate cut.
Since Wednesday’s shift in monetary policy, financial markets—particularly the crypto market—have been buzzing with excitement, breaking out of their tight ranges and charting a course toward new highs.
Bitcoin ETFs
According to data from SoSoValue, Bitcoin ETFs recorded one of their highest inflows in weeks, seeing $158 million added to the ETF funds on Sept. 19.
ARK 21Shares Bitcoin ETF (ARKB) led the way with $81 million in inflows, contributing to a positive overall flow.
Fidelity Wise Origin Bitcoin Fund (FBTC) was a close second, reeling in $49.88 million. This raises its cumulative inflows to $9.75 billion, making it the second-best-performing ETF.
Surprisingly, Grayscale Bitcoin Mini Trust (BTC) made a rare appearance with a modest $9.54 million in net inflows.
The other two to record positive flows of $10.36 million and $7.35 million were Bitwise’s Bitcoin ETF (BITB) and Franklin Templeton Digital Holdings Trust (EZBC).
Only five funds recorded positive inflows on Thursday. The remaining seven recorded net neutral flows.
Notably, two big names—BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC)—were among them.
This was a rare respite for GBTC from its recent streak of outflows. It was also unusual for IBIT to show no net change in assets.
Ethereum ETFs
Ethereum ETFs had a comparatively less action-filled Thursday, with only BlackRock posting a net inflow of $5.24 million. The remaining nine ETFs recorded zero inflows, including outflow champ Grayscale, on Sept. 19.
KEY TAKEAWAYS
Bitcoin and ETH ETFs bucked the trend on Thursday, recording inflows for the first time in three days.
BTC ETFs saw inflows of $158 million, while ETH ETFs recorded $5.24 million in inflows.
The positive net flow into ETFs comes on the heels of the Fed’s first rate cut in years.
U.S. spot Bitcoin (BTC) and Ethereum (ETPs) exchange-traded funds (ETFs) are back in the green, mirroring the market’s excitement surrounding the Federal Reserve’s unexpected 50 bps rate cut.
Since Wednesday’s shift in monetary policy, financial markets—particularly the crypto market—have been buzzing with excitement, breaking out of their tight ranges and charting a course toward new highs.
Bitcoin ETFs
According to data from SoSoValue, Bitcoin ETFs recorded one of their highest inflows in weeks, seeing $158 million added to the ETF funds on Sept. 19.
Bitcoin ETF records $158 million in inflows.| Credit” Sosovalue
ARK 21Shares Bitcoin ETF (ARKB) led the way with $81 million in inflows, contributing to a positive overall flow.
Fidelity Wise Origin Bitcoin Fund (FBTC) was a close second, reeling in $49.88 million. This raises its cumulative inflows to $9.75 billion, making it the second-best-performing ETF.
Surprisingly, Grayscale Bitcoin Mini Trust (BTC) made a rare appearance with a modest $9.54 million in net inflows.
The other two to record positive flows of $10.36 million and $7.35 million were Bitwise’s Bitcoin ETF (BITB) and Franklin Templeton Digital Holdings Trust (EZBC).
Only five funds recorded positive inflows on Thursday. The remaining seven recorded net neutral flows.
Notably, two big names—BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC)—were among them.
This was a rare respite for GBTC from its recent streak of outflows. It was also unusual for IBIT to show no net change in assets.
Ethereum ETFs
Ethereum ETFs had a comparatively less action-filled Thursday, with only BlackRock posting a net inflow of $5.24 million. The remaining nine ETFs recorded zero inflows, including outflow champ Grayscale, on Sept. 19.
ETH ETF records $5M in inflow.|Credit: SoSoValue.
BlackRock’s inflow into ETH ETFs helped ETH ETFs break out of their three days of negative flows amid a rejuvenated bullish momentum in the crypto market.
The Ether ETF was released nearly six months after the spot BTC ETF approval. While experts claimed that ETH ETFs could see billions in demand, the market has remained at a standstill since August due to the bearish pressure.
Crypto Market Rises Up
Bitcoin traded below $60,000, and ETH prices were below $2,300 for the second half of August and most of September. However, with the Fed rate cut of 50 bps, the emerging markets, including crypto, saw a trend reversal after months.
At press time, Bitcoin was trading just above $64,000, marking a multi-week high, while ETH regained its $2500 price range. The Fed rate cut has helped the money flow into the crypto market.
The 2024 bull run hasn’t left the crypto community and the general masses in awe as it did in most cycles post-halving. However, market pundits are still optimistic about a post-halving rally in the coming weeks, and October is considered a bullish month.
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