This week, the two most prominent Bitcoin ETFs, BlackRock's IBIT#ibit and Fidelity's FBTC#FBTC , finally saw a halt in inflows. On Thursday, IBIT had zero net inflows for two consecutive days, after having seen net inflows for 71 consecutive days. FBTC had its first single-day net outflow, with an outflow of $22.6 million, showing a waning interest in Bitcoin ETFs. In addition to these two funds and smaller ETFs, the remaining five Bitcoin ETFs#ETFbitcoin have all seen single-day net outflows, with Grayscale's GBTC fund seeing the largest outflow, reaching $17.1 billion as of Thursday. Overall, the entire Bitcoin ETF market has attracted a total of $12 billion, just over three months after the official launch of this batch of ETFs. Among them, BlackRock's IBIT attracted the most funds, with a total inflow of $15.4 billion, and Fidelity ranked second, receiving $81.63 million.
1The hope of cryptocurrency
Earlier this week, CoinShares head of research James Butterfill noted that investor interest in Bitcoin ETFs is waning due to concerns that the Federal Reserve may delay rate cuts. Weakness in ETFs such as IBIT and FBTC represents how overheated the space is. He said the market is overdue to take a breather.
In addition to the Fed's postponement of the rate cut, the stagnation of Bitcoin spot prices is also a key reason affecting the performance of ETFs. Nate Geraci, president of investment advisory agency ETF Store, said that the pause in Bitcoin prices may cause a temporary halt in ETF fund inflows, and many large institutions are not ready to enter this market. However, mainstream brokers such as Morgan Stanley are planning to recommend spot Bitcoin ETFs to their clients, and this move may reignite the market's interest in this asset.
Quinn Thompson, founder of hedge fund Lekker Capital, analyzed from another perspective. He believed that the exchange rate of the yen against the US dollar hit its lowest level since 1990. This scale and speed were not normal, which meant that there would be some intervention or coordination in the next few weeks.
He said U.S. policymakers may take intervention measures, such as injecting liquidity into the market, which will support the prices of assets such as cryptocurrencies. Noelle Acheson, former general manager of research at CoinDesk, agreed with this view, adding that if the Bank of Japan intervenes to support the yen, it may sell U.S. dollar assets to buy yen, which will lead to a weaker dollar and strengthen the support for cryptocurrency prices. #大盘走势 $BTC $ETH $BNB
