Guess what, folks? The spotlight is on Ethereum ETFs, and they're finally getting some love after a bit of a dry spell!
This week was a rollercoaster for financial markets, thanks to the world's top central bank shaking things up by slashing interest rates by a cool 0.5%. Naturally, we had to dive into how our local investors reacted, especially with their favorite crypto goodies, Bitcoin and Ethereum ETFs.
Earlier in the week, it was like a crypto shopping spree! US investors poured over $500 million into spot Bitcoin ETFs in just four days before the big Federal Open Market Committee (FOMC) meeting. But hold your horses—things took a turn when the rate cut was announced, with $52.7 million flowing out. Yet, by Thursday and Friday, the pendulum swung back with net inflows of $158.3 million and $92 million, respectively. Over the week, despite a blip on Wednesday, a hefty $397.2 million net inflow was recorded.
Now, here's the twist: BlackRock’s IBIT, the giant of Bitcoin ETFs, has been oddly quiet. Since August 26, it’s had just one day of positive inflows on September 15. In contrast, Fidelity’s FBTC has been on fire with significant inflows on multiple days, including $56.6 million on September 17, $49.9 million on September 19, and $26.1 million on September 20. Ark Invest’s ARKB and Bitwise’s BITB have also been raking it in.
Switching gears to Ethereum ETFs, these guys have been like the underdogs of the crypto world, struggling to catch investors' eyes for the past two months. But wait—there’s a glimmer of hope! The past couple of days saw minor but positive net inflows: $5.2 million on Thursday and $2.9 million on Friday. While these figures might not blow your mind, they’re a step in the right direction.
The week wasn’t all sunshine and rainbows, though. Ethereum ETFs saw net outflows of $9.4 million on Monday, $15.1 million on Tuesday, and $9.8 million on Wednesday. Ultimately, the week ended with $26.2 million in net outflows for Ethereum ETFs.
So, keep your eyes peeled and your wallets ready; the crypto world never sleeps, and neither should your investment strategies!
