Spot Ethereum and Bitcoin ETFs Experience Bearish Week
During the second week of trading for spot Ethereum and Bitcoin ETFs, there were significant withdrawals, indicating uncertainty in the US economy and impacting the performance of these financial vehicles.
Ethereum ETFs Performance Overview
- Grayscale’s ETHE saw outflows of $61.4 million
- Fidelity’s FETH experienced minor inflows of $6 million
- Franklin’s EZET received inflows of $1.1 million
- Total withdrawals for ETH ETFs amounted to almost $170 million
Bitcoin ETFs Performance Overview
- Fidelity’s FBTC faced $104 million in daily outflows
- Ark Invest’s ARKB followed with $87.7 million in outflows
- Grayscale’s GBTC had outflows of $45.9 million
- BlackRock’s IBIT was the only ETF with inflows, about $43 million
- Total withdrawals for all BTC ETFs surpassed $80 million
Market Reaction to Economic Data
The weak job report in the US, showing a rise in unemployment from 4.1% to 4.3%, led to Senator Elizabeth Warren urging Fed Chair Jerome Powell to act promptly. Wall Street experienced daily declines of 2-4%, with the crypto market also witnessing a significant drop in prices.
Hot Take: Crypto Market Reacts to Economic Uncertainty
As the US economy shows signs of weakness, investors are closely monitoring the performance of spot Ethereum and Bitcoin ETFs. The recent withdrawals from these financial vehicles indicate a cautious approach in response to economic uncertainty and job market data. Stay informed and analyze market trends to make informed investment decisions in the crypto space.
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