Ah, the grand spectacle of the Bitcoin exchange-traded funds in the land of the free! On the fateful day of February 6, as the digital gold languished beneath the sacred threshold of $100K, the ETFs, those fickle creatures, decided to pack their bags and leave. Outflows, my friends, outflows! A staggering $140.3 million fled from the 12 spot Bitcoin ETFs, shattering a brief two-day romance with inflows that had amounted to a mere $407 million. Such is the capricious nature of fortune!
Leading the charge in this exodus was none other than Fidelity’s FBTC, which saw a dramatic $103.25 million vanish into the ether, followed closely by Grayscale’s GBTC, which lost $42.21 million. Meanwhile, Bitwise’s BITB, the lone wolf, managed to attract a paltry $5.15 million. Bravo, BITB! You must be the life of the party! 🎉
Other funds, like BlackRock’s IBIT, stood there like wallflowers at a dance, witnessing the chaos without a single net flow. Oh, the irony! The total trading volume of these 12 Bitcoin ETFs surged to a dizzying $2.45 billion, up from a mere $2.04 billion the day before. It seems the market loves a good drama!
Macroeconomic pressure drives ETF outflows
But what, you may ask, has driven these ETFs to such desperate measures? The answer lies in the ominous clouds of macroeconomic pressure. On February 5, Bitcoin and its altcoin companions found themselves under the weight of a stronger-than-expected private payrolls report from ADP, the grand puppeteer of U.S. employment. Economists, those ever-optimistic seers, predict a slowdown in job growth to a mere 154,000 in January, down from 256,000. How delightful! 🎭
Investors, both crypto and stock, are glued to their screens, watching the U.S. employment data like hawks. A robust labor market could keep the Federal Reserve’s interest rates higher for longer, as inflation stubbornly refuses to bow to the 2% target. The two rate cuts expected this year? Perhaps they are but a mirage in the desert of economic uncertainty!
As we speak, Bitcoin (BTC) is trading at $97,341, down a modest 0.5% on the day. What a rollercoaster ride!
Ether ETFs extend inflow streak to seven days
While Bitcoin ETFs are busy packing their bags, Ether ETFs are throwing a party! On February 6, they celebrated their seventh consecutive day of inflows, with a delightful $10.65 million entering the market—all of which found a cozy home in BlackRock’s ETHA ETF. Other funds? Not so much. They must be feeling a bit left out! 😅
Spot Ether ETFs have seen a veritable surge in demand, attracting over $500 million in inflows from January 30 to February 5, which represents a whopping 16% of total inflows since their launch. Talk about a hot ticket!
At this very moment, Ethereum (ETH) is trading at $2,711, suffering a steeper loss of 4.1% over the past day compared to its Bitcoin counterpart. Oh, the trials and tribulations of the crypto world!
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2025-02-07 09:40