Okay, folks, gather ’round. So, Bitcoin ETFs in the U.S. were like, “Peace out, we’re outta here!” on Feb. 3, with a net outflow of $234.54 million. I mean, who can blame them? The risk of a trade war was looming, and investors were all, “Uh, no thanks.” 🙅♂️
According to SoSoValue, the 12 spot Bitcoin ETFs were like, “We’re good, we’re out,” after a four-day inflow streak that brought in over $1 billion. I guess you could say they were feeling a little too big for their britches. 😂
But, let’s get to the juicy stuff. Fidelity’s FBTC was like, “Bye, Felicia!” with $177.64 million exiting the fund. ARK and 21shares’s ARKB were like, “Yeah, we’re outta here too,” with $50.75 million in outflows. And VanEck’s HODL and Bitwise’s BITB were all, “Peace out, we’re done,” with $8.63 million and $5.54 million withdrawn by investors. 👋
But, wait, there’s a twist! Grayscale’s GBTC was like, “Hey, we’re still in this,” with a rare inflow of $8.02 million. I guess they’re like the underdog who refuses to give up. 🐕
And, let’s not forget about BlackRock’s IBIT, the largest BTC ETF by net assets, which was like, “Meh, we’re good,” with zero flows for the day. I guess they’re just chillin’, waiting for the drama to pass. 😎
Despite all the outflows, Bitcoin ETFs saw a surge in trading activity, with daily volume rising to $5.88 billion from $3.45 billion the previous day. I guess you could say they’re like the Kardashians – always drama, always attention. 📺
So, what caused all this drama? Well, it all started when President Donald Trump announced new tariffs on Canada, Mexico, and China over the weekend. I mean, who doesn’t love a good trade war, am I right? 🤣
The market reaction was like, “Oh no, the sky is falling!” with the global crypto market shedding over $500 billion in value and witnessing over $2 billion in liquidations in the derivatives market. I guess you could say it was a bit of a panic. 😱
But, Bitcoin (BTC) was like, “Hey, I’m still here,” dropping from around $105,000 on Jan. 31 to a three-week low of $91,441 on Feb. 3, before recovering some of its losses and briefly surging past $100,000 on Feb. 4. I guess you could say it’s like the crypto version of a rollercoaster. 🎠
And, finally, Trump signed an executive order mandating the creation of a sovereign wealth fund within the next year. I guess you could say it’s like the U.S. is trying to get in on the crypto action. 🤑
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2025-02-04 09:46