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Cryptocurrency News Articles
Bitcoin and Ethereum ETFs See Green as the Crypto Market Rallies Following the Fed Rate Cut
Sep 20, 2024 at 02:01 pm
U.S. spot Bitcoin (BTC) and Ethereum (ETPs) exchange-traded funds (ETFs) are back in the green, mirroring the market's excitement surrounding the Federal Reserve's unexpected 50 bps rate cut.
Key Takeaways
U.S. spot Bitcoin (BTC) and Ethereum (ETPs) exchange-traded funds (ETFs) perked up on Thursday, reflecting the broader market enthusiasm over the Federal Reserve's surprise 50 bps rate cut.
Since the shift in monetary policy on Wednesday, financial markets - especially crypto - have been abuzz, breaking out of their narrow ranges and setting a course for new highs.
Bitcoin ETFs
According to data from SoSoValue , Bitcoin ETFs recorded one of their highest inflows in recent weeks, with $158 million being added to the ETF funds on Sept. 19.
ARK 21Shares Bitcoin ETF (ARKB) led the pack with $81 million in inflows, contributing to a positive overall flow.
Next in line was Fidelity Wise Origin Bitcoin Fund (FBTC) with a net inflow of $49.88 million. This brings its cumulative inflows to $9.75 billion, making it the second-best performing ETF.
In a rare occurrence, Grayscale Bitcoin Mini Trust (BTC) also made an appearance with a modest $9.54 million in net inflows.
The other two to record positive flows of $10.36 million and $7.35 million were Bitwise's Bitcoin ETF (BITB) and Franklin Templeton Digital Holdings Trust (EZBC), respectively.
Only five funds recorded positive inflows on Thursday, while the remaining seven recorded net neutral flows.
Among them were two big names - BlackRock's iShares Bitcoin Trust (IBIT) and Grayscale's Bitcoin Trust (GBTC) - in a rare occurrence.
This was a brief respite for GBTC from its recent streak of outflows. It was also unusual for IBIT to show no net change in assets.
Ethereum ETFs
Ethereum ETFs had a relatively dull Thursday, with only BlackRock posting a net inflow of $5.24 million. The remaining nine ETFs recorded zero inflows, including outflow king Grayscale, on Sept. 19.
BlackRock's inflow into ETH ETFs helped the fund break out of its three days of negative flows, setting the stage for a renewed bullish momentum in the crypto market.
The Ether ETF was launched nearly six months after the approval of spot BTC ETFs. While experts predicted that ETH ETFs could see billions in demand, the market has seen a lull since August due to bearish pressures.
Crypto Market Surges
Bitcoin traded below $60,000, and ETH prices were below $2,300 in the second half of August and most of September. But with the Fed's 50 bps rate cut, emerging markets, including crypto, saw a trend reversal after months.
At press time, Bitcoin was trading just above $64,000 , marking a multi-week high, while ETH breached the $2500 price range. The Fed rate cut has helped money flow into the crypto market.
The 2024 bull run hasn't left the crypto community and the general masses in awe as it did in most cycles post-halving. However, market pundits are still hopeful for a post-halving rally in the coming weeks, and October is usually a bullish month.
Prashant Jha
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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