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Cryptocurrency News Articles
Spot Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs) Experience Surge in Inflows Following the Federal Reserve’s Unexpected 50 Basis Points Rate Cut
Sep 20, 2024 at 08:36 pm
The Fed's action has led to renewed bullish momentum in the crypto market. According to data from Spotonchain, Bitcoin funds saw significant inflows of $158 million on Sept. 19
Bitcoin and Ethereum exchange-traded funds (ETFs) saw large inflows following the Federal Reserve’s decision to cut interest rates by 50 basis points.
The Fed’s action led to renewed bullish momentum in the crypto market.
According to data from Spotonchain, Bitcoin funds saw inflows of $158 million on Sept. 19, while Ethereum funds recorded $5.24 million in inflows. This marks the first positive inflows for these funds in three days, breaking a brief trend of outflows.
Bitcoin ETFs saw seven out of 12 funds receive inflows, while the remaining funds had net neutral flows. Among the funds, ARK 21Share’s ARKB led with $81 million in inflows, contributing the highest amount to the total. Fidelity’s FBTC followed closely, with $49.88 million in inflows, bringing its cumulative total to $9.75 billion and making it one of the top performers in the sector. Grayscale Bitcoin Mini Trust also saw a modest addition of $9.54 million.
Bitwise’s BITB and Franklin Templeton’s EZBC rounded out the top five, with inflows of $10.36 million and $7.35 million, respectively. However, seven of the 12 tracked funds, including BlackRock’s IBIT and Grayscale’s GBTC, recorded net neutral flows.
Meanwhile, Ethereum ETFs also experienced inflows, with BlackRock’s ETH ETF bringing in $5.24 million, breaking three days of negative flows. The rest of the ETH ETFs remained stagnant with no inflows or outflows, continuing a subdued performance that has persisted since August.
Grayscale’s Ethereum Fund frequently led outflows and saw no changes. Despite analysts’ predictions of massive demand, the enthusiasm surrounding Ethereum funds has yet to match the initial excitement surrounding their launch. Experts believe the market downturn and bearish pressure since mid-August have stalled growth.
The broader crypto market showed a bullish response to the Federal Reserve’s dovish pivot, with BTC regaining ground and trading above $64,000, while ETH returned to the $2,500 price range, representing a multi-week high for both assets.
The Fed’s decision drove capital back into risk-on assets, including cryptocurrencies. With October historically being a strong month for the crypto market, experts remain hopeful that the bullish momentum will continue and lead to a more sustained rally.
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