Ethereum
Bitcoin (BTC) News Today: Spot ETF Inflows Slow as Focus Turns to ETH
However, flow data from Tuesday (May 21) suggests a decline in demand amid uncertainty over a Fed rate hike in September.
According to Farside Investors,
- Grayscale Bitcoin Trust (GBTC) saw no net inflows on Tuesday, ending a four-day streak of net inflows.
- The Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $25.8 million, down from net inflows of $64.0 million on Monday (May 20).
- Bitwise Bitcoin ETF (BITB) reported net outflows of $4.2 million, the first since May 1.
- VanEck Bitcoin Trust (HODL) saw net outflows of $5.9 million, the first time since May 1.
- Excluding iShares Bitcoin Trust (IBIT), the US BTC spot ETF market saw total net inflows of just $15.7 million.
Since January 11, 2024, the US BTC spot ETF market has seen total net inflows of $12,883.4 million. It remains a two-horse race in May. Since launch, IBIT and FBTC have recorded total net inflows of $15,700.7 million and $8,575.7 million, respectively.
However, there is uncertainty about likely flow trends for a US country. ETH-spot ETF market. Investors may delay acquiring BTC spot ETFs in anticipation of a US ETH spot ETF market. Moreover, demand has slowed amid investor uncertainty about the Fed’s interest rate path.
Hong Kong ETF Market Gives No Insight into Likely Demand for ETH-Spot ETFs
The Hong Kong crypto-spot ETF market gives no indication as to whether a US ETH spot ETF market could also thrive. According to Farside Investors, the Hong Kong BTC spot ETF market has seen total net outflows of $14.8 million since its launch on May 2. Additionally, the Hong Kong ETH spot ETF market reported total net outflows of $17.2 million.
Nonetheless, ETH gained 3.50% on Tuesday (May 21), extending Monday’s (May 20) 19.23% breakout.