The post-US election honeymoon is likely over as macroeconomic data is once again a key driver of crypto ETPs, CoinShares’ James Butterfill said.
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Canadian spot Bitcoin ETF investors have been flocking to more liquid US alternatives, triggering the largest crypto ETF outflows in Canada’s history.
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US spot Bitcoin ETFs have contributed to 100% of the record-breaking $44.2 billion crypto ETF inflows in 2024, according to CoinShares.
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Spot Ether ETFs racked up $224.9 million in net inflows over the last four trading days — around $190 million more than the spot Bitcoin ETFs.
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Fidelity’s spot Ether ETF led the pack with $115.5 million worth of inflows on Nov. 11, while BlackRock, Grayscale and Bitwise’s Ether ETFs also saw inflows.
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Inflows indicate cryptocurrency entering an exchange, reflecting demand, while outflows show funds leaving, signaling selling pressure or profit-taking.
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The latest inflows mark four weeks of consecutive buying in cryptocurrency products, totaling more than $5.7 billion, or 19% of all such inflows YTD.
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CoinShares said the United States and Bitcoin led crypto investment product dynamics last week amid growing optimism over a potential Republican election win in the US.
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According to CoinShares, last week’s increase in crypto investment products was influenced by the upcoming US elections rather than monetary policy outlooks.
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On Wednesday, U.S. spot bitcoin exchange-traded funds (ETFs) faced another tough day, with the 12 funds seeing outflows totaling $30.59 million. In contrast, their spot ethereum ETF counterparts had an uneventful day, with all nine funds neither gaining nor losing value. Wednesday’s Spot Crypto ETF Action On Oct. 9, the 12 U.S. spot bitcoin ETFs […]
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