Quick Takes:
- Crypto ETFs feel the heat with a mass exodus of funds, mirroring a gloomy market mood.
- Bitcoin and Ether struggled under key levels, investors vote with their wallets!
Yello Paradisers! Could this be the beginning of a major crypto market crash? Investors have yanked hundreds of millions of dollars from U.S.-listed Bitcoin and Ether ETFs amid alarming bearish trends.
Market Blues Lead to Red Numbers
This Friday, catalyzed by a dismal July U.S. jobs report and global financial tremors, as if taking a cue from the weather, investors in Bitcoin and Ether ETFs decided it was time to pack their bags, pulling out hundreds of millions amidst a market that looked as enthusiastic as a rain-soaked picnic. The departure hall was particularly crowded for U.S.-listed spot Bitcoin and Ether exchange-traded funds.
Crypto Weather Report: Stormy with a Chance of Plummets
Bitcoin, perhaps feeling a tad overambitious, tried and failed to vault over the $65,000 resistance, tumbling dramatically to a more earthbound $62.5k. The broader market wasn’t left out of the misery parade, with Ethereum and the gang (BNB, SOL – you know the crew) losing over 5% in a 24-hour bargain bin bonanza.
ETF Exodus
On the front lines, Fidelity’s FBTC was bleeding dollars faster than a sieve, leading the pack with a whopping $104.1 million farewell party. Ark Invest’s ARKB and others joined the melancholy march with millions making a grand exit. Even Grayscale’s old guard wasn’t spared, with notable numbers making their escape.
The Silver Lining – If You Squint
Amidst the financial fray, BlackRock’s IBIT bucked the trend, scooping up a cool $42.8 million. And in a twist, Grayscale’s GBTC found a few believers, adding $9.9 million to its coffers.
Ether’s Not-So-Elite ETFs
Over in Ethereum town, it was mostly a tale of withdrawal woes, except for Fidelity’s FETH and Franklin Templeton’s EZET, which managed to charm $7.1 million from some optimistic souls. Meanwhile, Grayscale’s ETHE watched a staggering $61.4 million wave goodbye.
The Bearish Ballet
These massive fund flights have set the stage for a bearish ballet in the crypto markets. According to the latest choreography by CoinMarketCap, Bitcoin pirouetted down 4.53% to $61.8k, while Ether followed suit, tumbling over 5.3% to curtain call at $2.9k. In the crypto theater, it seems the lights may be dimming, but don’t put away your binoculars just yet, the final act is far from over.
