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In the days ahead of the highly anticipated US FOMC meeting, when the central bank was expected to lower the interest rates, local investors were on a shopping spree for spot Bitcoin ETFs.yesterday the impressive streak for the four trading days leading to the FOMC meeting. As mentioned, just over $500 million in net inflows entered the 11 spot Bitcoin ETFs from September 12 to September 17.the key interest rates by 50 basis points, while the general expectations were for a more modest 0.
BlackRock’s IBIT remains the largest of the bunch, with almost $21 billion in AUM. However, there has been only one day of positive flow for the past three weeks. In contrast, Fidelity’s FBTC enjoyed a favorable streak of seven consecutive days of net inflows before yesterday’s lack of action.While the spot Bitcoin ETFs saw more than $500 million in net inflows in the days leading to the Fed’s policy pivot, the Ethereum counterparts didn’t have the same luxury. The withdrawals stood at $15.1 million on Tuesday and $9.4 million on Monday.much yesterday when investors pulled out $9.8 million overall from the ETH-based products.
The only silver lining came from BlackRock’s EHTA, which notched $4.9 million in net inflows. ETHA is the only new financial vehicle tracking the performance of Ethereum that has surpassed the coveted $1 billion milestone since its inception a couple of months back. Despite the negative days for the Bitcoin and Ethereum ETFs, the underlying assets’ prices skyrocketed to multi-week peaks. BTCCrypto Investment Products Lost $726M Last Week Amid Rate Cut UncertaintyOne Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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