Ether Venusbet Archives

Bitcoin ETFs Register Net Outflows for Third Straight Day

Both bitcoin and ether spot ETFs bleed money as geopolitical tensions weigh over risk assets.

The U.S.-listed bitcoin (BTC) and ether {ETH}} spot exchange-traded funds (ETFs) are doing their part in contributing to the downward price pressures of crypto this week, with bitcoin down 6% and ether down 10%.

Investors drained $54.2 million from bitcoin ETFs on Oct. 3, the third consecutive day of net outflows, taking the three-day tally to $361.2 million, according to Farside Investors.

The main contributions on Thursday were Ark’s ARKB, at $58.0 million, and Fidelity’s FBTC, at $37.2 million. BlackRock’s IBIT saw an inflow of $36.0 million. Grayscale’s GBTC remains relatively muted, with just $5.9 million in outflows this week.

That said, the 11 ETFs have amassed a total of $18.5 billion in investor money since inception. Besides, investors are up on average on their investment around 3-10% with an average deposit cost basis between $54,911 and $59,120, according to Glassnode data.

The methodology used by Glassnode uses price stamping of bitcoin deposits to ETFs for the top three ETF issuers, which provides a rough break-even point for ETF investors. The data suggests, investors in Fidelity’s FBTC has a cost basis of $54,911, Grayscale at $55,943, and BlackRock $59,120.

In 2024, these cost basis have provided excellent price support for bitcoin, testing the lower bound multiple times during bull market corrections.

At the same time, ether ETFs experienced a net outflow of $3.2 million Thursday. Outflows came from Grayscale’s ETHE of $14.7 million, which has now seen a total of $2.9 billion in withdrawals. BlackRock ETHA saw a $12.1 million inflow. Ether ETFs now have a total outflow of $555.4 million, according to Farside Investors data.

Still, the performance of BTC and ETH ETFs is impressive compared to industry standards, according to Nate Geraci, President of the ETF store.

“Out of 525 ETFs launched in 2024, 13 of the top 25 are either bitcoin or ether related,” Geraci said.

As of press time, bitcoin was trading at $61,608, while ether was changing hands at $2,391, according to CoinDesk data.

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Spot Crypto ETFs Prompted Bitwise to Rethink Its Fund Lineup

The asset manager said the launch of the spot crypto exchange-traded funds this year has made futures-based crypto products less compelling.

Bitwise was one of the money managers who joined the spot bitcoin ETF revolution earlier this year, introducing a fund that now holds $2 billion of the cryptocurrency.

But that plus the subsequent introduction of exchange-traded funds for Ethereum’s ether (ETH) diminished interest in three older Bitwise products that gave investors bitcoin (BTC) and ether exposure in a way now deemed less appealing. This prompted the company to merge that trio of funds, which held futures contracts tied to the cryptocurrencies, into a single product that takes a slightly different tack involving U.S. Treasures.

Bitwise announced the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF (BITC) on Friday, a fund that combines the Bitwise Bitcoin Strategy Optm Roll ETF (BITC), Bitwise Ethereum Strategy ETF (AETH) and Bitwise Bitcoin and Eth Eq Wgh Str ETF (BTOP).

In a statement, Bitwise said that the launch of the spot bitcoin and ethereum ETFs earlier this year has made futures-based crypto funds less compelling for investors looking for long-term capital appreciation.

With the new fund, the asset manager can better manage the volatility of the crypto market by rotating between 100% exposure to crypto futures contracts and 100% exposure to U.S. Treasuries based on market trends.

“Bitwise is likely just catering to things they’re hearing from clients and potential clients,” said James Seyffart, ETF analyst at Bloomberg Intelligence. “They have an actively managed division within Bitwise, so it makes sense to give it a try. We know there are investors looking to invest in bitcoin but who want to limit the volatility and particularly the downside volatility/drawdowns. I think that’s what this will aim to do. Whether or not it will be successful is something we will learn in the coming years, but timing the market is extremely hard.”

The conversion will likely take place on Dec. 3, the asset manager said. The new fund will charge investors a 0.85% expense ratio.

First Mover Americas: Bitcoin Regains $64K as ETF Flow Trends Flip Positive

The latest price moves in crypto markets in context for Sept. 26, 2024.

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

CoinDesk 20 Index: 2,056.03 +1.34% Bitcoin (BTC): $64,350.91 +1.14% Ether (ETH): $2,6424.48 +0.09% S&P 500: 5,722.26 -0.19% Gold: $2,678.25 +0.8% Nikkei 225: 38,925.63 +2.79%

Top Stories

Bitcoin rose above $64,000 during the European morning to around $64,300, trading just over 1% higher in the last 24 hours. Other major tokens also registered gains, with ether adding 0.4% to $2,630. The CoinDesk 20 Index, a weighted measurement of the digital asset market at large, rose nearly 1.2%. In other markets, gold hit a record high and Asian stocks surged amid reports that China’s central bank will inject around $142 billion of stimulus into the biggest state banks to increase their capacity to support the struggling economy.

Bitcoin ETF inflows cracked $100 million for the second consecutive day on Wednesday and stretched their winning streak to five days. That flipped an indicator tracking 30-day net holdings among ETFs to positive for the first time this month, data from CryptoQuant shows, suggesting a rising trend of accumulation as opposed to sales. Ether ETFs enjoyed a second consecutive day of inflows, netting $43.2 million. While the ETH products remain over $500 million in the red since they listed in July, ether has outperformed bitcoin since the Fed’s rate cut last week, which coincided with an increase in network transactions and rising Ethereum transaction costs, known as gas fees.

Ethereum layer 2 Celo is challenging Tron’s position as the blockchain with the most daily active addresses using stablecoins. The seven-day moving average of the measure on Celo has climbed to nearly 700,000, nearly matching Tron’s tally, according to data tracked by Artemis. The surge follows Tether’s decision to deploy its industry-leading dollar-pegged stablecoin, USDT, on Celo in March. Since then, USDT worth over $200 million has been issued on Celo. On Wednesday, Ethereum founder Vitalik Buterin cheered Celo’s progress on X, galvanizing investor interest in the CELO token. As of writing, the cryptocurrency traded at 63 cents, representing a nearly 20% gain on a 24-hour basis, according to CoinDesk data.

Chart of the Day

– Omkar Godbole

On Heels of First Losing Month of 2023, Bitcoin and Ether Flash Differing Signals.

While bitcoin appears positioned to trade flat, ether shows indications of being in an uptrend.

Bitcoin (BTC) and ether (ETH) started June with losses after closing out their first losing months of 2023 in May. Despite similarities in performance, the CoinDesk Indices Trend Indicator for both assets implies differences in their near term direction.

While the Bitcoin Trend Indicator (BTI) is flashing a “neutral” signal, the Ether Trend Indicator (ETI) implies that token is in a “significant uptrend.”

The gauges are designed to convey the direction of price and strength of momentum for the assets. Daily signals are generated with BTC and ETH being associated with one of five distinct categories, ranging from “Significant Downtrend” to “Significant Uptrend”.

The methodology underpinning signal generation involves moving averages of different lengths, and the extent to which shorter duration averages cross above or below longer duration ones.

Ether’s trend is relatively young, having moved from neutral to significant uptrend three days ago. Bitcoin, meanwhile, flipped from downtrend to neutral just four days ago.

A longer look at ETH’s chart shows a general uptrend since November 2022 and a gain of 55% so far in 2023. Bitcoin’s 62% advance this year continues to outperform, but the gap has narrowed over the past month as bitcoin dipped nearly 8% in May while ether was roughly flat. That relative bitcoin weakness led to an 8.2% increase in the ETH/BTC ratio since April 30.

Ether bulls would also likely point to the 274,000 ETH contraction in supply since September, as an indication of value and beginning to show effect..

On-chain data suggests that investors remain bullish on ETH. The funding rate for ether futures has been positive since April 7, with the exception of just two days. Funding rates represent payments made between holders of perpetual futures contracts, and when funding rates are positive, it implies that investor sentiment is bullish; when negative, bearish..

Funding rates for bitcoin remain positive as well, a sign that bullish sentiment remains despite recent weakness in price.

Declining Bitcoin-Ether Correlation Could Impact #Yorkbet #prizmabet #1xbet #Betebet Crypto Investors’ Hedging Strategies: Coinbase

From a fundamental perspective the weaker correlation supports diversification arguments in favor of holding both BTC and ETH, the report said.

The correlation between bitcoin (BTC) and ether (ETH) returns has been declining since mid-March, when BTC started outperforming against the backdrop of the U.S. banking turmoil and increased regulatory scrutiny of non-bitcoin digital assets, Coinbase (COIN) said in a research report Friday.

The decline in the relationship has become more pronounced following the Ethereum blockchain’s Shanghai upgrade – aka Shapella, the report said, noting that a similar trend was seen in September 2022 following the network’s previous update, the Merge.

The Shanghai upgrade was successfully completed on April 12 and enables validators to withdraw staked ether.

“The relevance of this falling correlation for institutional investors is that it can affect quantitative strategies that rely on cross hedging one asset for the other (or using ETH as a hedge for less liquid altcoins),” analysts David Duong and Brian Cubellis wrote.

From a fundamental perspective “it supports diversification arguments in favor of holding both BTC and ETH,” they wrote.

The weakening in the 40-day correlation of daily returns may continue for another two weeks because the initial phase of ether withdrawals following the upgrade is still in effect, the note said.

Coinbase estimates that as of April 20 an additional 73,000 ether could be unlocked in partial withdrawals and 822,000 unlocked in full withdrawals, and this could take about 15 days to process.

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Edited by Sheldon Reback.

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