Markets
What to know:
- Spot ether ETFs have had a bit of a mid-life crisis, losing $952 million over five days. It’s like they decided to go on a strict diet and cut out all the carbs. 🥗
- In a twist that’s almost poetic, spot bitcoin ETFs gained $246.4 million in the same period. It’s like the ether ETFs went vegan while the bitcoin ETFs stuck to their steak dinners. 🍖
- Despite the outflows, ether managed to rise by more than 16% in the past month, partly thanks to the GENIUS Act. It’s like the crypto world’s version of a midlife crisis car-expensive, flashy, and slightly questionable. 🚗💨
Spot ether exchange-traded funds (ETFs) have been on a rollercoaster ride, logging their fifth straight day of outflows this week. They’ve shed a whopping $952 million in total, with $787 million of that happening in just four days. It’s like they decided to purge their entire wardrobe in one weekend. 👗👖
This comes after a record-setting August where spot ether ETFs raked in $3.87 billion, even as bitcoin ETFs saw $751 million in net outflows, according to SoSoValue data. It’s like one kid got a new bike while the other had to sell theirs for spare parts. 🚲🛠️
Friday was particularly brutal, with $446.71 million fleeing these ETH-linked funds. Meanwhile, spot bitcoin ETFs were having a field day, posting $246.4 million in net inflows over the past week. The contrast is stark, especially considering that bitcoin ETFs saw $751.1 million in net outflows last month. It’s like one team won the lottery while the other lost their wallet. 💰💸
Ether has climbed more than 16% over the past month, though it dipped 1.8% in the last week and is now trading just below $4,300. The cryptocurrency has been benefiting from the GENIUS Act passing into law, which restricted stablecoin issuers from paying interest and provided much-needed clarity. It’s like the government finally decided to give the market a roadmap instead of a treasure hunt. 🗺️🔍
The recent downturn is likely tied to a broader shift away from risk assets. This happened after weak U.S. jobs data fueled expectations that the Federal Reserve will cut interest rates later this month, along with growing fears of a recession. Traders are now weighing an 89% chance of a 25 bps rate cut and an 11% chance of a 50 bps cut, according to the CME’s FedWatch tool. On Polymarket, the odds of a 50 bps rate cut stand at 12%. It’s like everyone’s trying to predict the weather with a broken thermometer. 🌦️🌡️
The cooling data, coupled with growing concerns about economic uncertainty and geopolitical risks, has also pushed the price of gold above the $3,600 mark for the first time. It’s like gold is the only one who didn’t get the memo about the recession and decided to throw a party instead. 🎉💎
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2025-09-06 23:44