Bitcoin BTC/USD spot ETFs recorded a total net inflow of $28.72 million on Sep. 9, while Ethereum ETH/USD spot ETFs continued their streak of outflows.
What Happened: The Bitcoin ETF market saw mixed performance among its top players.
While Grayscale‘s GBTC experienced an outflow of $22.76 million, Fidelity‘s FBTC countered with a substantial inflow of $28.59 million, contributing to the overall positive flow for Bitcoin funds.
Analysts warn the largest digital currency remains firmly in bear market territory till it trades below the critical 21-week moving average of $61,100.
On the Ethereum front, the situation appears less optimistic.
Ethereum spot ETFs marked their fifth consecutive day of net outflows, with a total of $5.20 million leaving these funds on Monday.
Grayscale‘s ETHE led the exodus with $22.64 million in outflows, although this was partially offset by inflows to other Ethereum ETFs, including $7.97 million into the Grayscale Ethereum Mini Trust ETH.
The total daily trading volume for the nine Ethereum ETFs decreased to $124.51 million on Monday, down from $210.43 million the previous Friday.
The cumulative net flows for these funds remain in negative territory, with $573.49 million in net outflows to date.
Why It Matters: QCP Capital noted that the cryptocurrency market is currently dominated by macro uncertainty, with the 30-day correlation to the MSCI World Equity Index reaching a near two-year high of 0.6.
“The options market is pricing in a potential movement of more than 3.3% from the current Bitcoin spot price of $56,800 by tomorrow’s expiry, following the presidential debate,” QCP Capital stated. “While Bitcoin is often seen as the ‘Trump trade‘ due to his vocal support for crypto, we’re watching closely for any surprising positive crypto mentions from Kamala Harris during her campaign.”
According to a 10x Research report, positive sentiments around Bitcoin could push it back above $60,000, citing three technical reversal indicators recovering from oversold levels.
However, they caution that Bitcoin remains in bear market territory as long as it stays below the critical 21-week moving average of $61,100.
“The upcoming Harris-Trump debate and the anticipated lower CPI data announcement on Wednesday are serving as significant catalysts for potential upward momentum this week,” 10x Research stated.
As these market dynamics unfold, industry participants are looking forward to Benzinga’s Future of Digital Assets event on Nov. 19, where experts will likely dissect these trends and provide insights into the future of cryptocurrency investments and the evolving ETF landscape.
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