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Bitcoin and Ether ETFs Plunge After Trump Euphoria!

Wed 31 Jul 2024 ▪ 2 min read ▪ by Eddy S.
Getting informed Regulation Crypto

Bitcoin and Ether exchange-traded funds (ETFs) record record outflows after the excitement sparked by Donald Trump’s speech. Last week, Bitcoin surged to over $69,000 when Trump spoke at the Bitcoin 2024 conference in Nashville! He announced his intention to fire Gary Gensler and create a strategic bitcoin reserve if elected.

Bitcoin ETF Ether Donald Trump Crypto

Collapse of Bitcoin and Ether ETFs after the excitement of Trump’s speech!

This surge in assets was short-lived. Bitcoin ETFs recorded net outflows of $18 million, breaking a four-day streak of inflows that had reached up to $124 million. Grayscale’s IBIT fund led the outflows with $73 million, while Bitcoin products from Fidelity, Ark Invest, Bitwise, and VanEck saw outflows ranging from $2 to $7 million. Only BlackRock’s IBIT fund recorded inflows, reaching nearly $75 million.

Meanwhile, Ether ETFs continued to have a tough start with nearly $100 million in net outflows, extending a four-day losing streak. Assets under management have decreased by nearly $1 billion since the products launched on July 23. Grayscale’s ETHE fund recorded the largest losses with $1.84 billion, while BlackRock’s ETHA fund led the inflows with $618 million.

Investors Worried!

This volatility is partly due to macroeconomic concerns, including the results of major US tech companies due to be released this week. Traders are also concerned about the FOMC meeting and unemployment data scheduled for Friday. The recent decision by the US Marshals Service to transfer $2 billion worth of bitcoin to two new wallets has also fueled fears of an imminent massive sell-off.

Although Trump’s announcements initially boosted bitcoin prices, macroeconomic uncertainties and market movements quickly reversed this trend. Investors remain cautious, closely monitoring upcoming economic and political developments.

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Eddy S. avatar
Eddy S.

Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.