Ethereum

FOMC

Wednesday

Reserve

The cryptocurrency market saw some long-time coming revival after the United States Federal Reserve cut the interest rates on Wednesday for the first time in about four years.
The two largest digital assets went on a run, jumping by roughly 10% in the past few days.
<h2 id="btc-price-rises-amid-etf-inflows">BTC Price Rises Amid ETF Inflows</h2>
The 11 spot Bitcoin ETFs have enjoyed investors’ demand and attention ever since they went live for trading in January this year. Their negative and positive streaks in terms of net flows have influenced the underlying asset’s price to the extent that BTC tapped a new all-time high just two months after they saw the light of day.
As with most markets, investors’ perspective changes with current macro and micro-economic conditions and news. As such, it was interesting to follow how they would act in this particular week because of the Fed’s FOMC <a href="https://cryptopotato.com/bitcoin-above-62k-us-stock-market-down-and-more-feds-rate-cut-aftermath/" rel="noopener noreferrer nofollow">meeting</a> that took place on Wednesday.
After all, this was the first interest rate cut in the States since 2020, which also means that it was the first since the inception of the BTC ETFs. In the days leading to the meeting, US investors <a href="https://cryptopotato.com/this-is-how-us-based-bitcoin-ethereum-investors-are-preparing-for-the-fomc-meeting/" rel="noopener noreferrer nofollow">poured</a> over $500 million in net inflows to the financial vehicles but <a href="https://cryptopotato.com/net-outflows-for-bitcoin-ethereum-etfs-on-fed-rate-cut-day/" rel="noopener noreferrer nofollow">withdrew</a> $52.7 million on Wednesday.
However, their attitude changed once again yesterday – the first full trading day after the rate reduction. <a href="https://farside.co.uk/bitcoin-etf-flow-all-data/" target="_blank" rel="noopener noreferrer nofollow">Data</a> from FarSide shows total net inflows of $158.3 million. Ark Invest’s ARKB led the pack with $81.1 million, followed by Fidelity’s FBTC with nearly $50 million. There were no reportable outflows, but BlackRock’s IBIT saw no action.
In the same timeframe, BTC’s price skyrocketed from $59,000 (on the rate-cut day) to<a href="https://cryptopotato.com/bitcoin-btc-price-touched-64k-solana-sol-explodes-9-daily-market-watch/" rel="noopener noreferrer nofollow"> just over $64,000</a> earlier today before retracing slightly to $63,400 (as of now).
<figure style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-25.png" rel="noopener noreferrer nofollow"><img src="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-25.png" alt="Bitcoin/Price/Chart 20.09.2024. Source: TradingView" width="1835" height="819"></a>
 <figcaption>
 Bitcoin/Price/Chart 20.09.2024. Source: TradingView
 </figcaption>
</figure>
<h2 id="even-eth-etfs-see-inflows">Even ETH ETFs See Inflows</h2>
Unlike the Bitcoin ETFs, the Ethereum counterparts have failed to attract real interest, recording very few days in net inflows since their start in late July. In the days ahead of the FOMC meeting, investors took out $9.4 million on Monday and $15.1 million on Tuesday. Another $9.8 million was withdrawn on Wednesday.
However, the tides <a href="https://farside.co.uk/eth/" target="_blank" rel="noopener noreferrer nofollow">turned</a> for the Ethereum ETFs as well yesterday, with total net inflows of $5.2 million. Interestingly, the entire amount went into BlackRock’s ETHA, and the rest of the ETFs saw zero reportable flows.
ETH’s price also soared alongside BTC. It had dumped to $2,300 during the FOMC meeting on Wednesday but earlier today neared $2,575 (a 12% surge) for the first time since late August.
<figure style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSD.png" rel="noopener noreferrer nofollow"><img src="https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSD.png" alt="Ethereum/Price/Chart 20.09.2024. Source: TradingView" width="1835" height="819"></a>
 <figcaption>
 Ethereum/Price/Chart 20.09.2024. Source: TradingView
 </figcaption>
</figure>
The post <a href="https://cryptopotato.com/btc-eth-shot-up-to-3-week-peaks-as-etfs-recorded-net-inflows/" rel="noopener noreferrer nofollow">BTC, ETH Shot Up to 3-Week Peaks as ETFs Recorded Net Inflows</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

BTC, ETH Shot Up to 3-Week Peaks as ETFs Recorded Net Inflows

Table of Contents

CryptoPotato_News

Other articles published on Sep 20, 2024

Join our free newsletter for daily crypto updates!