Welcome to Extreme Investor Network, where we bring you the latest updates and insights from the ever-evolving world of the stock market and trading. Today, we take a closer look at the recent trends in the US BTC-Spot ETF market and the exciting developments in the US ETH-Spot ETF market.
In the US BTC-spot ETF market, we saw total net outflows of $105.9 million, excluding Friday flow data for iShares Bitcoin Trust, marking the second consecutive week of outflows. This trend was driven by uncertainty surrounding the Fed interest rate trajectory, impacting buyer demand for US BTC-spot ETFs. Despite facing the possibility of six consecutive days of total net outflows, there were some interesting movements among key players in the market.
Grayscale Bitcoin Trust (GBTC) reported total net outflows of $152.6 million, while Fidelity Wise Origin Bitcoin Fund (FBTC) saw total weekly net outflows of $271.0 million. Additionally, ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) experienced outflows of $78.8 million and $35.6 million, respectively. However, iShares Bitcoin Trust (IBIT) showed resilience with total weekly net inflows of $1.5 million, potentially bucking the trend for the second week.
On the other hand, the US ETH-spot ETF market has been making headlines with issuers filing S-1 amendments and awaiting SEC final approval. The flurry of activity on June 21 saw the remaining US ETH-spot ETF issuers, including Bitwise, Fidelity, 21Shares, Grayscale, Franklin, VanEck, iShares, and Invesco, filing their S-1 amendments. The known fees so far for Franklin and VanEck stand at 0.19% and 0.20%, respectively.
Despite ETH experiencing a 2.73% drop to $3,534 in the past week, the filing of S-1 amendments provided some support. Bloomberg Intelligence Senior ETF Analyst, Eric Balchunas, emphasized the potential demand for US ETH-spot ETFs, hinting at the possibility of fueling the next ETH bull run.
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