However, flow data for Tuesday (May 21) suggested waning demand amidst uncertainty about a September Fed rate hike.
According to Farside Investors,
- Grayscale Bitcoin Trust (GBTC) saw zero net flows on Tuesday, ending a four-day run of net inflows.
- Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $25.8 million, down from net inflows of $64.0 million on Monday (May 20).
- Bitwise Bitcoin ETF (BITB) reported net outflows of $4.2 million, the first since May 1.
- VanEck Bitcoin Trust (HODL) saw net outflows of $5.9 million, a first since May 1.
- Excluding iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market reported total net inflows of only $15.7 million.
Since January 11, 2024, the US BTC-spot ETF market saw total net inflows of $12,883.4 million. It remains a two-horse race in May. Since launch, IBIT And FBTC saw total net inflows of $15,700.7 million and $8,575.7 million, respectively.
However, there is uncertainty about the likely flow trends for a US ETH-spot ETF market. Investors could be holding off acquiring BTC-spot ETFs in anticipation of a US ETH-spot ETF market. Alternatively, demand has softened amidst investor uncertainty about the Fed interest rate trajectory.
Hong Kong ETF Market Gives No Insights Into Likely Demand for ETH-Spot ETFs
The Hong Kong crypto-spot ETF market gives no clues on whether a US ETH-spot ETF market could also thrive. According to Farside Investors, the HK BTC-spot ETF market has seen total net outflows of $14.8 million since launching on May 2. Furthermore, the HK ETH-spot ETF market reported total net outflows of $17.2 million.
Nevertheless, ETH gained 3.50% on Tuesday (May 21), extending the 19.23% breakout from Monday (May 20).
This article was originally published by a www.fxempire.com . Read the Original article here. .
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