Crypto and stock prices are rebounding after last week’s market slump. The short-term trend for crypto investments is likely to mirror tech stocks and risk appetite.
JPMorgan’s analysts noted outflows for Ether and Bitcoin ETFs, with Ether ETFs seeing $105 million in net sales and Bitcoin ETFs experiencing $169 million in redemptions.
Ether exchange-traded funds in the U.S. continued negative flows, with $16 million in net outflows on Friday.
Grayscale’s Ethereum Trust fund led the outflows with a $42 million reduction, while BlackRock’s iShares Ethereum Trust ETF attracted $20 million in sales.
U.S. spot Bitcoin ETFs also faced net redemptions of $90 million, with Grayscale’s Bitcoin Trust leading the outflows with $77 million.
BlackRock’s iShares Bitcoin Trust managed to bring in $10 million in sales, contributing to a total of $266 million in net sales since its spin-out from GBTC.