Title: J.P. Morgan Reports Major ETF Movements in Cryptocurrency Market – Bitcoin Surges, Ether Cools Off
J.P. Morgan’s latest estimations reveal significant shifts in the cryptocurrency ETF space, with Bitcoin seeing a surge in activity while Ether experiences a cooling off period. On Thursday, U.S. spot ETFs for Bitcoin recorded net sales of $65 million, as traders awaited market-moving comments from the Jackson Hole meeting.
In contrast, sentiment around Ether seems to be cooling off, as bearish views emerge following weeks of stagnant price action. J.P. Morgan’s calculations show slight net redemptions of $1 million for U.S. spot Ether ETFs on the same day.
Excluding Grayscale’s ETHE, gross flows for Ether ETFs reached $19 million. While Grayscale Ethereum Trust (ETH) faced net redemptions of -$20 million, Fidelity’s Ethereum Fund led the way with $14 million in net sales. Grayscale’s ETH saw $4 million in sales, remaining steady from the previous day.
Van Eck’s Ethereum ETF brought in $1 million, while BlackRock’s iShares Ethereum Trust ETF showed no new activity for the second consecutive day. BlackRock, the world’s largest asset manager, experienced its lowest daily trading volume since launch, with just $94 million in notional volume.
In the Bitcoin ETF space, excluding Grayscale’s Bitcoin Trust (BTC), J.P. Morgan estimates gross flows of $93 million. There was a notable uptick in activity as investors rushed to accumulate the original cryptocurrency below $60,000.
BlackRock led the way in Bitcoin ETF flows, with iShares Bitcoin Trust pulling in $76 million in sales. However, Grayscale continued its losing streak, with $28 million in outflows. Fidelity’s Wise Origin Bitcoin Fund followed with $9 million in net sales.
Overall, the cryptocurrency ETF market saw a mix of movements, with some vehicles experiencing low to mid-single-digit millions in sales. Bitwise’s Bitcoin ETF had a rough day with -$12 million in redemptions.
Analysis:
The latest data from J.P. Morgan highlights the dynamic nature of the cryptocurrency ETF market, with Bitcoin showing strong activity while Ether faces a cooling off period. Investors should pay close attention to these trends as they could impact their investment decisions in the crypto space.