Bitcoin ETFs add back $175M
U.S. spot Bitcoin ETFs saw net inflows of $175.7 million yesterday. FBTC alone took in $103.1 million, followed by IBIT with $65.9 million. Ethereum ETFs brought in just $24.8 million: Grayscale ETH accounted for $16.7 million, while FETH took in only $8.1 million.
Shares created for FBTC and IBIT need to be backed by Bitcoin purchased in the spot market, with market makers passively taking delivery. In the one to two days after these funds hit the market, pullbacks typically become shallower, as bids below are gradually filled. If BTC holds above its previous-high pullback zone, there’s still room to continue higher. In ETH’s case, the inflows are too thin. Grayscale’s $16.7 million is a return flow after the discount narrowed, not the same kind of money as FETH’s active buying. The ETH/BTC exchange rate is unlikely to lift its head in the short term; any catch-up rally will have to wait until BTC stabilizes and rotation begins. High-beta coins like SOL are just following the broader market, with no independent inflows.
For those holding BTC, what’s your cost basis? Are you adding or trimming on this pullback?
$BTC $ETH $SOL
U.S. spot Bitcoin ETFs saw net inflows of $175.7 million yesterday. FBTC alone took in $103.1 million, followed by IBIT with $65.9 million. Ethereum ETFs brought in just $24.8 million: Grayscale ETH accounted for $16.7 million, while FETH took in only $8.1 million.
Shares created for FBTC and IBIT need to be backed by Bitcoin purchased in the spot market, with market makers passively taking delivery. In the one to two days after these funds hit the market, pullbacks typically become shallower, as bids below are gradually filled. If BTC holds above its previous-high pullback zone, there’s still room to continue higher. In ETH’s case, the inflows are too thin. Grayscale’s $16.7 million is a return flow after the discount narrowed, not the same kind of money as FETH’s active buying. The ETH/BTC exchange rate is unlikely to lift its head in the short term; any catch-up rally will have to wait until BTC stabilizes and rotation begins. High-beta coins like SOL are just following the broader market, with no independent inflows.
For those holding BTC, what’s your cost basis? Are you adding or trimming on this pullback?
$BTC $ETH $SOL