Spot ETF Money Turns Cautious Into FOMC Week
Takeaway: US spot ETF demand flipped hard on Oct 22, and ETH funds keep bleeding. Meanwhile, inflation, oil and rate risk are in focus ahead of the Oct 28 Fed decision.
1) Spot ETF flows (Data: Farside Investors, all US spot ETFs)
- $BTC ETFs: −$635.6M on Oct 22, right after +$524.8M on Oct 21. The last 5 sessions still net +$356.7M, and the last 10 net +$231.8M, so the two-way swings are large.
- $ETH ETFs: −$110.6M on Oct 22. Funds saw outflows on 8 of the last 10 sessions: −$294.8M over 5 days and −$601.3M over 10 days. ETH ETF flows have been weaker than BTC's over this window.
2) Macro and events
- The FOMC decides Oct 28 at 2pm ET (Oct 29 02:00 Beijing) (Federal Reserve).
- Sept CPI was 3.7% y/y, up from 3.4% in August, with core at 2.6% (BLS via FRED).
- Sept PCE and Q3 GDP come out Oct 29, followed by the ECI on Oct 30 (BEA/BLS).
- The US 10y yield fell 19.3bp to 4.953% on Oct 22, after peaking at 5.36% on Oct 7 (Investing.com, secondary).
3) Equities and geopolitics
- On Oct 22 the Nasdaq fell 2.6%, the S&P 1.2% and the SOX 6.7%, and Lam Research fell 12% (Investing.com, secondary).
- Brent rose 4% to $113.17, its highest close since May (CNBC, secondary).
4) What to watch
- Whether BTC ETF flows go back to inflows after the Oct 22 outflow, or whether that marks a turn.
- Whether ETH ETF outflows ease.
- The tone of the FOMC statement and press conference, and the PCE print.
Note on derivatives: This edition has no funding, open interest, long/short, liquidation or estimated-cluster figures. We could not find a derivatives data source that both is reachable from our region and permits public display under its terms, so we left these out rather than use non-compliant data.
#Bitcoin #ETF
Not financial advice · AI-assisted · DYOR
Takeaway: US spot ETF demand flipped hard on Oct 22, and ETH funds keep bleeding. Meanwhile, inflation, oil and rate risk are in focus ahead of the Oct 28 Fed decision.
1) Spot ETF flows (Data: Farside Investors, all US spot ETFs)
- $BTC ETFs: −$635.6M on Oct 22, right after +$524.8M on Oct 21. The last 5 sessions still net +$356.7M, and the last 10 net +$231.8M, so the two-way swings are large.
- $ETH ETFs: −$110.6M on Oct 22. Funds saw outflows on 8 of the last 10 sessions: −$294.8M over 5 days and −$601.3M over 10 days. ETH ETF flows have been weaker than BTC's over this window.
2) Macro and events
- The FOMC decides Oct 28 at 2pm ET (Oct 29 02:00 Beijing) (Federal Reserve).
- Sept CPI was 3.7% y/y, up from 3.4% in August, with core at 2.6% (BLS via FRED).
- Sept PCE and Q3 GDP come out Oct 29, followed by the ECI on Oct 30 (BEA/BLS).
- The US 10y yield fell 19.3bp to 4.953% on Oct 22, after peaking at 5.36% on Oct 7 (Investing.com, secondary).
3) Equities and geopolitics
- On Oct 22 the Nasdaq fell 2.6%, the S&P 1.2% and the SOX 6.7%, and Lam Research fell 12% (Investing.com, secondary).
- Brent rose 4% to $113.17, its highest close since May (CNBC, secondary).
4) What to watch
- Whether BTC ETF flows go back to inflows after the Oct 22 outflow, or whether that marks a turn.
- Whether ETH ETF outflows ease.
- The tone of the FOMC statement and press conference, and the PCE print.
Note on derivatives: This edition has no funding, open interest, long/short, liquidation or estimated-cluster figures. We could not find a derivatives data source that both is reachable from our region and permits public display under its terms, so we left these out rather than use non-compliant data.
#Bitcoin #ETF
Not financial advice · AI-assisted · DYOR