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Ethereum Products See Highest Outflows Since 2022 Ahead of Ether ETFs
The ETH products recorded $60 million in net outflows each week, the most since August 2022.
Updated Jul 2, 2024, 7:12 a.m. Published Jul 2, 2024, 7:12 a.m.
Professional investors withdrew over $120 million from ether -tracked exchange-traded products in the past two weeks, crypto firm CoinShares said in a Monday report.
Such products recorded $60 million in net outflows each the past two weeks, the most since August 2022. Elsewhere, multiasset and bitcoin ETPs recorded inflows at $18 million and $10 million, respectively, suggesting sentiment may be turning.
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Ether ETFs are close to becoming available for trading in the U.S. after the Securities and Exchange Commission (SEC) approved applicants' filings last month. The regulator must also approve their S-1 filings before the products are cleared to trade.
Firms such as Galaxy say ether ETFs could see $5 billion of net inflows in the first five months, while Bitwise expects $15 billion in their first 18 months. The demand for the planned products is expected to come from independent investment advisers and broker/dealer platforms.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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