Trump Speech Eases as BTC and ETH ETFs See Upside

Spot bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs) listed in the US have started to record outflows, erasing gains made ahead of Republican candidate Donald Trump’s speech last week.

Spot bitcoin ETFs witnessed net outflows of $18 million, breaking a four-day streak where inflows reached as high as $124 million.

Grayscale’s IBIT led the way with outflows at $73 million. Products from Fidelity, Ark Invest, Bitwise and VanEck saw outflows ranging from $2 million to $7 million, according to SoSoValue data. BlackRock’s IBIT was the only ETF to see inflows of around $75 million.

On the other hand, ether-backed ETFs got off to a dismal start yesterday with net outflows of around $100 million, extending a losing streak to four days.

Launched on July 23, ether ETFs witnessed cumulative net outflows of over $400 million. Grayscale’s ETHE recorded the highest losses at $1.84 billion, while BlackRock’s ETHA led the inflows at $618 million.

BTC surged above $69,000 last week as Trump took the stage at the Bitcoin 2024 Conference in Nashville. If elected, Trump vowed to fire US SEC chairman Gary Gensler and create a strategic bitcoin reserve.

However, the cryptocurrency tumbled as much as 5% on Monday after the U.S. Marshals Service transferred $2 billion worth of BTC to two new wallets, raising fears of an impending liquidation.

On top of all this development, traders are warning that earnings reports from U.S. technology firms this week could cause volatility in prices.

“Election headlines will continue to be the main focus, but there are a few other important macroeconomic events on the horizon: Wednesday’s FOMC meeting, mega-cap tech earnings reports (Apple, Amazon, Meta) due later in the week, and unemployment data due on Friday,” Singapore-based QCP Capital said in a Telegram post yesterday.