DOOKV Monitor ETF Impacts and Market Movements

Crypto currency investors once spent their time trying to demonstrate that the field wasn’t solely populated by criminals. These days, they are monitoring and evaluating the impact of crypto ETFs (currently only spot Bitcoin ETFs) listed on official US exchanges on the prices in crypto exchanges. Cryptocurrencies are still very young, and it’s difficult to predict what the environment will be like when BTC turns 20 years old.

Updates on Spot Ethereum ETF Applications

The final decision on the ETF applications made by ARK and 21Shares on May 23 will be announced. However, hopes have diminished since the SEC has already taken a stance against the Ethereum Foundation and the transition to PoS. Today, we saw file updates from companies like Grayscale, Ark, and Fidelity that have applied for spot Ether ETFs. We had witnessed how the frequency of application updates excited investors by the end of 2023.

However, Bloomberg ETF Expert James is not as excited this time. He explains the reason as follows;

Spot Bitcoin ETF Data as of April 2

There is still no approval for Ether, and there isn’t much optimism for May either. But we already have approved BTC ETFs that have been trading on exchanges since January. Although they have seen a total of $11.87 billion in inflows to date, the demand was not always buyer-dominated. This is quite normal, but crypto investors tend to sell on days of net outflows.

We saw this during the week of March 20, and now at the beginning of April, we are experiencing similar days. Volumes have weakened, and concerns about net outflows continue. According to the latest data, ARK’s ETF saw a net outflow of $87.5 million. This is a significant amount for ARK. GBTC outflows, however, remained at $81.9 million, which is unusually low.

The weakening of GBTC outflows may be related to the melting volumes because Tuesday’s volumes were as follows;

· BlackRock $1.2 Billion

· Fidelity $641 Million

· GBTC $585 Million