Both Bitcoin and Ethereum prices are beginning to recover further from last week’s recession in global markets. But in the short term, the overall trend of crypto investments is likely to follow the performance of technology stocks and risk appetite, which has been very muted so far.
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JPMorgan (NYSE:JPM) said in a research report that negative inflows from U.S. exchange-traded Ether funds continued on Friday, recording net inflows of $16 million in net outflows on day 16.
According to the bank’s calculations, DrassScale’s Greyscale Ethereum Trust (ETH) (NYSE:ETHE) led outflows with a reduction of $42 million, although this was below its average since its launch.
By contrast, BlackRock’s iShares Ethereum Trust (NASDAQ:ETHA) continued to perform relatively well, attracting $20 million in sales, pushing its total net inflows to more than $900 million since its launch. However, the world’s largest asset manager said his Ether fund’s management fees would not increase from 12 basis points to 25 basis points until the fund reached $2.5 billion in assets.
On the same day, US spot Bitcoin ETFs also suffered net redemptions of $90 million, following a strong performance the previous day.
The Bitcoin Fund was led by Graeska(BTC) }1210189|GBTC}}) outflows among 12 bitcoin funds worth $77 million. GBTC continues its notorious streak as the worst performing ETF in terms of outflows since its launch in January, with nearly $20 billion withdrawn so far.
However, BlackRock’s iShare Fund (NASDAQ:IBIT) managed to generate sales of $10 million. The largest bitcoin exchange-traded funds in terms of net asset value have contributed to $266 million in net sales since splitting from GBTC two weeks ago.
JPM: Bull or Bear Market?
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