U.S. Spot Crypto ETFs Saw Strong Inflows on Wednesday, JPMorgan Says
U.S.-listed spot crypto exchange-traded funds (ETFs) saw strong net inflows Wednesday, with both ether ETH and bitcoin BTC products continuing to draw investor interest despite declines in underlying asset prices, investment bank JPMorgan (JPM) said.
U.S. spot ether ETFs logged an estimated $84 million in net inflows on May 28, as investor interest held firm even with ether falling 1.3%, the bank said in a report published on Thursday.
Leading the pack was BlackRock's iShares Ethereum Trust (ETHA), which brought in $52 million, followed by Fidelity's Ethereum Fund (FETH) with $26 million. Grayscale's mini ETH Trust and Invesco/Galaxy's QETH added $5 million and $2 million, respectively, the bank noted.
Notably, ether ETFs recorded a notional trading volume of $459 million, well above their post-launch daily average of approximately $375 million since debuting in July 2024, the bank observed.
Meanwhile, spot bitcoin ETFs brought in an estimated $431 million in net inflows, JPMorgan said, largely powered by BlackRock's iShares Bitcoin Trust (IBIT), which alone saw $479 million in new investment.
The strong inflow was partially offset by redemptions from ARK 21Shares Bitcoin ETF (ARKB), the bank noted, which shed $34 million, and Fidelity's FBTC, which recorded $14 million in outflows.
Despite bitcoin's 2.1% drop in price, total trading volumes remained elevated, clocking in at $3.5 billion, compared to the group's historical average of $2.8 billion per day since launching in January 2024, the report added.
Investors are moving from gold to bitcoin ETFs, according to a Thursday report by Bloomberg. U.S. bitcoin ETFs have seen $9 billion in inflows over the last 5 weeks versus $2.8 billion in outflows for gold-backed funds.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
JPMorgan Backs RIL Despite Margin Pressures
On Thursday, analysts at JPMorgan reaffirmed their Overweight rating on Reliance Global Group, Inc. (NASDAQ:RELI), while raising the price target to INR1,568 from INR1,530, representing an upside of over 8% from the current levels. In their analysis, the analysts cited that although refining and petrochemical margins have dropped, the downside risk is likely to remain modest throughout the year. An insurance agent talking to a customer in their home office about healthcare insurance options. Having said that, the one-third contribution of the oil-to-chemical (O2C) segment means that there will only be a marginal impact on the consolidated EBITDA. Additionally, the Retail and Telecom segments are anticipated growth catalysts for Reliance Global Group, Inc. (NASDAQ:RELI), driven by favorable base influences. With the Spetner's Associates acquisition completion, the management believes that the strategic traction will accelerate the company's market footprint and expand the agency network. This improvement through synergies and other unanticipated positive factors could translate to higher margins and cost savings. The optimism surrounding EBITDA from the Telecom and Retail sectors can also not be overlooked. Reliance Global Group, Inc. (NASDAQ:RELI) is an InsurTech company that emphasizes acquiring and managing wholesale and retail insurance agencies across the United States. Founded in 2013, the giant leverages technology to transition from the conventional insurance agency model. While we acknowledge the potential of RELI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure. None.
Yahoo
an hour ago
- Yahoo
After 12 months, a £5,000 investment in these 2 UK shares could be worth…
Despite being some of the most mature UK shares on the London Stock Exchange, some FTSE 100 companies still have plenty of growth to offer. That certainly seems to be the case for two such businesses when looking at the latest analyst forecasts. Shell (LSE:SHEL) and International Consolidated Airlines (LSE:IAG) are projected to deliver some pretty robust gains over the next 12 months. And if these projections prove accurate, an equal-weighted investment into this basket of businesses could generate 23.4%. This means a £5,000 investment today could be transformed into £6,170 by June next year. By comparison, if the FTSE 100 index generates its usual 8% return, passive index fund investors would only enjoy £5,400. Of course, forecasts aren't set in stone and are built on a series of assumptions that may not come to pass. So let's dive a bit deeper into what's driving analyst optimism and what risks investors may face. There's a lot to like about IAG in 2025. Revenue and operating profits have fully recovered from their pandemic lows and have even gone on to surpass pre-pandemic records. The firm's debt has started falling, and with management modernising its fleet to be more fuel efficient, free cash flow generation's on the rise. These higher profit margins have paved the way for large share repurchasing programmes, and with transatlantic travel trends still heading upwards, investor sentiment has increased significantly. Analysts at JPMorgan and Deutsche Bank have both upgraded their forecasts and issued Buy recommendations. Needless to say, superior financials in a period of rising demand are an excellent sign for investors. However, even bullish analysts have highlighted potential threats. Geopolitical events may indirectly impact operations, most notably through oil prices that could potentially send fuel costs surging. The downward trend in oil & gas prices over the last 12 months has been a bit of a boon since it lowers IAG's fuel costs. But should that trend decide to reverse, margin pressure could once again emerge if the company's unable to pass the cost onto customers. A return to higher oil & gas prices would definitely be welcomed by Shell, creating a bit of a diversification benefit to this basket. Despite the recent weakness in fossil fuels, the energy titan has performed better than what most analysts initially expected. And when paired with its planned expansion of liquefied natural gas production along with cost-cutting initiatives, analyst sentiment's also improving for Shell. However, it's important to note the firm's facing increasing pressure from activist investors regarding its slow transition to renewables. In the 2024 annual general meeting, almost 21% of shareholders voted against its updated climate strategy, surpassing the group's mandated threshold to further consult with shareholders and potentially reconsider. A failure to address activist investor concerns in future annual meetings could impede management's strategy or, in the worst-case scenario, trigger a change of leadership. In either scenario, Shell's share price performance could fall short of expectations. Nevertheless, both of these businesses appear to offer promising potential right now. Therefore, investors looking for UK shares to buy may want to consider exploring these opportunities further. The post After 12 months, a £5,000 investment in these 2 UK shares could be worth… appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Zaven Boyrazian has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Upturn
2 hours ago
- Business Upturn
Bitcoin rebounds above $104,700 after initial dip on Trump-Musk fallout
Bitcoin (BTC) staged a smart recovery on Friday, climbing back above the $104,700 mark after an early dip sparked by jitters in the market following the reported fallout between former US President Donald Trump and tech billionaire Elon Musk. As per latest data, Bitcoin was trading at $104,731.41, up 2.18% over the past 24 hours. The cryptocurrency saw a volatile session, hitting an intraday low of $102,405.29 before bouncing back sharply to test a high of $105,333.00. The market had initially reacted negatively to reports of strained relations between Trump and Musk, which had raised concerns about potential policy shifts or regulatory overhang on digital assets in the US. The development triggered a broad risk-off sentiment across major cryptocurrencies during early trade. However, BTC's resilience was on display as buyers stepped in at lower levels, fueling a strong rebound. The 24-hour trading volume stood robust at 14,435.76 BTC, with $1.5 billion USDT turnover, indicating healthy participation on the bounce. Crypto market analysts noted that despite short-term headlines, underlying bullish momentum in BTC remains intact amid improving institutional interest and optimism around the next leg of mainstream adoption. Traders will be watching closely for further developments on the Trump-Musk front, along with upcoming macroeconomic cues, which could influence BTC's near-term trajectory. Note: $BTC price at the time of writing this article. News desk at
