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First ETF Outflow Day in Nearly A Month, Coinbase Pushes for ETH ETF

Feb 22, 2024
Author
Sean Farrell
Sean Farrell AC
Market Update Following NVDA's substantial earnings beat announced after yesterday's market close, equities have experienced a significant surge, with the QQQ climbing 2.4% and the SPX advancing 1.6%. The DXY remains unchanged for the day, while gold is experiencing a slight decline, and the yield curve is flattening, marked by a notable increase in short-term rates but a decrease in the 20-year and 30-year rates. In the crypto market, Bitcoin has not seen the same bounce as NVDA but is still managing to sustain above the $51.5k threshold. Meanwhile, $ETH is on the verge of breaking the $3k barrier, showing increased momentum relative to $BTC. The notable standouts in the crypto market this morning have been AI-related tokens such as $AGIX, $WLD, and $FET, which have emerged as the major winners over the past 12 hours. This is an AI narrative-based rally sparked by Nvidia's earnings report, which underscored its optimistic outlook on the growth potential of AI.Yesterday marked the first day of net outflows for BTC ETFs since late January, with a modest yet negative outflow of $36 million. This downturn was primarily driven by a $199 million redemption in GBTC, overshadowing the inflows into other newly launched ETFs. Interestingly, GBTC was the only Bitcoin ETF to record outflow

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