Crypto Carnage Crosses Continents: Billions Flee US ETFs as Australian Bitcoin Funds Tumble

Discover the most recent tendencies within the Crypto area. This article dives into: “Crypto Carnage Crosses Continents: Billions Flee US ETFs as Australian Bitcoin Funds Tumble”.

• Bitcoin has plummeted almost 9% from its all-time excessive of US$124,457 reached on 14 August, now buying and selling at roughly US$112,733.
• Major cryptocurrencies together with Ethereum, XRP and Solana have all suffered vital losses of 7-8% over the previous week.
• Institutional traders are hedging their bets with large ETF liquidations, together with US$925.7 million flowing out of US Ethereum ETFs and US$975 million from Bitcoin ETFs since Friday.
• Market uncertainty persists round potential Fed price cuts and Trump’s tariff insurance policies, with the Crypto Fear & Greed Index sitting at a impartial 50 as merchants await Jerome Powell’s Jackson Hole speech.

The crypto market seems to be wobbly as soon as once more. After nicely over per week of main downturns, yesterday appeared to sign a restoration rally. Alas, it was to not be, and the market has moved additional south right now.

After reaching an all-time excessive of US$124,457 (AU$193,764) on 14 August, Bitcoin (BTC) has dropped virtually 9%. At the time of writing, it’s buying and selling at simply US$112,733 (AU$175,591).

The second-largest cryptocurrency, Ethereum (ETH), has not fared a lot better, shedding 8% over the previous week and now buying and selling at US$4,257 (AU$6,630) – nonetheless wanting its 2021 all-time excessive of US$4,376 (AU$6,812).

Other main digital belongings are additionally down, with XRP (XRP) shedding 8% previously week, whereas Solana (SOL) has misplaced 7% over the identical interval.

What Will Fed Chair Powell Leave Behind?

The market is ready for some aid from the US Federal Reserve. On Friday, Fed Chair Jerome Powell will converse on the Fed’s annual symposium in Jackson Hole, Wyoming, for the final time in his time period.

US rates of interest have been held between 4.25% and 4.5% since December 2024. According to CME’s FedWatch, there’s a 79.1% probability that the Fed will decrease charges by at the least 0.25% subsequent month.

Not everyone seems to be satisfied that price cuts are imminent. There can also be concern that US President Donald Trump’s erratic tariff choices may nonetheless drive inflation. With that in thoughts, the Crypto Fear & Greed Index stays at 50 – Neutral – indicating that merchants are removed from sure in regards to the market’s course.

Related: Aggressive Strategy: Tidal Trust II Seeks SEC Approval for Leveraged XRP and Solana ETFs

US and Australian ETFs See Massive Sell-Offs

Institutional traders, in the meantime, seem like hedging their bets, with large liquidations in crypto-related exchange-traded funds (ETFs). ETFs for each Ethereum and Bitcoin have been hit laborious, within the United States as nicely as in Australia.

ASX-listed Bitcoin ETFs, managed by VanEck and BetaShares, have fallen virtually 5% since final week.

In the US, issues aren’t any higher: ETH ETFs have seen 4 consecutive days of web outflows, with US$925.7 million (AU$1.4 billion) withdrawn from US spot ETFs since Friday.

US spot Bitcoin ETFs skilled web outflows of US$975 million (AU$1.5 billion) over the identical interval.

This comes after Ether ETFs final week had far outperformed their BTC ETF counterparts by way of web inflows, till outflows started on Friday.

Despite the latest outflows, US Bitcoin ETFs nonetheless account for six.1% of all Bitcoin, holding 1.292 million BTC.

Related: Hype or Real Season Ahead? Tapping Into Crypto Podcast On Alt Coin Buzz Hits 5-Year High

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