Markets
What to know (Ah! the tragic news!):
- Lo and behold, spot bitcoin ETFs, those fickle lovers, have turned their backs for the first day in a week, fleeing with a net loss of a princely $51.28 million, all due to the Federal Reserve’s cold and cautious visage.
- The noble Fed, like a masterful puppeteer, did lower its benchmark rate by 25 basis points as foretold, yet mischievously hinted at fewer future reductions – causing our dear market players to clutch their pearls in unease.
- Ethereum ETFs, stubborn as satyrs at a feast, saw redemptions for a second day running, losing a humble $1.89 million.
Alas! Spot bitcoin ETFs, those tempestuous creatures, dared to show their first daily outflows in over a sennight on Wednesday – shedding a staggering net $51.28 million – as the Federal Reserve donned the mask of unexpected caution, casting a shadow on the future policy stage.
This outflow broke the spell of seven days’ enchantment that had summoned nearly $3 billion in, leaving assets under management still towering above $150 billion, according to the wise scribes at SoSoValue. Yet the market’s mood shifted faster than a jealous lover’s heart, when Fed Chair Jerome Powell warned of economic tempest and fewer hoped-for cuts ahead.
As the prophecy predicted, the Fed lowered its benchmark rate by 25 basis points, whittling it down to a range between 4.00% and 4.25%, marking the first cut of the year – a modest gift indeed! But the real jest was the central bank’s updated oracle, forecasting only two more cuts in 2025 and fewer in 2026 than the hopeful market minstrels dared to dream.
In a press conference weighed down with solemn caution, dear Powell invoked the spectres of “elevated” inflation and the lurking “downside risks” to employment – a tone so dour it left traders nervously clutching their hats. Thus, the markets, as if hearing a hawk’s sharp cry, retreated gently from risk’s tempting embrace.
Ethereum ETFs, ever the dramatic troupe, also bowed out for a second day straight, with net outflows tallying $1.89 million, following the grand exit of $61.7 million hitherto.
Yet, in this dance of folly and fate, cryptocurrency prices tiptoed higher: Bitcoin rose a modest 0.3% in the last 24 hours, ether pranced up 1.7%, and the broader CoinDesk 20 (CD20) index played its part with a 2% rally – a morsel of hope amidst the farce.
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2025-09-18 12:20