Bitcoin ETFs Bleed $1.25B as Memory Chip ETF Becomes Wall Street’s New Obsession
Bitcoin ETFs face $1.25B outflows while a memory chip ETF surges in popularity.
CryptoPotato1 min read
Bitcoin left behind in the geopolitical melee
TL;DR
Bitcoin remains stagnant at around $77,200 despite positive regulatory news, overshadowed by macro-geopolitical issues. Oil prices are near $100, and copper speculation is rising due to supply concerns linked to the Strait of Hormuz.
Key points
- Bitcoin trading near $77,200 with little change
- Oil prices elevated near $100
- Copper speculation rising due to sulfur supply concerns
- Geopolitical issues affecting financial markets
- U.S. stocks near record highs driven by AI optimism
Strait of Hormuzcopperoil
The current state of financial markets is best described as macro-geopolitics first, crypto second.
The evidence is clear. Despite recent positive regulatory developments related to the Clarity Act, bitcoin BTC$77,341.59 has shown little excitement, trading near $77,200 – largely unchanged over the past 24 hours and for the week.
Meanwhile, oil remains elevated near $100 and speculative capital is pouring into copper amid fears of a sulfur shortage. The connection? Copper production is heavily dependent on sulfuric acid, whose supply has been disrupted through the Strait of Hormuz.
In essence, everything is revolving around Hormuz, driving commodity flows and prices higher, stoking inflation fears, lifting bond yields, which are supposedly weighing over crypto. The U.S. stocks, meanwhile, hover near record highs, driven by AI optimism.
Bitcoin is not at the center of this geo-economic and AI repricing.
It is no surprise, therefore, that U.S. spot bitcoin ETFs continue to bleed, recording $1.15 billion in outflows this week after $1 billion last week, according to SoSoValue. The Coinbase premium, a key gauge of U.S. demand relative to the rest of the world, has hit monthly lows.
Analysts have repeatedly emphasized that these indicators need marked improvement before a sustained rally can take hold. The question is whether that will happen while markets remain fixated on geopolitics and AI.
In the meantime, certain corners of the crypto market, particularly on-chain perpetuals and quantum-resistant tokens, continue to show strength, driven by specific news and narratives, as we discussed Thursday. Layer-1 blockchain Near Protocol’s token (NEAR) is the latest addition to that group, surging over 25% in the past 24 hours following the announcement of a major upgrade focused on automated scaling and quantum resilience.
In traditional markets, Nasdaq futures have surrendered early gains and are trading largely flat. Analysts remain broadly bullish on stocks following the latest earnings season. Stay alert.
Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's "."
Q&A
Why is Bitcoin's price stagnant despite regulatory developments?
Bitcoin's price is stagnant due to macro-geopolitical factors overshadowing crypto, despite recent positive regulatory news.
What impact does the Strait of Hormuz have on commodity prices?
The Strait of Hormuz is crucial for commodity flows, with supply disruptions driving up prices of oil and copper.
How are inflation fears affecting Bitcoin and crypto markets?
Inflation fears, driven by rising commodity prices, are negatively impacting Bitcoin and the broader crypto market.
What is the current price of Bitcoin?
As of now, Bitcoin is trading near $77,200, showing little change over the past week.
