Live markets: Bitcoin ETFs slip back to outflows while ether funds extend their streak

U.S. spot bitcoin ETFs lost a net $84 million on Wednesday, ending a three-day inflow run that had pulled in roughly $509 million

SK Hynix's U.S. listing is more than seven times oversubscribed, according to people familiar with the matter, with demand coming from global long-only funds, sovereign wealth funds and technology-focused investors.

The sale of nearly 178 million American depositary receipts would raise close to $25 billion, ranking second only to Alibaba's $25 billion debut among foreign listings in the U.S.

The appetite arrives while SK Hynix's home market is coming apart. Samsung Electronics, SK Hynix and the leveraged exchange-traded funds tracking them now account for more than 70% of trading value in South Korea's $4.3 trillion market.

Those funds, which aim to deliver twice the daily move of a single stock, launched in late May and have turned every AI supply-chain headline into a sharp swing. One opposition lawmaker has called for them to be delisted. SK Hynix fell nearly 11% on Thursday, Samsung close to 6%.

Strong order books have not guaranteed much lately. SpaceX drew more than $350 billion of demand for its June IPO and closed Wednesday at about $148, its lowest since the mid-June debut.

That listing pulled billions in risk capital out of crypto during the month U.S. spot bitcoin ETFs posted their worst outflows on record.

Bitcoin traded near $62,700 on Thursday, still range-bound, while the money chasing AI infrastructure keeps finding a bid.

Oil continues to fluctuate as the conflict between the U.S. and Iran enters its second day following the collapse of the ceasefire. Brent crude is trading just below $73 per barrel, down more than 2.5% over the past 24 hours. Meanwhile, bitcoin is up around 1% over the same period, trading near $63,000.

Metals are also seeing some relief after Wednesday's selloff. Gold is trading above $4,100 per ounce, while silver trades above $59 having dipped below $57.50.

U.S. Treasury yields are consolidating after rising on Wednesday. The U.S. 10 year Treasury yield is holding above 4.5%, while the 30-year yield remains above 5%, continuing to put pressure on risk assets.

The yield on the U.S. 10-year Treasury note has steadied near the seven-week high of 4.60% reached Wednesday.

The benchmark yield has jumped by over 10 basis points this month, even though Fed Chairman Kevin Warsh noted a moderation in inflation risks right at the start of the month. Further, Friday's nonfarm payrolls data revealed labor market softness.

A continued hardening of the bond yield may pose headwind to risk assets, including cryptocurrencies.

U.S. spot bitcoin ETFs lost a net $85 million on Wednesday, ending a three-day inflow run that had pulled in roughly $509 million, per SoSoValue data. Ether ETFs took in about $70 million the same day, a fifth straight session of inflows.

The bitcoin outflow was broad. BlackRock's IBIT shed roughly $59 million, Grayscale's GBTC lost nearly $64 million, and Fidelity's FBTC gave up about $15 million.

Grayscale's mini BTC fund was the only one in the green at nearly $53 million. Total bitcoin ETF assets fell to about $75 billion.

Ether's flows came from a narrower base but kept pointing the same way. Fidelity's FETH led with roughly $69 million, with VanEck's ETHV adding just over $1 million and every other fund flat. Ether ETF assets sit at about $9 billion.

The split matches the price tape. Bitcoin traded near $62,300 and ether near $1,740, both down about 3% on the day, though ether has outperformed over the past two weeks as the Lean Ethereum roadmap and returning ETF demand gave it a story bitcoin has lacked.

Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.

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