Crypto Chaos: Trump, Musk, and the Bitcoin Blowout! 🚀💥

by

Crypto Chaos: Trump, Musk, and the Bitcoin Blowout! 🚀💥

In a twist that could give a soap opera a run for its money, Bitcoin exchange-traded funds (ETFs) in the good ol’ U S of A decided to turn a rather oppressive shade of red, all thanks to the ongoing Kabuki theatre between President Donald “The Donald” Trump and the Silicon Valley sorcerer, Elon Musk. Because nothing says stability like a good spat over social media, eh wot? 🤪

After their brief flirtation with happiness (or at least not doom) on June 3 and 4, the US spot Bitcoin (BTC) ETFs found themselves the unfortunate recipients of a rather hefty $278 million outflow on Thursday—more tears than a Victorian lady at a bad play, according to the datapolice at SoSoValue. Note to investors: if your ETFs look like they’re having a tantrum, maybe best to hide behind the piano.

The mood swings shifted faster than a dandy on a rollercoaster, with the Cryptocurrency Fear & Greed Index nosediving from “Greed” to “Fear” on June 6, possibly because Trump and Musk’s feud has gotten more dramatic than a flaming row at a garden party. Social media posts? More explosive than a fireworks factory, they are! 🎆

The gloom isn’t confined to Bitcoin alone—oh no, the entire investment landscape is trembling like a leaf in a hurricane. Tesla’s (TSLA) shares fell a worrisome 14%, while Trump Media (DJT) stocks took an 8% nosedive, according to the folks at TradingView. Who knew a family feud could have such a ripple effect? 📉

Bitcoin ETFs Already Out of Vogue

In a spectacle of financial melodrama, the latest torrent of cash fleeing Bitcoin ETFs followed a brief two-day comeback, after a Tesco-sized misstep from May 29 to June 2, with a staggering $1.2 billion evaporating in just three days—an amount that would make a miser blush. Meanwhile, global Bitcoin exchange-traded products seem to be having a bad hair day, with a tidy $8 million out the door this past week, though Ether (ETH) ETPs managed to gather in a cool $321 million. Cheers for small mercies! 🥂

As if the plot thickening wasn’t enough, ARK Invest’s ARK 21Shares Bitcoin ETF (ARKB) decided to throw a tantrum on June 5, with a massive $102 million speeding out the door faster than you can say “diversify.” And none of the funds on that particular day dared to go in the opposite direction—an elegant display of financial pessimism.

Ether ETFs: The Resilient Oddballs

While Bitcoin ETFs were busy being the poster children for financial melodrama, Ether ETFs were thriving like rabbits in springtime, with continuous inflows on Thursday. SoSoValue reports a modest $11.3 million gliding into US spot Ether ETFs on June 5, marking the 14th consecutive day of inflows. But these inflows were a bit shy compared to their previous performances—$56.9 million on June 4 and a hefty $109.4 million just three days prior. Talk about a rollercoaster! 🎢

The Ether party is still in full swing, thanks to improving network fundamentals and resilient ETH futures markets, proving once again that sometimes it’s better to be the earwig at the crypto picnic rather than the soggy sandwich. Meanwhile, the grand maestro BlackRock—yes, the biggest fish in the pond—stashed away a cool $50 million worth of Ether on June 3, according to the scholarly types at Arkham. Fortune favors the bold, eh wot?

Read More

2025-06-06 11:26