After the Federal Reserve implemented its first rate hike since 2023, traditional financial markets bounced back on the back of falling oil prices, which in turn saw crypto markets moving in tandem with equities rather than leading them. Bitcoin has smashed through the $77,000 mark to trade at $77,216, cementing its role as the anchor point for the broader digital asset market.
Data compiled by Woofun AI reveals that spot Ethereum ETFs have now seen capital withdrawals for a third consecutive session. Thursday’s net outflow came in at roughly $39 million, following Wednesday’s substantial $224 million and Tuesday’s $141 million exits. Even though the price of Ethereum itself climbed 2% to around $2,470, and its associated fund complex continues to hold over $1.5 billion more in assets than its Bitcoin counterparts on a 30-day basis, the persistent selling pressure in ETH products tells a different story. Ripple-linked ETFs also surrendered approximately $5 million after seeing only modest inflows the previous day.
In stark contrast, Bitcoin ETFs attracted around $159 million in fresh capital, with the underlying asset advancing more than 1%. However, the most intriguing variable is the performance of the only Zcash ETF in the US market, ZCSH.US. This product pulled in nearly $47 million, marking its best day in a month and pushing total cumulative inflows for this ETF type beyond $230 million. The move suggests investors are looking beyond the big two digital assets to hunt for value.
Zcash led the gainers with a 10% jump, trading at approximately $1,488. Elsewhere in the crypto complex, Hyperliquid’s HYPE token advanced nearly 10% to just over $86. Solana rose 5% to approach $105, while BNB added around 4% to sit near $750. Dogecoin also posted gains of nearly 4%, whereas Tron remained virtually flat on the day. The divergence in performance underscores a market that is selectively rotating capital between different blockchain ecosystems.
Turning to traditional markets, the S&P 500 climbed roughly 1%, delivering its strongest daily performance in six weeks. The Nasdaq 100 jumped nearly 2%, while a chip-maker-focused index advanced 3%. The 10-year Treasury yield declined, snapping an eight-day winning streak. The US dollar held steady, gold pushed higher, and Brent crude slipped back below $105 per barrel. The drop in energy prices helped ease the inflationary concerns that accompanied the Fed’s rate decision, prompting both bonds and stocks to rally together.
What makes this cycle particularly noteworthy is the juxtaposition: at a time when even the two largest Bitcoin ETFs are facing the specter of outflows, the niche ZCSH.US Zcash ETF is quietly absorbing significant inflows. Whether this divergence can be sustained over the coming week will be the key metric for observers tracking whether this is a one-off bounce or the start of a broader reallocation trend.