BTC ETFs lose $457M after DeepSeek’s market entry – Details

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Crypto Chaos: DeepSeek’s Debut Destroys ETFs and Dreams! 😱💸

  • DeepSeek’s launch caused significant crypto market volatility, with $534 million in ETP outflows.
  • XRP showed resilience, attracting $2.1 million in inflows during the market downturn.

So, DeepSeek decided to crash the crypto party, and boy, did it bring the drama! 💥 The market is now experiencing more ups and downs than a rollercoaster designed by a toddler.

Crypto mining stocks are feeling the burn, and the broader market is in a state of existential crisis. Seriously, it’s like watching your favorite sitcom get canceled after one season.

Impact of DeepSeek on BTC and ETH ETF

Even the once-mighty spot Bitcoin [BTC] and Ethereum [ETH] ETFs, which were riding high with $1.9 billion in inflows during the first week of Donald Trump’s second term (because that’s a thing), couldn’t escape the chaos.

Thanks to DeepSeek’s turbulence, spot BTC ETFs are now down $457.6 million, and spot ETH ETFs are crying over a loss of $136.2 million. Talk about a bad hair day for your investments!

And guess what? The ETP market is also feeling the heat.

James Butterfill, Head of Research at CoinSharesCo, had this to say:

“Yesterday’s rout in the markets caused by the DeepSeek news caused investors to panic, prompting outflows from Bitcoin and Ethereum totaling US$442m and US$99m respectively.”

Ripple’s XRP stood strong

While the crypto market was having a meltdown, total ETP outflows surpassed $534 million. Investors were running for the hills like it was a zombie apocalypse! 🧟‍♂️

But wait! XRP decided to be the hero of the day. Despite the chaos, it attracted $2.1 million in ETP inflows. It’s like the kid in school who aces the test while everyone else is crying over their math homework.

High-net-worth wallets were busy accumulating 120 million XRP during the market slump. Instead of panic selling, these savvy investors saw a golden opportunity. Who knew a market crash could be so… opportunistic?

Meanwhile, the crypto mining sector is on its second day of losses. Riot Platforms (RIOT), Cleanspark (CLSK), and MARA Holdings (MARA) are all feeling the burn, reflecting the broader market uncertainty. It’s like watching your favorite band break up—just sad.

The crypto market itself is down, with the global market cap dropping 0.65% in the past 24 hours. Thanks, DeepSeek! 🙄

U.S. stocks see major pullback

In a plot twist, major U.S. tech stocks like Nvidia, Apple, and Amazon decided to make a comeback, reversing some of the previous day’s losses. It’s like they saw the crypto drama and said, “Hold my beer.” 🍺

And just to add some spice, the Kobessi Letter summed it up perfectly with this gem:

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2025-01-30 02:19