Tuesday’s spot ETF funding picture is overall muted: aside from Grayscale showing a more noticeable net outflow, institutions such as BlackRock are generally in a slight net-buying mode. Most likely, this is a risk-avoidance reaction to the interest-rate decision meeting early Thursday morning. Although the U.S. and Iran have reached a preliminary consensus, geopolitical risks still leave room for uncertainty until the final agreement is signed and shipping through the Strait of Hormuz is fully restored.

As for this interest-rate decision meeting, Waller’s stance remains unclear. Personally, I tend to think his position is neutral, or even slightly dovish, but the market is divided as well—some are concerned that, given stubborn inflation, Waller may continue the tightening tone, which to a certain extent reinforces the current risk-avoidance sentiment. #btc $BTC ‌