Bitcoin funds see sudden outflows after weeks of stellar gains
Jay Jacobs, BlackRock head of U.S. equity ETFs, and Nate Geraci, ETF Store president, join CNBC's Dom Chu on 'ETF Edge' looks back on bitcoin ETFs more than a year later.
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CNBC
4 hours ago
- CNBC
The lookahead: What next after U.S. strikes on Iran and Europe's 5% defense problem
After a week of global market jitters, the reaction to U.S. strikes on Iranian nuclear facilities will be front and center over the coming days. Meanwhile, a trio of heavyweight events could also shape the economic and geopolitical mood. From NATO tensions in The Hague to trade talks in Tianjin and industrial optimism in Berlin — investors will be watching closely. Addressing the nation on Saturday evening, U.S. President Donald Trump said strikes on three of Iran's nuclear sites were a "spectacular military success" that "completely obliterated" the country's major enrichment facilities. The strikes, which mark the first time the U.S. has conducted a direct military attack on Iran, mark a dramatic escalation in geopolitical tensions. Trump's claim about the result of the operation could not be independently confirmed. Iran Foreign Minister Abbas Araghchi slammed the U.S. strikes, describing them as "outrageous" and saying the country "reserves all options to defend its sovereignty, interest, and people." Global investors will be scrambling to assess the fallout. NATO meetings with Trump in attendance have a history of being dramatic. Back in 2017, the White House leader consistently questioned America's commitment to the alliance, and accused other members of owing "massive amounts of money" to the overall share of defense spending. Fast forward to 2025 and the next NATO Leaders Summit with Trump is set to take place in The Hague, the Netherlands on Wednesday. Some problems are familiar – while defense spending has increased dramatically across Europe, countries like Spain risk derailing talks by calling the 5% of GDP target "unreasonable." In addition, the war in Ukraine rages on. Meanwhile other problems are new – hostilities are rising between Israel and Iran, alongside other neighbors in the Middle East, are testing international relations to the limit. U.S. Ambassador to NATO Matthew Whittaker, told CNBC's "Squawk Box Europe" that the region should not expect a free ride from the U.S. on defense spending, as "the 5% target is not a negotiating tactic." On the other side of the world, the Chinese city of Tianjin plays host to the World Economic Forum's Meeting of New Champions running from Tuesday to Thursday, also known as the Summer Davos. Technology dominates the agenda at a tricky time for relations between China and the West, as trade negotiations with the U.S. are still on-going. Trump may have bought more time for TikTok, extending the deadline for China's ByteDance to divest the social media platform's U.S. business to September, but the latest round of trade talks in London led to a vague stand-off between the two superpowers, with no official readout. Speaking to CNBC right after those negotiations, U.S .Commerce Secretary Howard Lutnick was asked if current tariffs on China would not shift again, to which he replied, "you can definitely say that." But this may do little to ease the conversations between Chinese officials and corporates in Tianjin, and the international delegates in attendance, who will be looking for more certainty from both the White House and Beijing. Closer to home, it's the Day of Industry conference in Germany on Monday and Tuesday. This annual meeting in Berlin highlights German economic policy and global trade strategies. It could be a good time for the new government to be touting Europe's so-called Engine of Growth, with four economic institutes raising their 2025 and 2026 GDP growth forecasts for Europe's largest economy. During a recent trip to Washington DC, Chancellor Friedrich Merz dodged the ire that other world leaders have faced in the Oval Office, with Trump's focus mostly dominated by his public spat with Elon Musk. But it's not all clear roads ahead for Germany, as the country's auto industry body reports that domestic auto-makers have shouldered around 500 million euros ($576.1 million) in costs associated with Trump's import tariffs.
Yahoo
12 hours ago
- Yahoo
ETH Under $2,500: Friday Sees Highest Outflows From Spot ETH ETFs This Month
Ether (ETH) ETH posted a modest recovery on Saturday after a volatile week marked by outsized institutional outflows. On Friday, June 20, spot ETH ETFs listed in the U.S. recorded $11.3 million in net outflows — the largest single-day decline in June, according to data from Farside Investors. The pullback was led by BlackRock's ETHA ETF, which saw a $19.7 million outflow — its first and only negative flow this month. In contrast, Grayscale's ETHE product attracted $6.6 million, and VanEck's ETHV ETF added $1.8 million, partially offsetting losses. No other issuers recorded inflows or outflows. The data suggests large institutions may be reducing their ETH exposure, even as select funds like Grayscale continue to attract capital. The ETF flow figures emerged alongside a technical rebound in price. Ether briefly dipped to $2,372.85 on Friday in a heavy sell-off marked by a volume spike nearly five times the daily average, but swiftly recovered as buyers stepped in around the $2,420–$2,430 range, according to CoinDesk Research's technical analysis model. This area has since formed a solid support zone, validated by multiple low-volume tests suggesting accumulation. The 24-hour trading volume surged 18.97% above the 7-day moving average, reflecting elevated trading interest during the price recovery. ETH closed near $2,445 and formed an ascending trendline of higher lows, though key resistance remains at the $2,480–$2,500 level. Technical Analysis Highlights ETH-USD posted a 24-hour trading range of $186.44 (7.25%), with a steep sell-off to $2,372.85 marking the session low. The drop occurred during the 17:00 hour and was accompanied by a sharp spike in trading volume, reaching 993,622 units—nearly 5x the daily average. A key support zone formed between $2,420 and $2,430, reinforced by multiple successful retests with progressively lower sell-side volume. ETH reclaimed 38.2% of the Fibonacci retracement from the sell-off and built an ascending trendline supported by higher lows. During the 08:00–09:00 hour, volume accelerated again, signaling bullish momentum and lifting price toward the $2,445 level. In the final hour, ETH traded within a narrow $5.83 band, ranging from $2,440.14 to a close of $2,443.45. A late-session rally peaked at $2,447.02 (11:38), with an intra-candle volume burst of 4,532 units. The price then dipped slightly but found immediate support at $2,439.38, continuing to respect the ascending short-term trendline. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Miami Herald
17 hours ago
- Miami Herald
Tesla releases new details about its next big deal
Rumors have been swirling for weeks as Tesla nears the launch of its next big idea - robotaxi - in Austin, Texas. The robotaxi hype hasn't reached the fever pitch of the Cybertruck, Tesla's last big idea, but if it gets this right, robotaxi has the chance to transform not just Tesla, but driving itself. Related: Tesla robotaxi launch hits major speed bump Tesla is admittedly slow-walking the rollout with CEO Elon Musk telling CNBC, "It's prudent for us to start with a small number, confirm that things are going well, and then scale it up." Tesla says it will have just 10 robotaxis on the street at launch. The company has already been testing its system, however. Earlier this year, Tesla said that its FSD system has driven a cumulative total of 3.6 billion miles, nearly triple the 1.3 billion cumulative miles it reported a year ago. But the public may not trust the autonomous vehicles yet. "Consumers are skeptical of the full self-driving (FSD) technology that undergirds the robotaxi proposition, with 60% considering Tesla's full self-driving 'unsafe,' 77% unwilling to utilize full self-driving technology, and a substantial share (48%) believing full self-driving should be illegal," the May 2025 edition of the Electric Vehicle Intelligence Report (EVIR) said. Self-driving Teslas have already been spotted on city streets with a human riding shotgun ahead of the program's official launch. And now Tesla is confirming that humans will be a fixture as it goes forward. Image source: vanTesla won't be leaving passengers in their Austin robotaxis alone, as the company plans to have a "safety monitor" sitting in the front seat during drives. Musk has claimed in the past that once the robotaxi program is up and running, Tesla owners would be able to earn passive income by allowing their Teslas to operate autonomously as taxis, without human intervention. However, the "safety monitor" isn't an abnormal safety feature for an autonomous vehicle. Waymo tested its vehicles for six months with a driver and for six months without one in Austin before it launched its commercial service earlier this year, according to Electrek. Related: Tesla takes drastic measures to keep robotaxi plans secret A safety monitor is just one of the robotaxis' safety requirements. Riders must agree to a TOS agreement, must have a debit or credit card on file, and can only request rides via the app between 6 a.m. and 12 a.m. within the geofenced area where it's allowed to operate. That geofenced area limits where cars can travel and changes based on the time of day. Only invited users are allowed to download and use the Robotaxi app. While the Cybertruck has had a lot of hype, it has been a massive flop for Tesla. A backlog of reservations helped push Cybertruck out with a lot of momentum, but it can only be described as an epic failure regarding sales. Tesla sold just 7,100 Cybertrucks in the first three months of the year, according to the Wall Street Journal, nearly half of the 13,000 it sold in the fourth quarter of 2024. Tesla sold fewer than 40,000 Cybertrucks in 2024, making Elon Musk's far-fetched prediction of over half a million annual sales look farcical. Electrek reports that Tesla is sitting on $800 million of 10,000 Cybertrucks it can't sell. More on Tesla: Tesla claims rival startup is built on stolen trade secrets10,000 people join crazy Tesla class action lawsuitTesla execs question Elon Musk over controversial X post Mix that with the dismal quarter Tesla just reported, and Musk has a lot of work to do. It reported its worst quarter in years, with auto sales revenue dropping 20% amid falling demand in the U.S., Europe, and China. In the first quarter, deliveries fell 13% year over year to 36,681 vehicles from 386,810. Musk has been promising the robotaxi since at least 2016. Now that it is finally ready to debut, the company needs Musk's latest big swing to be a home run. Related: Tesla's robotaxi rollout is alarming the public, new report shows The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
