Key Points
- Last week, crypto products saw inflows of $533 million, the largest in five weeks.
- Bitcoin was the main focus with $543 million in inflows.
Last week, crypto products saw inflows of $533 million, marking the largest inflow in five weeks, according to Coinshares’ James Butterfill report.
Bitcoin was the main focus, recording $543 million in inflows, following the US Federal Reserve chair, Jerome Powell’s speech about the upcoming rate cuts in September.
Details About Digital Investment Products
The total amount flowing into crypto products last week was $533 million, and the surge reportedly followed the remarks made by Jerome Powell during the Jackson Hole Symposium.
At the meeting, he suggested that the first interest rate cut could take place in September.
From a regional point of view, the US recorded $498 million in inflows, and Hong Kong and Switzerland saw $16 million and $14 million respectively. Germany saw outflows of almost $9 million.
Bitcoin was the main focus regarding the inflows, recording influxes of $543 million. Most of them were reportedly on Friday, following the comments from the Fed’s Chair, which showed Bitcoin’s sensitivity to interest rate expectations, as CoinShares’ report notes.
Ethereum, on the other hand, saw outflows of $35.7 million during the past week.
BlackRock’s Bitcoin ETF, IBIT, recorded the most inflows during last week, totaling $346 million, followed by Fidelity’s Bitcoin ETF, FBTC, which saw $88 million in inflows.
Bitcoin Above $63,000
At the moment of writing this article, BTC is trading above $63,000, after earlier reaching prices close to $65,000.
According to the latest reports coming from Greeks.live, multiple important events and key speeches could affect the price of Bitcoin this week.
Essential events this week that might impact Bitcoin’s price include the following:
- FOMC Voter and San Francisco Fed President Mary C. Daly’s speech.
- Fed Governor, Christopher J. Waller’s speech.
- Atlanta Fed President Raphael Bostic’s speech.
- The US initial jobless claims will be released.
- The US core PCE price index annualized rate for July will be released.
- The US final University of Michigan consumer confidence index for August will be released.
The market volatility continued to fall across all major terms, according to the same data.
