Coinshares, led by researcher James Butterfill, reports a significant uptick in bitcoin inflows following recent comments from Federal Reserve Chair Jerome Powell. The investment surge reflects the market’s response to potential interest rate cuts hinted at during the Jackson Hole Symposium.
Bitcoin Inflows Reach $543 Million as Powell Suggests Rate Cuts, Coinshares Reports
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Powell’s Comments Correlate With $543 Million Bitcoin Inflow, Coinshares Observes
According to Coinshares, digital asset investment products saw a total of $533 million in inflows last week, with bitcoin (BTC) alone accounting for $543 million. James Butterfill, lead researcher at Coinshares, highlighted that the majority of these inflows occurred on Friday, after Powell’s dovish comments.
This suggests a strong correlation between bitcoin’s market behavior and expectations surrounding U.S. interest rates. Despite lower trading volumes than in previous weeks, the total volume remained strong at $9 billion. Regionally, the United States led with $498 million in inflows, while Hong Kong and Switzerland also recorded positive figures, contributing $16 million and $14 million, respectively.
However, ethereum (ETH) did not fare as well, experiencing outflows totaling $36 million. Butterfill’s analysis also noted that new ethereum exchange-traded funds (ETFs) have attracted $3.1 billion in inflows since their launch, partially offset by $2.5 billion in outflows from the Grayscale Ethereum Trust (ETHE). The report highlights the contrasting investor sentiment between bitcoin and ethereum in the current market environment.
What do you think about the crypto fund inflows in recent times? Share your thoughts and opinions about this subject in the comments section below.
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