Bitcoin ETFs Draw $250M After Rate Cut Hints at Jackson Hole
Trading volumes for eleven ETFs surged to $3.12 billion, hitting their highest level since July 19. This spike in activity was led by BlackRocks IBIT, which saw $1.2 billion in trades and $83 million in new inflows. Let's take a look at this Bitcoin ETF news article in more detail.
Bitcoin ETFs See $250M Inflows
On Friday, U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) experienced over $252 million in net inflows, marking the highest daily inflows since July 23. This increase was driven by positive signals from the Jackson Hole symposium that lifted risk assets, including bitcoin.
According to SoSoValue data, trading volumes for these eleven ETFs surpassed $3.12 billion, reaching their highest point since July 19. BlackRocks IBIT led the activity, with $1.2 billion in trades and $83 million in inflows.
Fidelitys FBTC followed with $64 million in new investments, while Bitwises BITB attracted $42 million, pushing its assets under management (AUM) above $2 billion for the first time. Grayscales GBTC saw $35 million in outflows, but its smaller fund, BTC, gained $50 million in inflows.
Federal Reserve Signals Possible Rate Cuts, Sparking Bitcoin Surge
At the Jackson Hole symposium on Friday, Federal Reserve Chair Jerome Powell hinted at potential changes to monetary policy, which led to bitcoin surging past $64,000.
Powell remarked, Its time for policy adjustments. The trajectory is clear, and the timing and extent of any rate cuts will be influenced by incoming data, the changing outlook, and risk considerations.
Expectations are high among crypto traders that the Fed will announce its first rate cut during the upcoming policy meeting on September 17.
Typically, stringent monetary policies can reduce risk appetite in financial markets, while lower interest rates tend to make investments in assets like cryptocurrencies more appealing due to the cheaper cost of capital.
Read more: https://cryptoticker.io/en/bitcoin-etfs-250m-jackson-hole
Text source: CryptoTicker
