Jerome Powell Sparks $543 Million Inflows into Bitcoin
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The crypto market has recently experienced a significant increase in investments, with Bitcoin leading the way, recording fund inflows of $543 million. This impressive rise was mainly observed after comments from Jerome Powell, chairman of the FED, on the possible rate cuts in September.
Bitcoin explodes with $543 million in inflows!
Jerome Powell recently hinted that interest rate cuts could be considered in September, which was seen as positive news for Bitcoin and other cryptocurrencies. As a result, BTC attracted $543 million and its transaction volume surged to $9 billion last week! A figure significantly higher than in previous weeks.
James Butterfill, an expert, explained that these fund inflows reflect Bitcoin’s sensitivity to interest rate expectations. In addition to direct investments in Bitcoin, short-term trading products also attracted $1.7 million. This shows the growing interest in diversified trading strategies.
Ethereum’s Disillusionment
However, not all cryptos benefited from this positive trend. Ethereum, for example, experienced fund outflows totaling $36 million last week, partly due to outflows from the Grayscale Ethereum Trust, despite inflows into new Ethereum ETFs in the United States. Despite this disillusionment, an expert still predicts that Ethereum will surpass BTC in 2029.
In terms of geographical distribution, the United States dominated Bitcoin fund inflows with $498 million, followed by Hong Kong and Switzerland with $16 million and $14 million, respectively. In contrast, Germany recorded minor fund outflows totaling $9 million, making it one of the few countries to show a net outflow since the beginning of the year.
Powell’s recent comments have boosted investments in Bitcoin, increasing transaction volumes. This trend could continue with a cut in interest rates in September, reinforcing Bitcoin as an asset sensitive to monetary policies. This domination of Bitcoin could be accentuated with Wall Street, which could propel BTC as a true store of value.
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Le monde évolue et l’adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m’intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l’optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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