Summary
- Bitcoin recorded $436 million in inflows last week.
- US crypto products saw a reversal in inflows driven by a potential 50 bps rate cut on September 18.
According to the latest reports from CoinShares, the US crypto products saw a rebound last week with $436 million in inflows, with Bitcoin as the leader.
CoinShares believes that the surge in inflows towards the week’s end was catalyzed by a significant shift in market expectations for a potential 50 bps rate cut by the US Fed, this week, on September 18.
Bitcoin Recorded $436 Million in Inflows
Bitcoin was the main focus regarding crypto products inflows last week, seeing $436 million in inflows after recording a 10-day run of outflows totaling $1.18 billion.
According to CoinShares’ data, short Bitcoin flows reversed, seeing outflows of $8.5 million, following 3 straight weeks of inflows.
The overall crypto products recorded $436 million in inflows, following a period of outflows of about $1.2 billion.
Regionally, the US saw the highest amount of inflows at $416 million.
According to CoinShares, the surge in inflows towards the end of the past week was due to the shift in market expectations for a potential higher rate cut in the US by the Federal Reserve.
The FOMC meeting is set to take place this week, on September 18, and, following comments from former NY Fed President Bill Dudley, the country might see a rate cut of 50 bps.
Regarding Bitcoin’s price last week, the digital asset saw intense volatility with the price peaking close to $60,600 on September 14.
Bitcoin Trades at $57,600
At the moment of writing this article, BTC is trading at around $57,600, down by over 4% in the past 24 hours.
Yesterday, Bitcoin was trading above $60,000 ahead of a significant price drop, following the second assassination attempt of Donald Trump.
According to recent reports from CNN, the FBI is investigating an apparent assassination attempt on Trump at his Florida golf club yesterday.
The Trump family commented on the recent events, with the former US President sharing a post telling people that he is fine and he will continue to fight.
Later today, Trump is expected to reveal the family’s vision for making finance great again.