Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Bitcoin has been mostly trading between $59,000 and $61,000, with traders eyeing the Jackson Hole meeting for potential market-moving comments.While U.S. bitcoin ETFs, particularly BlackRock's IBIT, continue to see inflows, ether ETFs are facing significant outflows, reflecting bearish sentiment toward products related to the Ethereum blockchain.rose through $61,000 in Asian trading hours while being mainly confined between that level and $59,000 over the past two weeks.
Spot bitcoin exchange-traded funds listed in the U.S. recorded $64 million in inflows, extending a winning streak to six days. Market leader BlackRock's IBIT took on the highest inflows at $75 million,Ethereum ETFs, in contrast, extended a record outflow streak to six days, continuing a dismal first month for products tracking the world's second-largest token by market cap.
"The downward revision of U.S. non-farm payrolls highlighted a weaker labor market, sparking concerns that the Fed might delay rate cuts, triggering a selloff," QCP Capital noted in a Telegram broadcast Thursday, referring to a Wednesdayin the year ended March."These worries eased after the July FOMC minutes revealed some policymakers were open to rate cuts, signaling a more dovish stance balancing inflation and employment goals.
"Attention now turns to Fed Chair Powell's Jackson Hole speech tomorrow for more rate-cut signals. With markets betting heavily on rate cuts, unexpected economic data can have a significant impact. We favor principal-protected products capturing topside gains," QCP said. Powell is expected to confirm a pivot to lower borrowing costs next month, as previously reported. This step has historically buoyed bullish sentiment among traders because access to cheap money ofter spurs growth in riskier sectors."Risk markets might be more disappointed as Powell might want to do their best to give themselves some wiggle room against the four cumulative cuts priced into the year-end," Augustine Fan, head of insights at SOFA, told CoinDesk in an interview.
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