Bitcoin ETFs Ride Winning Election Buzz and Fed Rate Cut Signals
Spot Bitcoin exchange-traded funds (ETFs) have seen positive daily net inflows for eight days running, totaling $202.51 million, as the US presidential election heats up. This increase is a reflection of rising investor trust in Bitcoin in the face of unsettling political and financial events.
Substantial Inflows for Bitcoin ETFs
Bitcoin ETF inflows totaled $756 million in the last week alone. Based on SoSoValue statistics, BlackRock’s IBIT fund received $224.06 million, leading the way. Other standout performers were WisdomTree’s BTCW, which brought in $5 million in net inflows, and Franklin Templeton’s EZBC, which brought in $5.52 million.
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Federal Reserve’s Rate Cut Signals Boost Bitcoin Prices
The latest announcement by the U.S. Federal Reserve discussing possible rate cuts aligns with the robust performance of Bitcoin ETFs. Fed Chairman Jerome Powell said at the annual Jackson Hole conference that policy changes are coming and that the path of rate cuts would depend on how the economy develops. The price of Bitcoin has recently increased as a result of this optimistic attitude.
Read More: Last Chance to Buy Bitcoin Before Its Next Big Move
Ether ETFs Experience Disappointing Results
Ether ETFs, on the other hand, have had difficulties. This month has seen record withdrawals; as of August 26, ether ETFs had net losses of $13.23 million. The Grayscale Ethereum Trust (ETHE), which has recorded losses of more than $2.5 billion, is the main contributor to the significant $465 million negative net inflows that ether ETFs have had since their formal introduction earlier this summer.
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