Last week, crypto-based investment products received a total of $533 million in inflows. This figure marks the highest level in the past five weeks. The increase was triggered by Jerome Powell hinting at a rate cut during the Jackson Hole Symposium. Bitcoin stood out with an inflow of $543 million.
Bitcoin Attracted $543 Million Inflows
Despite a decrease in trading volume in recent weeks, the weekly trading volume reached $9 billion. The US accounted for a significant share of crypto inflows with $498 million. Hong Kong and Switzerland also recorded inflows of $16 million and $14 million, respectively. Germany, on the other hand, experienced a small outflow of $9 million, making it one of the countries with net outflows since the beginning of the year.
Bitcoin was the star of the week with a substantial inflow of $543 million. Interestingly, most of these inflows occurred on Friday after Jerome Powell’s dovish monetary policy statements. This situation highlighted Bitcoin’s sensitivity to interest rate expectations.
Ethereum Experienced $36 Million Outflows
Ethereum experienced outflows of $36 million last week. Blockchain stocks saw inflows of $4.8 million for the third consecutive week. At this stage, we can say that interest in the Blockchain sector continues and investors’ confidence in this area is increasing.
Cryptocurrencies like Bitcoin and Ethereum reacted strongly to Jerome Powell’s statements on interest rate policies. Crypto investors continue to act cautiously in response to potential changes in interest rates.
