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According to CoinShares, there was an inflow of $543 million following positive comments from Federal Reserve Chairman Jerome Powell last week.
CoinShares said in a recent report that “most of the inflows came on Friday, following Powell’s dovish comments.” Late last week, Powell expressed confidence that U.S. inflation could return to 2%, suggesting the central bank may cut rates.
Powell’s comments appeared They want to increase the price of Bitcoin immediately.. According to The Block Price Page, Bitcoin has since risen from under $61,000 to around $63,500. Thanks to the increased confidence in Bitcoin, inflows in August now stand at $225 million, according to CoinShares.
According to the CoinShares report, the Federal Reserve Chairman’s comments appear to have helped crypto investment products as well. The report also stated that “digital asset investment products saw their largest inflows in five weeks last week, with a total inflow of $533 million.” CoinShares said that BlackRock’s cryptocurrency-based ETFs led the way with a total inflow of $346 million.
The United States had the largest inflow into digital asset investment products at $498 million, while Hong Kong and Switzerland rounded out the top three with $16 million and $14 million, respectively.
According to the report, the newly created Ethereum-based ETF has brought in $3.1 billion in cumulative inflows in the month since its launch. This was offset by a $2.5 billion loss in Grayscale’s Ethereum-based product, according to CoinShares.
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About the Author
RT Watson is a senior reporter at The Block, covering a wide range of topics including corporate America, blockchain gaming, and NFTs. Previously, he covered entertainment at The Wall Street Journal, writing about Disney, Netflix, Warner Bros., and the creator economy, with a focus on technological disruption across media. Prior to that, he covered corporate, economic, and political news in Brazil at Bloomberg. RT has interviewed a wide range of people, including CEOs, media moguls, major influencers, politicians, blue-collar workers, drug dealers, and convicted criminals. He holds a Master’s degree in Digital Sociology.