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Crypto Investment Inflows Surged Last Week Following Powellâs Speech.
CoinShares reports massive crypto investment inflows, fueled by Powell's rate cut hints. Bitcoin and Ethereum ETFs see mixed flows.
Crypto investments saw a significant influx of capital last week, marking the largest inflows in five weeks, according to the CoinSharesâ Digital Asset Funds Weekly Report published on Aug. 26.
The asset manager revealed that digital asset investment products saw inflows totalling $533 million for the week from Aug. 18 to Aug. 24, largely driven by remarks made by Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium on Aug. 23.
Crypto Assets Fund Flows Surge on Positive Outlook
In his speech, Powell discussed the progress made in reducing inflation and cooling the labor market while avoiding a sharp increase in unemployment. Overall, the speech conveys confidence in the Fedâs ability to achieve its dual mandate of price stability and maximum employment.
Powellâs suggestion that the first interest rate cut could occur in September sent a positive signal to the digital asset market, leading to a strong preference for Bitcoin (BTC). The cryptocurrency saw inflows of $543 million, underscoring its sensitivity to interest rate expectations.
