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Bitcoin Eyes Jackson Hole for Fed Clues Amid Market Caution
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As Bitcoin hovers around $61,000, traders are closely watching the Federal Reserveâs Jackson Hole symposium for clues on future monetary policy, which could significantly impact Bitcoin's price.
Market Stability Preceding Jackson Hole
Bitcoin has been trading between $59,000 and $61,000 over the past two weeks. All eyes are now on Fed Chair Jerome Powell's upcoming comments, which could either support or weaken Bitcoinâs current position. Other major cryptocurrencies have seen little movement, with Avalancheâs $AVAX standing out after a 10% surge linked to its addition to Franklin Templetonâs blockchain fund.
ETF Inflows Sending Mixed Signals
U.S.-listed Bitcoin ETFs saw $64 million in inflows, extending a six-day streak, led by BlackRockâs IBIT with $75 million. However, the slowing pace of these inflows is viewed by some as a bearish sign. Meanwhile, Ethereum ETFs continue to struggle, with $458 million in outflows since their launch.
Focus on Fedâs Monetary Policy
Traders are looking to Powellâs speech for hints on future rate cuts, which could boost risk assets like Bitcoin. Although some expect dovish signals, experts like Augustine Fan warn that Powell may not fully endorse the four rate cuts currently anticipated by the market.
