According to CoinDesk: Bitcoin (BTC) has crossed the $61,000 mark during the Asian trading session on Tuesday, driven by significant inflows into U.S. spot exchange-traded funds (ETFs) and anticipation of Federal Reserve Chair Jerome Powell's upcoming remarks at the Jackson Hole symposium.
Key Developments:
Bitcoin ETF Inflows: Bitcoin ETFs have seen a substantial inflow, with over $61 million recorded, the second-highest this month. BlackRock’s IBIT led the way with $92 million in inflows, while Bitwise’s BITB saw outflows of $25 million.
Market Reactions: Major cryptocurrencies followed Bitcoin’s upward trend, with XRP and BNB Chain’s BNB gaining over 7%, while Solana (SOL) and Cardano (ADA) rose by 4%. The overall market is showing positive momentum, with the CoinDesk 20 (CD20) index up by 4.25%.
Institutional Buying: Japan’s Metaplanet has announced an additional purchase of $3.4 million worth of Bitcoin, bringing its total holdings to 360.368 BTC.
Polymarket Insights: Traders on Polymarket are predicting price stability, with a 66% chance that BTC will stay above $60K by the end of the week.
Market Outlook:
Impact of Powell’s Speech: Traders are closely watching Powell's upcoming speech at the Jackson Hole symposium, where discussions on Monetary Policy are expected. Abra Prime suggests that BTC may range between $56K and $62K this week, with most trading volume centered around $58K to $60K.
Short-Term Sentiment: While there is optimism around Powell potentially signaling a pivot to lower borrowing costs, some bearish sentiment remains due to recent withdrawals of BTC ETF options listings by NYSE and NASDAQ.
As the market anticipates further developments, especially from the Jackson Hole symposium, Bitcoin's price movements remain a focal point for investors and traders alike.