Bitcoin flows rise to $543 million after Powell’s dovish comments

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Crypto products saw inflows of $533 million last week, marking the highest inflows in five weeks.

As reported by CoinShares, this increase followed Jerome Powell’s remarks at the Jackson Hole Symposium suggesting a potential interest rate cut in September.

Bitcoin (BTC) was the main beneficiary, with inflows of $543 million, mostly occurring on Friday, following Powell’s comments. This indicates the sensitivity of Bitcoin to interest rate expectations.

As reported by Crypto Briefing, US BTC spot exchange-traded funds (ETFs) collected more than $500 million in net inflows last week. BlackRock’s IBIT led the pack, capturing $310 million in cash, while Fidelity’s FBTC came in second, pulling in about $88 million.

Ethereum (ETH) saw $36 million in inflows, despite new US-traded Ethereum ETFs seeing inflows of $60.7 million last week.

The net outflows were mainly seen due to Grayscale’s $118 million of capital fleeing ETHE. One month after the launch of the ETH ETF, new Ethereum ETFs saw inflows of $3.1 billion, partially offset by $2.5 billion in outflows from Grayscale Trust.

Moreover, Solana (SOL) funds saw inflows of just $100,000 last week as its month-to-date flows are negative at $34.3 million. Meanwhile, year-to-date ETH flows stand at $832 million, fueled significantly by the $120 million seen so far in August.

Regionally, the US led with $498 million, followed by Hong Kong and Switzerland with $16 million and $14 million, respectively. Germany saw minor outflows of $9 million, making it one of the few countries with net outflows to date.

In particular, Brazil and Canada support the largest amount of monthly inflows, excluding the US, with $39.5 million and $47.5 million respectively invested in crypto funds.

Blockchain stocks saw inflows for the third week, totaling $4.8 million. Meanwhile, trading volumes, although lower than in recent weeks, remained high at $9 billion for the week.

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