Bitcoin exchange-traded funds (ETFs) experienced a significant resurgence last week, attracting approximately $854 million, the highest inflow since May. This marks a notable turnaround following eight consecutive weeks of outflows that persisted through June and early July. Ethereum ETFs also performed well, garnering $244 million in inflows during the same period. When considering market capitalization, these figures translate to an estimated $1.25 billion in Bitcoin inflows.
Despite only a modest increase of around 2% for Bitcoin and Ethereum this week, the return of inflows signals a potentially positive shift in the market. Analysts suggest that this could indicate a market bottom and a possible reversal of the ongoing bear trend.
Overall, major cryptocurrencies have shown stability, with Bitcoin holding steady at $65,000 and Ethereum at $1,916. Key altcoins also reported gains, contributing to a 3-4% rise over the week. In the broader economic context, recent earnings reports were favorable, but the July jobs report fell short of expectations, showing a decline of 23,000 jobs. This led to a decrease in the likelihood of a rate hike in September, dropping from 67% to 42%.
