Bitcoin ETFs Bounce Back: $91.5M Floods In, Breaking 4-Day Bleed
Wall Street's crypto flirtation gets a second wind—just as the suits were starting to sweat.
After four brutal days of outflows, Bitcoin ETFs just pulled off a $91.5 million U-turn. Someone hit the 'buy' button hard.
Bullish? Or just desperate to front-run the next Fed pivot? Either way, the casino's back open for business.
Fed rate cut incoming?
The significant downward revision to the May and June jobs data, coupled with the firing of the U.S. Bureau of Labor Statistics chief by President Donald Trump, has fanned the fires of this narrative shift. The increased odds of a September rate cut over the past week underscore the market’s expectation of a bullish scenario, with predictors on Myriad positing an 82% likelihood of the Fed changing interest rates.
(Disclaimer: Myriad is an on-chain prediction market launched by Decrypt’s parent company DASTAN)
Analysts Decrypt previously spoke to said that the odds of a rate cut are driving a short-term surge in liquidity despite soft fundamentals and macro risks.
A combination of “cooling inflation, Bitcoin’s resilience and key support levels,” are the main drivers of the recent inflows, according to Young. However, he warned that while investor interest may have reignited, “it’s still too early to call a sustained uptrend.”
Bitcoin is currently trading at just under $115,000, up 0.8% on the day, according to CoinGecko.
