Bitcoin ETFs Flooded with $1B in Cash, Yet Price Stays Below $80K
Bitcoin ETFs drew in nearly $1 billion last week, yet Bitcoin's price remains below $80,000. According to data from SoSoValue, BlackRock's iShares Bitcoin Trust (IBIT) led the pack with $938 million in net inflows from August 24 to 28.
Spot Ether (ETH) ETFs also saw significant demand, adding $824 million over the same period. BlackRock's ETHA fund was once again at the forefront, extending its streak of inflows to 10 consecutive trading days.
The surge in ETF demand didn't translate into gains for Bitcoin, however. Its price slipped after Federal Reserve Chair Kevin Warsh delivered a hawkish keynote at the Jackson Hole Economic Policy Symposium on August 28.
Warsh's comments weighed heavily on Bitcoin, which fell from around $79,500 to below $77,000 in the hours that followed. The market is now pricing in higher odds of a rate hike at the Fed's September meeting.