Crypto Market Sees Big Inflows as Rate Hike Odds Fall

Bitcoin and Ethereum exchange-traded funds (ETFs) have seen significant inflows in recent days, with spot Bitcoin ETFs pulling in approximately $854 million last week, their strongest week since May. The ETH ETFs saw an even more impressive $244M in net inflows during the same period.

These inflows are a welcome sign for the crypto market, which has been struggling to find its footing after a prolonged bear run. However, experts caution that it's too early to get excited about a potential turnaround.

The July jobs report missed badly, with the economy shedding 23,000 jobs against expectations of 80,000 gained, leading to a massive shift in September rate hike odds, which fell from 67% to 42%. This has some market observers feeling more optimistic about the future prospects for cryptocurrencies.