Bitcoin ETFs post more than $1 billion in outflows
The asset is down about 10% from it’s all-time high on August 14.
This week was a rough one for bitcoin. The asset was hovering in the $112,000 range, down roughly 10% from its all-time high of over $124,000 reached just on August 14.
Bitcoin ETFs continued to bleed out, with $1.15 billion in outflows since Monday, SoSoValue data shows. BlackRock’s iShares Bitcoin Trust alone suffered $416.2 million in outflows since Monday.
The attention of crypto traders seems centered on Fed Chair Jerome Powell’s highly anticipated Jackson Hole Economic Policy Symposium speech today.
“The recent market sell-off is a direct consequence of escalating geopolitical tensions and a growing fear that the Fed will disappoint investors in Jackson Hole. With global conflicts and trade disputes, the risk-off sentiment is palpable,” Kyle Chassé, founder of MV Global, said, adding that the market has been pricing in a more dovish stance from Powell and hoping for a clear signal of aggressive rate cuts to stimulate a softening economy.
However, Chassé also said that with inflation proving stickier than anticipated and continued tariff tensions, there are widespread concerns that Powell’s speech will not meet those bullish expectations, leading to a repricing.
In other bitcoin news:
Even some bitcoin whales are shifting their affection toward other assets: a dormant wallet that received 100,784 bitcoin seven years ago sold a chunk of their bitcoin holdings to buy 62,914 Ethereum, according to Lookonchain.
Despite bitcoin’s extreme volatility this week, André Dragosch, European head of research at Bitwise, reminded everyone to “just HODL” and posted charts demonstrating that as the time horizon grows, bitcoin losses fall.
Global Asian food platform DDC Enterprise announced its third bitcoin purchase in a week, acquiring 100 bitcoin. The company now holds 688 bitcoin.
Convano acquired 200 bitcoin and now holds 364.93 bitcoin.
