- Bitcoin has been mostly trading between $59,000 and $61,000, with traders eyeing the Jackson Hole meeting for potential market-moving comments.
- Most major cryptocurrencies were little changed, while ADA and AVAX experienced notable gains.
- While U.S. bitcoin ETFs, particularly BlackRock’s IBIT, continue to see inflows, ether ETFs are facing significant outflows, reflecting bearish sentiment toward products related to the Ethereum blockchain.
Bitcoin {{BTC}} rose through $61,000 in Asian trading hours while being mainly confined between that level and $59,000 over the past two weeks. Some traders are looking to the Federal Reserve’s annual Jackson Hole symposium, scheduled for later Friday, for comments that may influence markets.
Major tokens were little changed, with ether {{ETH}}, Solana’s SOL, BNB Chain’s BNB and xrp {{XRP}} moving less than 2% in 24 hours. The broad-based CoinDesk 20 (CD20), a liquid meaure tracking the largest tokens by market capitalization, rose 1.7%.
Cardano’s ADA added 3%, while Avalanche’s AVAX jumped 10% after the blockchain was added as a network option for Franklin Templeton’s OnChain U.S. Government Money Market Fund (FOBXX). FOBXX started trading in 2021 and became the first money-market fund to use a public blockchain to record transactions and ownership.
Spot bitcoin exchange-traded funds (ETFs) listed in the U.S. recorded $64 million in inflows, extending a winning streak to six days. Market leader BlackRock’s IBIT took on the highest inflows at $75 million, data shows. However, some firms consider a general slowdown in the rate of inflows to be bearish.
Ethereum ETFs, in contrast, extended a record outflow streak to six days, continuing a dismal first month for products tracking the world’s second-largest token by market cap. These ETFs lost just over $800,000 on Thursday, taking cumulative outflows to over $458 million since they went live on July 23.
Some market participants are looking to the annual Jackson Hole meeting later Friday for comments that may indicate the Federal Reserve’s monetary policy direction, which will influence prices of risk assets including bitcoin.
“The downward revision of U.S. non-farm payrolls highlighted a weaker labor market, sparking concerns that the Fed might delay rate cuts, triggering a selloff,” QCP Capital noted in a Telegram broadcast Thursday, referring to a Wednesday report on jobs growth in the year ended March. “These worries eased after the July FOMC minutes revealed some policymakers were open to rate cuts, signaling a more dovish stance balancing inflation and employment goals.”
Source:- yahoo.finance
