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Bitcoin Leads $321M Weekly Crypto Inflows, $92M in Single Day Post-Fed Rate Cut
Sep 23, 2024, 10:48 AM
Bitcoin and other cryptocurrency investment products have experienced significant inflows following the U.S. Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin ETFs saw inflows worth $92 million in a single day and led the market with $284 million in total weekly inflows. This surge has pushed Bitcoin's price to a high of $64,000, its highest level since August. The overall digital asset investment products saw $321 million in net weekly inflows. However, Ethereum ETFs faced outflows, losing $29 million over the same period, and navigating a mixed market. Notably, Bitcoin ETFs had only a single net outflow in the last seven days. The rate cut has also resulted in a strong positive correlation between crypto and U.S. stocks, with the correlation coefficient nearing record levels.
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