Bitcoin ETFs Post Best Day Since March As Investors Eye Fed Rate Cuts – DL News

• The central banks of Europe and Canada have just reduced their rates.
• Investors flocking to Bitcoin ETFs are betting on rate cuts in the United States, CoinShares head of research says.

Investors are returning to markets – including Bitcoin – as central bank policies spark a wave of enthusiasm for riskier assets.

The European Central Bank was the last to cut rates today, after Canada’s yesterday.

Now, market observers expect the Fed to follow suit.

Neil Wilson, chief analyst at Markets.comsaid this week’s economic data was weaker than expected and raised the chances of a September rate cut to 70%.

This euphoria has spread across the crypto markets.

On Tuesday, CoinShares found that US Bitcoin spot exchange-traded funds saw the largest single-day investment since March 12.

“It is becoming clear that the U.S. economy is weakening, which has increased expectations of an interest rate cut sooner than expected,” said James Butterfill, head of research at CoinShares. DL News.

Net funds from US ETFs flow after January 11. US ETFs have been circulating since Bitcoin ETFs hit the market. Source: CoinShares. (CoinShares/CoinShares)

According to CoinShares data, Fidelity’s Bitcoin ETF saw the most inflows this week, showing an investment of $456 million.

Join the community to receive our latest stories and updates

Investors bought $274 million in BlackRock’s iShares Bitcoin Trust and $149 million in the Ark 21Shares Bitcoin ETF.

Crypto market players:

• Bitcoin is up 0.5% over the past 24 hours to $71,266.
• Ethereum is up 1% at $3,800.

What we read:

Liam Kelly is based in Berlin DL News’ corresponding. Contact him at liam@dlnews.com.

Source