Inflows into Bitcoin Reach $543M: Report

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CoinShares reported that last week, Bitcoin saw a total of $543 million in inflows, driven by Fed Chair Jerome Powell’s favorable comments.

The majority of these inflows occurred on Friday after Powell’s dovish statements. His confidence in the return of US inflation and potential interest rate cuts appeared to boost Bitcoin’s price, which has since risen from below $61,000 to around $63,500.

As a result of this increased confidence, August’s total inflows for Bitcoin now stand at $225 million. Additionally, the report noted that digital asset investment products saw a total of $533 million in inflows last week, the highest amount in five weeks.

BlackRock’s crypto-based ETFs were the top performer with $346 million in inflows. The United States led in inflows, followed by Hong Kong and Switzerland with $498 million, $16 million, and $14 million respectively.