Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
- It said rate-hike expectations rose on strong U.S. jobs data, but cryptocurrencies including <a href="https://xpertsstudio.com/bitcoin-slips-to-78800-as-bnb-and-defi-tokens-buck-the-selloff/” title=”Bitcoin slips to $78,800 as BNB and DeFi tokens buck the selloff”>Bitcoin showed the strongest performance of any major asset class except crude oil.
- It said U.S. spot Bitcoin ETFs recorded $987 million in net inflows last week, marking a third straight week of net inflows, with cumulative net inflows over the past three weeks reaching about $3.8 billion.
- Wintermute said cryptocurrencies are benefiting from capital reallocation as momentum in the stock market fades, and cited the CPI, the FOMC, $82,000, $72,000, and whether ETF flows turn to net outflows as key variables.
Forecast Trend Report by Period
Stronger U.S. employment data lifted expectations for another interest-rate increase, but cryptocurrencies led by Bitcoin held up relatively well, an analysis showed. Some money flowing out of stocks and gold appears to be moving into digital assets.
Crypto market maker Wintermute wrote on X on September 8 that digital assets typically weaken alongside other risk assets when expectations for rate hikes rise. Last week, however, they delivered the strongest performance among major asset classes except crude oil.
U.S. nonfarm payrolls for August, released on September 5, rose by 162,000, far exceeding market expectations of about 53,000. That lifted the probability of a September rate hike to around 60%, and Bitcoin briefly dropped from $82,400 to below $80,000. Even so, it still gained 3.45% for the week.
Spot exchange-traded fund flows also stayed positive. U.S. spot Bitcoin ETFs recorded net inflows of $987 million last week, marking a third straight week of net inflows. Cumulative net inflows over the past three weeks totaled about $3.8 billion. By contrast, net inflows into spot Ether ETFs fell to $215 million last week from $816 million a week earlier.
Wintermute said the strong jobs report failed to break the crypto market’s momentum. With gains in the stock market losing steam, digital assets are benefiting from capital reallocation.
The firm cited the U.S. consumer price index due on September 11 and the Federal Open Market Committee meeting on September 15-16 as key variables ahead. For Bitcoin, it said the market is watching whether the token can break above $82,000. It added that the outlook may need to be reassessed if Bitcoin falls clearly below $72,000 and ETF flows turn to net outflows.
#Cryptocurrency
#Interest Rate
#ETF
BTC
ETH
Source: en.bloomingbit.io