The global digital asset market recorded a surge of more than 2% over the past day as Bitcoin moved ahead to clinch the $61,000 mark. This fresh market surge comes as the market expects news about US inflation data.
The newly launched Ether and Bitcoin ETFs reported back-to-back positive fund inflows on Wednesday. This comes in the wake of US PPI numbers that failed to meet expectations in July. Service costs saw their steepest decline over the last year, suggesting an ease in inflation pressures.
Bullish sentiments push Bitcoin ETFs forward
According to data provided by Sosovalue, US Bitcoin spot ETFs had a strong day on August 13, with a net inflow of $38.94 million. BlackRock’s IBIT brought in $34.55 million to maintain its lead as the largest crypto ETF. IBIT registered a cumulative inflow of $20.36 billion as of August 13.
Grayscale saw a $28.65 million flow out of its GBTC, while Fidelity and Bitwise posted an inflow of $22.56 million and $16.54 million respectively.
The ETF push helped form bullish sentiment for Bitcoin, as its price surged by around 4% in the last 24 hours. As of press time, BTC is trading at an average price of $60,879. Earlier today, it climbed over the $61,000 mark but quickly retraced below to settle at its current price.
Ether ETFs print back-to-back greens
Ether ETFs saw $24.34 million in net inflows on Tuesday, continuing positive momentum from Monday. Grayscale’s ETH Trust (ETHE) bucked the trend, reporting $31 million in net outflows which is a stark contrast to zero flows the previous day.
BlackRock’s ETHA led the inflows with $49.12 million, followed by Fidelity’s FETH with $5.41 million, and Invesco’s QETH adding $813,690. The total daily trading volume across the nine spot ether ETFs reached $191 million on Tuesday, down from $285.9 million on Monday.
Ether’s price reflected a similar sentiment over the last day as it rallied by more than 3%. ETH is trading at an average price of $2,722 as of press time. The second-largest crypto by market cap seems to be staging a recovery from the 15% decline recorded over the last 30 days.
Analysts are eyeing the Federal Reserve’s anticipated rate cut as a key driver for the market’s upward momentum. Rate cuts are expected to keep the rally alive. QCP Capital highlights a shift in focus from inflation to potential rate cuts. It suggests that inflation’s impact on Bitcoin might be waning.
10x Research points out that while Bitcoin has historically rallied with decreasing inflation, recent CPI data shows this trend may not always apply.
