Bitcoin ETFs End Inflow Streak as Fed Rate Concerns Mount
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Author of the article:You can save this article by registering for freehere. Orsign-inif you have an account. mlcv6ccf{amw2)z{s[35s21p_media_dl_1. pngBloomberg(Bloomberg) — Heavy outflows from US-listed Bitcoin exchange-traded funds late last week underscored the fragility of the token’s recent recovery. Subscribe now to read the latest news in your city and across Canada. Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others. Daily content from Financial Times, the world's leading global business publication. Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account. National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles, including the New York Times Crossword. Subscribe now to read the latest news in your city and across Canada. Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others. 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Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe ETFs in the spot market saw more than $465 million of outflows on July 23 and July 24, snapping a seven-session inflow streak, as concerns that the US Federal Reserve could raise interest rates overshadowed recent momentum behind the Clarity Act, a long-awaited US cryptocurrency market-structure bill. Shifting developments in the Middle East have added to Bitcoin’s volatility in recent days. The original cryptocurrency climbed back above $65,000 in early Asia trading Monday, rising as much as 1. 4% alongside other risk assets. The advance came after the US and Iran extended a pause in retaliatory strikes, easing concerns about potential disruptions to regional energy supplies following a recent escalation in the conflict. Get the latest headlines, breaking news and columns. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Top Stories will soon be in your inbox. We encountered an issue signing you up. Please try again“We expect macro-driven uncertainty to persist this week, but our outlook on Bitcoin remains structurally bullish,” said Ivan Lim, a senior derivatives trader at FalconX. “The recent Bitcoin ETF outflows and fragile mood are largely a reaction to legislative waiting around the Clarity Act and faster Fed rate hike expectations. ”Ethics provisions remain a key point of disagreement over the Clarity Act, as lawmakers seek to secure enough Democratic votes before the August recess. Democrats are demanding tougher language to prevent President Donald Trump from profiting off the crypto industry his administration regulates. His recently disclosed $1. 4 billion windfall from crypto ventures last year has further inflamed the issue. Despite the surge in withdrawals during the last two trading days, the Bitcoin ETFs recorded $33. 8 million of inflows for the full week. That marked a third consecutive week of inflows following eight weeks in which investors pulled $8. 3 billion from the funds. The late-week withdrawals, led by BlackRock Inc. ’s IBIT, suggest that while institutional investors have returned selectively after a prolonged period of redemptions, conviction remains weak. The latest data indicate investors are still quick to take profits or pare exposure when market sentiment deteriorates. “The next couple of sessions are the tell,” said Rachael Lucas, an analyst at BTC Markets. “Stabilizing flows point to an event-driven pause. A second week of outflows would be more serious. ”Join the ConversationThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more aboutcookies here. By continuing to use our site, you agree to ourTerms of UseandPrivacy Policy.