Bitcoin inflows rise as macro data threatens rally
Bitcoin gained 2.15% last week but trailed major US indices amid a macro-driven rally that followed a weaker-than-expected July payrolls report, according to Wintermute. US spot Bitcoin ETFs recorded $853.5 million in net inflows over five trading sessions, while Ethereum ETFs added $244.9 million, with over 80% of combined flows going to BlackRock products. Wintermute warned that a hotter-than-expected US CPI or PPI, the Jackson Hole meeting, and cloture on the Clarity Act could test the rally, noting inflows have been met with selling pressure so far. Wells Fargo plans tokenized deposits this fall, and Bitcoin traded near $63,514.
US spot Bitcoin ETFs recorded $853.5 million in net inflows last week.
Context
Risk assets rallied after weak July payrolls. ETF inflows rebounded last week. US inflation prints, Jackson Hole, and Clarity Act cloture could change flows next.
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