BlackRocks Bitcoin ETF records largest inflows since July

Hopes of interest rate cuts in the US are causing new inflows into the Bitcoin ETFs. BlackRocks IBIT benefits the most in this regard.

Bitcoin ETFs have been registering inflows for eight days in a row, according to data from Farside Investors. On Aug. 26, a total of $202 million flowed into Bitcoin products.

IBIT, the BlackRocks iShares ETF, recorded the largest inflows since July 22, with $224 million. Back then, IBIT took in just over half a billion US dollars in a single day.

Apart from the massive inflows into the BlackRock ETF, Bitwise, VanEck and Fidelity's Bitcoin products together recorded outflows of $32.1 million.

The ETF data is supplemented by the current report from crypto-asset manager CoinShares. According to this report, $533 million flowed into digital asset ETPs last week - the largest increase in five weeks.

In doing so, Bitcoin-based products recorded the largest net inflows, with $543 million American. Meanwhile, Ethereum products shed $36 million, which CoinShares said is due to continued outflows from the Grayscale Ethereum Trust.

The reason for the recent flow of money is said to be US Federal Reserve Chairman Jerome Powell's remarks at the Jackson Hole Symposium.

Bitcoin registered the largest inflows on Friday after the Fed chairman's speech. In it, he indicated that interest rate cuts could begin in September.

However, the BTC price temporarily fell nearly 2% overnight and at the time of writing stands just below $63,000. This small correction follows a strong weekly rally, with BTC rising from $58,756 to $64,475 on Aug. 25,