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[Bitop Review] Powell Prepares The Market For September Rate Cut, Bitcoin Stabilizes at 57K, and Ethereum Remains Above $3,000

2024年07月10日发布

Major US stock indices closed mostly higher yesterday (7/9), hovering near record highs. The Bitcoin spot ETF saw net inflows of $294.9 million on the trading day of 7/8 and another $95 million yesterday. Bitcoin closed above $57,000 yesterday, and is currently trading at $57,763, up 2.01% in the past 24 hours. Ethereum remains above $3,000, currently trading at $3,058, up 0.81% in the past 24 hours.

Peter: Maintaining high interest rates for a long time may jeopardize economic growth.

According to CNBC, Fed Chairman Powell spoke at a two-day hearing on Capitol Hill, saying that the economy and labor market remain strong despite recent cooling. Powell mentioned that inflation has eased somewhat and said that policymakers are firmly committed to bringing inflation down to the 2% target.


“Reducing policy restraint too late or too little could unduly weaken economic activity and employment.”


These speech have encouraged investor expectations for a rate cut, which is seen as a warm-up for a September rate cut. According to the latest CME data, investor expectations for a September rate cut have risen to 73%. The Fed has repeatedly stated that it needs more confidence that inflation is slowing before it can start cutting rates. The June Consumer Price Index (CPI), due out Thursday, could provide more clues about the path of future rate cuts.


Boomers' "Strong Hands" Drive Bitcoin Spot ETF Inflows

Bitcoin spot ETFs saw net inflows of $294.9 million on the trading day of 7/8, a new high since $488 million on 6/5.


Bloomberg ETF analyst Eric Balchunas said that while Bitcoin has fallen 20% in a month, baby boomers have remained steadfast, keeping their year-to-date net inflows at $15 billion. He said he has been debunking misconceptions about ETF investors for years, such as "dumb money" and "weak hands." But in fact, they have shown "smart money" and "strong hands."


“Can see it over and over in the data, esp in stocks. Obv they are all ages, "Boomers" is just fun label to tag them w/ re btc”


German Government Sells Bitcoin Again

However, the German government, which has been frequently transferring Bitcoin to exchanges, seems to be selling again! According to Arkham data, wallets labeled as the German government transferred Bitcoin again yesterday, 400, 200, and 2,500 BTC to Kraken exchange, an address, and an address that is likely market maker B2C2.

Its Bitcoin holdings have declined from 50,000 on 6/29 to 23,964. 

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.