The Bitcoin price increased 8% amid BTC investment products seeing $543 million in inflows last week.
Cryptocurrency investors have been increasingly purchasing Bitcoin (BTC)-related exchange-traded products (ETP) amid concerns over potentially looming interest rate cuts in September.
The crypto investment firm CoinShares reported on Aug. 26 that digital asset investment products saw weekly inflows worth $533 million from Aug. 18 to Aug. 24.
Last week’s purchasing pace of crypto-related ETFs marked the largest inflows in the past five weeks, fueled by anticipation of interest rate cuts in the United States. US Federal Reserve Chair Jerome Powell, on Aug. 21, suggested that the first interest rate cuts could occur in September 2024.
