Not even $1.1 billion was able to beat the U.S. stock market—how thick is this selling pressure?
In Wintermute’s latest weekly report, it mentioned a set of really interesting data. Last week, the combined net inflow into U.S. spot Bitcoin and Ethereum ETFs was about $1.1 billion, marking the best single week for Bitcoin ETFs in nearly four months.
The catalyst was that U.S. nonfarm payrolls for July came in unexpectedly lower by nearly 23,000 jobs. The market immediately scaled back expectations for rate hikes, and risk assets rebounded across the board.
The money really did come back.
But strangely, in this rebound, Bitcoin just didn’t manage to keep up with the pace of the U.S. stocks.
In Wintermute’s latest weekly report, it mentioned a set of really interesting data. Last week, the combined net inflow into U.S. spot Bitcoin and Ethereum ETFs was about $1.1 billion, marking the best single week for Bitcoin ETFs in nearly four months.
The catalyst was that U.S. nonfarm payrolls for July came in unexpectedly lower by nearly 23,000 jobs. The market immediately scaled back expectations for rate hikes, and risk assets rebounded across the board.
The money really did come back.
But strangely, in this rebound, Bitcoin just didn’t manage to keep up with the pace of the U.S. stocks.