Bitcoin Leads with $543M in Inflows Amid Powell’s Jackson Hole Comments

Digital asset investment products attracted $533 million in inflows last week, the biggest in over a month, following Jerome Powell’s hint at the Jackson Hole Symposium that an interest rate cut might occur in September.

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While trading volumes were lower than in recent weeks, these products still totaled $9 billion for the past seven days.

According to CoinShares’ latest edition of Digital Asset Fund Flows Weekly Report, Bitcoin dominated the market, drawing in $543 million in inflows. A major portion of this figure was found to have occurred on Friday after Powell’s dovish remarks, which essentially highlighted Bitcoin’s sensitivity to interest rate expectations.

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Short-Bitcoin ETFs also saw $1.7 million in weekly inflows, as per the European digital asset investment firm’s report.

Several altcoins, too, welcomed inflows during the same period. Litecoin, for one, attracted $0.5 million. XRP and Cardano followed suit with $0.3 million each. Meanwhile, Solana settled with inflows of $0.1 million.

On the other hand, Ethereum experienced $36 million in outflows last week, though new issuers are still seeing inflows. However, the Grayscale Ethereum Trust countered this trend with $118 million in withdrawals.

One month after the spot Ethereum ETF launches, the new ones have attracted $3.1 billion in inflows, which have been offset by $2.5 billion in outflows from the Grayscale Trust.

The majority of inflows were concentrated in the United States, which saw $498 million, while Hong Kong and Switzerland trailed behind with $16 million and $14 million.

Brazil, Canada, and Australia saw inflows of $8 million, $5 million, and $2.5 million, respectively. Germany, however, had minor outflows of $9 million, positioning it as one of the few countries with year-to-date net withdrawals. Sweden’s outflow for the week stood at $1.2 million.

Additionally, inflows into blockchain equities continued for the third straight week, reaching $4.8 million.