had been strong in early August, pushing Bitcoin higher. Spot Bitcoin ETFs saw $230.9 million in inflows just last week. But in the past few days, outflows reached $121.8 million and $141.4 million. Ethereum ETFs saw a similar pattern, with strong buying turning into withdrawals.
Institutional demand for Bitcoin is still quite strong. and Fidelity are continuously buying more Bitcoin, bringing a measure of stability to the market. Grayscale’s GBTC has fallen well behind, holding far less than it did at a previous time. Analysts find that it’s this very strong institutional demand that supports the cryptocurrency whenever it suffers a price drop.
Investors have eyes set upon the Jackson Hole Symposium. Any remarks from Federal Reserve Chair Jerome Powell on rate changes could keep moving. The Crypto Fear & Greed Index shows increasing fear among traders, setting a tone of caution.
The big dip today is another lesson on the volatility of Bitcoin, yet more evidence is presented of the strength of institutional interest. This is seen by analysts as a buying opportunity for those with a long view. Amid short-term volatility, Bitcoin keeps standing tall as the leading crypto.
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