**Bitcoin Surges Post-FED Announcement, Leaving Ethereum in the Dust!**
**Author:** Elif Azra Güven
**Date:** 23.09.2024 – 10:03
**Update:** Just now
With Bitcoin holding steady above the $60,000 mark following the Federal Reserve’s decision to lower interest rates by 50 basis points, analysts are optimistic about a potential rise in BTC prices. Over the weekend, Bitcoin’s price remained relatively stable, while Coinshares published its weekly cryptocurrency report.
**FED’s Impact on Bitcoin!**
Coinshares reported a significant inflow of $321 million into cryptocurrency investment products last week, attributing this surge to the Federal Open Market Committee’s (FOMC) interest rate cut. “For the second consecutive week, cryptocurrency investment products have seen inflows totaling $321 million. This uptick is likely a direct result of the FED’s decision to reduce rates by 50 basis points.”
**Ethereum Faces Continued Withdrawals!**
Examining the individual performance of crypto funds, it became clear that Bitcoin was the major beneficiary of investment inflows. Bitcoin attracted $284 million, while Ethereum (ETH) experienced an outflow of $28.5 million. Additionally, the Bitcoin Short fund, which is designed to profit from declines in BTC, saw a withdrawal of $5.1 million.
In terms of other altcoins, Solana (SOL) managed to attract $3.2 million, and Litecoin (LTC) saw a modest inflow of $0.2 million. “Bitcoin captured the spotlight with $284 million in inflows, but the recent market dynamics also led to $5.1 million flowing into Bitcoin Short investment products. Meanwhile, Ethereum is facing its fifth consecutive week of outflows, totaling $29 million last week. This trend is largely due to continued withdrawals from the existing Grayscale Trust and minimal interest in newly launched ETFs. On a brighter note, Solana continues to witness small yet steady weekly inflows, amounting to $3.2 million last week.”
**Regional Fund Flows: A Closer Look**
When analyzing regional investment trends, the United States led with an impressive inflow of $277 million. Switzerland followed with $63.4 million, while Brazil secured third place with $1.4 million. Conversely, Germany saw an outflow of $9.5 million, and Canada experienced a withdrawal of $2.3 million.
*This is not investment advice.
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