Interest rate hike fears curb Bitcoin ETF inflows
Last week, there was an outflow of funds from Bitcoin exchange-traded funds (ETFs) in the United States, highlighting the fragility of the recent cryptocurrency recovery. The funds saw a withdrawal of over $465 million on July 23 and 24, following seven days of inflows, amid concerns over the Federal Reserve's potential interest rate hikes. Nonetheless, Bitcoin rose above $65,000 on Monday due to improvements in oil prices and easing tensions in the Middle East. However, its price declined afterward as inflation increased and oil prices rose once again, with investors taking profits and market confidence remaining weak. Weekly inflows into Bitcoin funds totaled around $33.8 million despite some institutional investors resuming their investments. This situation reflects ongoing anticipation regarding U.S. legislation and the implementation of the "Clarity" law, and their potential impacts on the cryptocurrency market.
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