Cryptocurrency Price Movements Today: Bitcoin Hovers Around $57K Amid Spot ETF Inflows

Bitcoin's (BTC) value is holding dependable astir $57,000 Tuesday, possibly arsenic robust spot bitcoin exchange-traded funds' (ETFs') inflows offset value weakness from ample investors trading nan crypto asset.

Despite more grounds highs for nan S&P 500 and Nasdaq connected Monday, bitcoin is simply a agelong measurement from nan all-time precocious it group successful March, though it has gained astir 6.5% from past week's low.

Spot Bitcoin ETF Inflows Steady Price Weakness

Spot bitcoin ETFs posted nett inflows of almost $295 cardinal Monday. That whitethorn not look for illustration a ample magnitude but it's important because that's much than nan mixed nett inflows for these products complete nan past 2 weeks, according to information from Farside Investors.

BlackRock's iShares Bitcoin Trust (IBIT) was nan biggest gainer connected flows Monday, netting $187 million, followed by Fidelity's Fidelity Wise Origin Bitcoin Fund (FBTC), which received astir $62 cardinal successful inflows.

Inflows into nan caller spot bitcoin ETFs person been credited pinch creating a request for bitcoin since they first began trading successful January, which successful turn fueled a monolithic rally successful bitcoin prices to all-time highs of much than $73,000 successful March.

Similarly, Monday's inflows whitethorn person helped offset immoderate of nan value weakness successful bitcoin attributed to trading pressures from ample investors.

Germany Continues To Sell Bitcoin

Germany has continued trading bitcoin that was previously seized from an online piracy website. According to Arkham Intelligence, nan European Union personnel sent $362.12 cardinal worthy of bitcoin to various exchanges and brokers during a three-hour play connected Tuesday, including $184.58 cardinal sent wrong a 20-minute window.

That said, it should beryllium remembered that not each blockchain-based transfers by nan German government's bitcoin addresses are needfully sales, arsenic these are simply transfers to various crypto off-ramps.

In fact, nan German authorities has received bitcoin backmost from aggregate exchanges complete nan past 24 hours. That's apt because nan bitcoin couldn't beryllium sold astatine prices desired by that government,The Block reported Monday. Germany still has astir $1.31 cardinal worthy of bitcoin near to sell, according to Arkham Intelligence.

Bitcoin Investors Looking astatine Powell, Fed

Bitcoin and different marketplace analysts will beryllium watching Federal Reserve Chairman Jerome Powell's grounds during nan Semiannual Monetary Policy Report to nan Congress connected Tuesday and Wednesday, arsenic some are hoping for signs that liking rates could beryllium lowered earlier nan extremity of nan year, which could beryllium a boon for each markets.

Higher rates person pushed up Treasury yields, making them much charismatic than riskier investments specified arsenic cryptocurrencies. That could change, erstwhile nan Fed lowers its benchmark complaint and liking rates statesman falling.

Currently, nan CME FedWatch tool indicates that markets almost unanimously expect rates to stay nan aforesaid for nan Fed gathering coming up later this month; however, location is astir a 73% chance for a complaint trim forecast for September.