Five Things to Know in Crypto This Week: SEC vs. Ripple, US Jobs, and Yen Carry
US BTC-Spot ETF Market Records Weekly Outflows
In the week ending August 9, the US BTC-spot ETF market saw total net outflows of $167.0 million, following outflows of $80.7 million the previous week.
According to Farside Investors:
Grayscale Bitcoin Trust (GBTC) saw net outflows of $391.8 million in the week ending August 9 (previous week: -$245.1 million).
Fidelity Wise Origin Bitcoin Fund (FBTC) had net outflows of $77.1 million (PW: -$192.9).
ARK 21Shares Bitcoin ETF (ARKB) Bitwise Bitcoin ETF (BITB) reported net outflows of $65.1 million and $12.2 million, respectively.
iShares Bitcoin Trust (IBIT) reported net inflows of $219.7 million.
WisdomTree Bitcoin Fund (BTCW) had net inflows of $129.0 million.
Grayscale Bitcoin Mini Trust (BTC) saw net inflows of $47.1 million.
US BTC-spot ETF market outflows partially offset BTC demand stemming from shifting sentiment toward the US labor market. However, oversupply risks lingered, with the Mt. Gox and the US government sitting on sizable BTC stockpiles.
BTC Oversupply Risk
Bitcoin (BTC) was up 3.81% to $60,524 from Monday, August 5 to Saturday, August 10.
On Monday, BTC tumbled by 6.91% on expectations of narrowing interest rate differentials between the US and Japan. The USD/JPY fell to a Monday low of 141.684, on the Yen carry trade unwind.
However, the US jobless claims data countered the effects of the US Jobs Report from Friday, August 2, Fed rate cut bets, supporting a BTC rebound.
This article was originally published by a www.fxempire.com
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