US BTC-Spot ETF Market Outflows Influence BTC Price Trends

However, Bloomberg TV Asia Pacific Chief Markets Editor David Ingles shared a chart, predicting a 30% probability of a US recession.

Markets Editor David Ingles of Bloomberg TV Asia Pacific shared a chart on Monday indicating a 30% chance of a US recession.

The differing views underscored the uncertainty about the state of the US economy ahead of the August US Jobs Report.

Despite the contrasting views, speculation about the possibility of multiple 2024 Fed rate cuts also appeared to be boosting BTC demand. Meanwhile, the US BTC-spot ETF market was set to see total net outflows as investors awaited Fed Chair Powell’s speech at the Jackson Hole Economic Symposium on Friday.

The US BTC-spot ETF market is seen exerting a BTC price influence. Monday saw the market heading toward total net outflows. According to data from Farside Investors,

Excluding flow data for the iShares Bitcoin ETF (NYSE:IBIT), the US BTC-spot ETF market saw total net outflows of $30.6 million on Monday.

The US BTC-spot ETF flow trends were seen as BTC price negative on Monday, while market risk sentiment appeared to be contributing to BTC price gains. On Monday, the Nasdaq Composite Index advanced 1.39%, extending its winning streak to eight sessions amid hopes for a September Fed rate cut and a soft US economic landing.

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