
Bitcoin Price Stability Predicted for the Rest of the Week
As we head into the rest of the week, Polymarket bettors are forecasting some price stability for Bitcoin (BTC). The Asian trading day saw Bitcoin trading above $61,000, with traders eagerly awaiting Jerome Powell’s remarks at the end of the week to gauge where prices may go.
Bitcoin ETFs Record Second-Highest Inflow Activity this Month
Bitcoin (BTC) moved past $61,000 early Tuesday as U.S.-spot exchange-traded funds (ETFs) holding the asset recorded their second-highest inflow activity this month. According to data from SoSoValue, Bitcoin ETFs recorded over $61 million in net inflows, the highest since $192 million on August 8.
- BlackRock’s IBIT Leads Inflows: BlackRock’s IBIT led inflows at $92 million.
- Bitwise’s BITB Records Outflows: Bitwise’s BITB recorded outflows at $25 million.
- Japan’s Metaplanet Completes Another BTC Purchase: Japan’s Metaplanet announced that it had completed another BTC purchase worth $3.4 million (500 million Japanese yen), bringing its total holdings of bitcoin to 360.368 BTC.
Other Major Tokens Follow Suit
Major tokens followed suite, with:
- XRP and BNB Chain’s BNB Jump Over 7%: XRP and BNB Chain’s BNB jumping over 7%.
- Solana’s SOL and Cardano’s ADA Gain 4%: Solana’s SOL and Cardano’s ADA gaining 4%.
- Toncoin (TON) Declines 0.8% in the Past 24 Hours.
CoinDesk 20 Up 4.25%
The CoinDesk 20 (CD20), a measure of the performance of the largest and most liquid digital assets, is up 4.25%.
Polymarket Bettors Predict Price Stability
Polymarket bettors are predicting some price stability, with the market giving a 66% chance that BTC will remain above $60K by the end of the week.
Dogecoin Jumps Amid Elon Musk’s AI-Generated Image Post
Dogecoin (DOGE) jumped 5% amid technology entrepreneur Elon Musk posting an AI-generated image referring to the token on X. DOGE historically tends to move when Musk posts about the token, but any price spikes are usually short-lived.
PoliFi Tokens Flat Amid Trader Interest Wane
PoliFi tokens were also flat, as traders seemed to have lost interest in them. The Trump-themed MAGA token is down 0.3%, according to CoinGecko data, with trading value of $2.5 million.
Kamala Harris Leads Donald Trump on Polymarket Betting Contract
Meanwhile, on Polymarket, Kamala Harris leads Donald Trump 50%-49% as the Presidential election betting contract nears $650 million.
Market Catalysts Remain Far and Few
As of Tuesday, some traders are expecting market movements nearer to Friday when Federal Reserve chair Jerome Powell is scheduled to speak at the Jackson Hole symposium. "This week’s market expectations are built around the Jackson Hole symposium where Monetary Policy is to be discussed," Abra Prime said in a market note via email.
Horizontal Price Action Expected Before Jackson Hole
"We can expect horizontal price action this week before Jackson Hole, with BTC ranging between $56K – $62K with most volume around $58K – $60K," Abra said. Powell is expected to confirm a pivot to lower borrowing costs next month, per Bloomberg, a step that has historically buoyed bullish sentiment among traders as cheap access to money spurts growth in riskier sectors.
Short-Term Bearish Sentiment Remains
However, short-term bearish sentiment remains among some on the decision to pull back on proposed options for BTC ETFs. "We have seen both NYSE and NASDAQ withdraw their applications to list BTC ETF options over the past 72 hours, adding more headwinds to wider mainstream adoption at least in the short term," Augustine Fan, head of insights at SOFA.org, said in a Telegram message.
TradFi Continues to Be Cautious with ETF
"TradFi continues to be cautious with ETF ETH buying on the lack of clarity over staking legalities," Fan added, referring to ether’s (ETH) underperformance compared to bitcoin in the past week.