Crypto investment products see largest inflows in 5 weeks

Cryptocurrency investors have been increasingly purchasing Bitcoin
BTC-related exchange-traded products (ETP) amid concerns over potentially looming interest rate cuts in September.

The crypto investment firm CoinShares reported on Aug. 26 that digital asset investment products saw weekly inflows worth $533 million from Aug. 18 to Aug. 24.

Last week’s purchasing pace of crypto-related ETFs marked the largest inflows in the past five weeks, fueled by anticipation of interest rate cuts in the United States. US Federal Reserve Chair Jerome Powell, on Aug. 21, suggested that the first interest rate cuts could occur in September 2024.

The weekly sales volumes of non-fungible tokens on some of the top blockchains for digital collectibles have turned positive after suffering a series of volume drops in 2024.

On Aug. 26, data from NFT tracker CryptoSlam showed that digital collectibles based on the top 5 blockchains for NFTs had a good week regarding sales. Ethereum, Solana, Polygon and Mythos Chain have seen an increase in volume, with Polygon leading with a 123.20% increase in seven-day sales.

Meanwhile, Ethereum followed with a 32.79% increase, while Solana showed a 12.13% in weekly sales.

Buying Bitcoin Now Is Like Getting It Below $10,000 In 2019: Experts

Bitcoin is weaving through a consolidation phase since marking a new all-time high of $73,777 in mid-March. Since then, Bitcoin’s daily closing prices have exhibited significant restraint, never sealing above $71,500 and maintaining a floor above $54,000, though it has seen a major intraday low touching $49,000. This consolidation phase has nudged the Fear and Greed Index towards a cautious “fear” score of 30, revealing an atmosphere of apprehension amongst traders who find themselves frequently whipsawed by the volatile market dynamics.

Is $60,000 The New $10,000 For Bitcoin Price?
Despite the prevailing market nerves, some market experts believe that this is a potential buying opportunity, reminiscent of similar market conditions seen in 2019. Bloomberg ETF expert James Seyffart remarked via X: “Bitcoin right now around $50k-$70k over the last 6 months kinda sorta reminds of BTC trading around $7k – $10k from mid 2019 through early to mid 2020.”

Ethereum price declined heavily and traded below $2,550. ETH could start another increase if it stays above the $2,400 support zone.

Ethereum started a major decline below the $2,650 and $2,550 levels.
The price is trading below $2,550 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2,575 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a recovery wave if it stays above the $2,400 level.

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Binance previously announced that it has completed the Frontier (FRONT) token swap and rebranding to Self Chain (SLF). The community criticized that the total token supply increased from 90 million to 360 million, and 1 FRONT = 1 SLF was still retained. The value held by users was diluted by 75% relative to the total supply. — link

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