Bitcoin Retreats from $64K

CoinDesk 20 Index: 2,029.51 +0.74%Bitcoin (BTC): $63,558.29 +0.07%Ether (ETH): $2,6421.07 -0.81%S&P 500: 5,732.93 +0.25%Gold: $2,656.06 -0.08%Nikkei 225: 37,870.26 -0.19%

Bitcoin was trading around $63,600 in European morning hours after retreating from a peak of $64,780 late yesterday.

A week after the Fed’s first rate cut in four years, investors are optimistic the move will have a snowball effect as other central banks follow suit. “It’s clear that the Fed has finally started its rate-cutting cycle and is dispelling concerns,” according to Presto Research. “That means we could see even more from the People’s Bank of China as the Fed continues to cut rates and the negative rate spread narrows.”

Bitcoin ETFs saw inflows of $136 million yesterday, the highest in almost a month.

More importantly, the inflows are equivalent to 2,132 BTC, representing nearly five times the supply that has been wiped out of the market, according to data from HeyApollo. Ether ETFs are seeing $62.5 million in inflows, the third-highest level for ether ETF inflows since their launch. This rebound comes just a day after ether ETFs saw their highest outflows since July. However, ether ETFs remain in the red, having seen $624 million in net outflows since their listings on July 23.

Assetera, an investment and trading firm for blockchain-based financial instruments, will leverage Polygon to power its real world assets (RWAs) platform with a secondary market.

The platform will offer tokenized assets such as securities, funds, and money market instruments. Assetera will leverage the Ethereum scaling network Polygon to secure transactions. Stablecoins will be used for purchasing, clearing, and settlement to ensure the process is fast and efficient.

The chart shows the ratio between the Conference Board’s economic indicators used since 1958. The ratio is hitting a record low in a decline that is a precursor to recessions. Source: Jeff Weniger, WisdomTree