Source; Bloomberg
“Some $600 million was pulled from digital-asset products last week, the most since March, data from CoinShares International Ltd. show. Stubborn inflation has led traders to scale back expectations for Federal Reserve interest-rate cuts this year, posing a challenge for speculative investments such as crypto. Stocks and bonds have delivered better returns than Bitcoin this quarter, a turnaround from the three months through March, when digital assets outperformed traditional markets by a significant degree. … Bitcoin has quadrupled in price since the start of 2023 and scaled a record high of $73,798 in March, helped by demand for dedicated US exchange-traded funds. The rally has cooled of late alongside a moderation in ETF inflows.” (06/18/24)