Led by the rebound of technology giants from deep declines, the three major U.S. stock indexes rose on Friday, but the S&P 500 and Nasdaq still closed in the black on their weekly lines. Bitcoin rebounded to around 68K, and Ethereum barely remained flat under the selling pressure of Grayscale ETHE, falling more than 7% in a week.
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ToggleInflation data moderate
According to CNBC , the U.S. Department of Commerce's personal consumption expenditures (PCE) price index in June rose slightly by 0.1% as expected after remaining flat in May, highlighting an improvement in the inflationary environment and the possibility that the Federal Reserve will start cutting interest rates in September.
The PCE price index rose 2.5% year-on-year after rising 2.6% in May, also in line with the forecast of economists polled by Reuters. The Fed closely tracks monetary policy's PCE price indicator, and the subsidence in inflationary pressures may help officials meeting next week to increase confidence that inflation is moving towards the Fed's 2% target.
Led by the rebound of technology giants from deep declines, the three major U.S. stock indexes rose on Friday, but the S&P 500 and Nasdaq still closed in the black on their weekly lines.
Bitcoin rebounds, Bitcoin conference attracts attention on Saturday
Republican presidential candidate Trump will attend and deliver a speech at the Bitcoin Conference (BTC 2024) on Saturday. Many Bitcoin enthusiasts speculate that Trump will soon recognize "Bitcoin as a reserve asset" at the conference. Crypto-friendly Congressman Cynthia Lummis, who will also be attending, has even reported that she will introduce legislation on "Bitcoin being listed as a U.S. reserve asset."
Bitcoin has been rising from the low of 63,456 on 7/25, and was hovering around 68K at the time of writing, up 1.5% in 24 hours.
According to statistics from SoSoValue, the Bitcoin spot ETF showed a net inflow of US$51.66 million on July 26.
The trend of Ethereum is flat, Grayscale ETHE still has an outflow of US$360 million
Affected by the continued outflow of Grayscale ETHE funds, the trend of Ethereum is relatively weak. According to statistics from SoSoValue, the Ethereum spot ETF showed a net outflow of US$163 million on 7/26, and a cumulative outflow of US$340 million since its listing.
However, the asset size of the nine Ethereum spot ETFs has reached US$9.24 billion, accounting for 2.36% of the total market value of Ethereum.
(Understand why ETHE is under heavy selling pressure: Ethereum has plummeted, why is ETHE eager to sell?)
