Bitcoin (BTC) surged past $61,000 early Tuesday, driven by significant activity in U.S. spot exchange-traded funds (ETFs) holding the asset. Traders are now closely watching the upcoming Jackson Hole symposium, where Federal Reserve Chair Jerome Powell is set to speak.
Bitcoin ETFs See Second-Highest Inflows of the Month
BTC ETFs recorded over $61 million in net inflows, marking the second-highest activity this month. BlackRock’s IBIT led the way with $92 million in inflows, while Bitwise’s BITB saw $25 million in outflows. Japan’s Metaplanet also made headlines by purchasing an additional $3.4 million worth of BTC, bringing its total holdings to 360.368 BTC.
Market Reactions: Major Tokens Follow Bitcoin’s Lead
Following Bitcoin’s rise, major tokens like XRP and BNB Chain’s BNB saw gains of over 7%. Solana’s SOL and Cardano’s ADA also climbed by 4%. However, Toncoin (TON) dropped by 0.8% over the past 24 hours.
Dogecoin (DOGE) jumped 5% after tech entrepreneur Elon Musk posted an AI-generated image referencing the token on X. Historically, DOGE tends to spike whenever Musk mentions it, although these price jumps are usually short-lived.
Meanwhile, PoliFi tokens remained flat as traders seemed to lose interest. The Trump-themed MAGA token fell by 0.3%, with a trading value of $2.5 million. On Polymarket, Kamala Harris leads Donald Trump 50%-49% in the Presidential election betting contract, which has now reached $650 million.
Traders Eye Jackson Hole for Market Catalysts
While the market was relatively quiet on Tuesday, many traders are looking ahead to Friday, when Powell will speak at the Jackson Hole symposium. “
Powell is expected to signal a shift towards lower borrowing costs next month, a move that could boost bullish sentiment. However, some short-term bearish sentiment persists, particularly due to the recent withdrawal of BTC ETF options by both NYSE and NASDAQ.
