Jamie Crawley is a CoinDesk news reporter based in London.
The broader digital asset market, as measured by the CoinDesk 20 Index, added just under 0.65%. Traders are looking to the Federal Open Market Committee meeting on Wednesday, when officials are expected to announce their first interest-rate cut in four years. The 30-Day Fed Funds futures prices show traders see a 65% probability of a 50 basis-point cut to the 4.7%-5% range. As recently as Monday, the probability was sitting around 50% and a month ago it was only 25%.
Across the board, U.S.-listed spot bitcoin ETFs saw net inflows of $12.9 million, with a handful of funds' small gains offset by $20.75 million flowing out of Grayscale's GBTC. IBIT is largest of the 12 funds, with assets worth $20.92 billion, but flows have been close to zero since Aug. 26. The three-week period also coincided with BTC falling from over $64,000 to below $55,000.
The chart illustrates the decline in the ETH/BTC price ratio, now at its lowest level since April 2021. It demonstrates the preference investors have toward bitcoin over ether, exemplified by the significant inflows enjoyed by BTC ETFs compared to the outflows experienced by their ETH counterparts.UK Finance, Member Banks See Benefits During Experimental Phase of a Tokenization, CBDC Platformin a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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