Top Highlights

• On May 15, the price of BTC surged from $61,800 to $66,000, and is now trading for over $68,500 for the first time in over a month, per CoinGecko data. Meanwhile, net inflows to Bitcoin investment products globally exceeded $942 million, dwarfing $144 million from the previous week—and reversing four straight weeks of net outflows before that.
• “The inflows were an immediate response to the lower-than-expected CPI report on Wednesday, with the latter three trading days of the week making up 89% of the total flows,” the firm’s Head of Research, James Butterfill, wrote in a Monday blog post.
• “But so far the allocation highlighted by 13F filings only represent 25% of the total holdings,” he continued, explaining that “it is likely we will get much more detail" by the final filing deadline on July 15.
• According to CME FedWatch, markets are 50% confident that the Fed will first lower interest rates by 25 basis points in September.
• In a memo last week, Bitwise CIO Matt Hougan said the filings had him “incredibly bullish” on the ETFs, since those massive asset managers who had already invested would likely allocate more over time.

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