BlackRock and Grayscale's Bitcoin ETFs now hold almost 3% of circulating supply

BlackRock and Grayscale's U.S. spot Bitcoin ETFs now hold almost 3% of Bitcoin's circulating supply, with inflows totaling $202.6 million yesterday and $543 million last week. The majority of last week's inflows came on Friday, following Federal Reserve Chair Jerome Powell's hints of an interest rate cut. CoinShares analyst James Butterfill noted that "Bitcoin's sensitivity to interest rate expectations" was a driving factor in the inflows. The price of Bitcoin surged to over $64,000 on Powell's remarks, but has since cooled to around $62,300.