Bitcoin and Ethereum pulled back on Thursday and could continue to see downside risks ahead of the Fed’s Jackson Hole Symposium. This comes as Bitcoin and Ethereum ETFs saw USD 315.9 million and USD 240.2 million of outflows on Wednesday. Both cryptocurrencies are seeing a fourth day in a row of outflows as appetite for risk recedes. Market sentiment could remain cautious as traders await Fed Chairman Jerome Powell’s speech at Jackson Hole, which could influence interest rate expectations and overall risk-taking in the crypto market.
However, the growing trend of digital asset treasury companies could continue to provide support to the market, alleviate declines, and help boost rebounds. In this regard, Hong Kong-based Ming Shing Group is shifting from construction into crypto, acquiring USD 483 million of Bitcoin (4,250 BTC). The move could influence other participants in the region, supporting Bitcoin as corporate adoption expands beyond tech.
Meanwhile, the Federal Reserve’s shifting approach to crypto, from cautious oversight to pragmatic integration of digital assets into mainstream banking, could redefine the crypto landscape. Combined with the GENIUS Act and the SEC’s Project Crypto, friendlier regulation could raise institutional confidence in the asset class.
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