Today, 8 ETFs increased their holdings by 14,934 BTC, while Grayscale reduced its holdings by 2,223 BTC
On February 29th, according to Lookonchain monitoring data, today 8 ETFs increased their holdings by 14,934 BTC (approximately $9.4 billion), while Grayscale only reduced its holdings by 2,223 BTC (approximately $1.398 billion). Specifically: BlackRock increased its holdings by 10,140 BTC (approximately $6.38 billion); Fidelity increased its holdings by 4,066 BTC (approximately $2.559 billion).
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Deutsche Bank: After the three major central banks hiked rates simultaneously, the market may once again underestimate the terminal interest rate
Deutsche Bank points out that as central banks in the US, Europe, and Japan are tightening policy simultaneously, the market may still be underpricing the eventual terminal rates. With oil prices remaining high, inflation may spill over into core inflation and wages. Moreover, financial conditions have not tightened in tandem, which could weaken the effect of rate hikes. Citing the experience of 2022, Deutsche Bank notes that the market then expected a total of around 200 basis points of Fed rate hikes in the first year, but the final figure exceeded 400 basis points, illustrating that the market often underestimates the terminal rate.
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