The cumulative net inflow of the US spot Bitcoin ETF has exceeded $17 billion
According to Golden Finance, as monitored by Farside Investors, the cumulative net inflow of the US Bitcoin spot ETF has reached $17.08 billion since its launch, setting a new historical high. Specifically: BlackRock's IBIT has accumulated a net inflow of $18.68 billion; Fidelity's FBTC has accumulated a net inflow of $9.62 billion; Grayscale's GBTC has accumulated a net outflow of $18.94 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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