Data: U.S. Bitcoin Spot ETFs Accumulate Net Inflows of $16.897 Billion
According to Farside Investors, the U.S. Bitcoin Spot ETF has seen cumulative net inflows of $16.897 billion since its launch, with a net outflow of $20.012 billion from Grayscale GBTC, a net inflow of $20.917 billion from BlackRock IBIT and a net inflow of $9.424 billion from Fidelity FBTC.
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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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