MarketPR
$BTC is in focus as CoinShares fund flow data points to investors repositioning around the Federal Reserve's rate path rather than pulling capital from the market.
Bitcoin's inability to clear $80,000 coincides with markets pricing a rising probability of a September rate hike, returning monetary conditions to the center of the setup.
The distinction CoinShares draws is the one that matters for how you read the tape. Persistent outflows from Bitcoin funds would make a clean bearish case: investors reducing exposure, closing the chapter.
The fund flow picture here does not support that read, according to CoinShares. Capital is moving tactically inside the asset class, calibrated against where the Fed goes next.
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