Asia Morning Briefing: Bitcoin Trades at $109K as U.S. ETF Demand Fades

Bitcoin is trading around $109,800 as traders react to comments from Fed Chair Jerome Powell, which have cooled demand for BTC ETFs and other risk assets. U.S. investor interest in crypto has dwindled, with spot bitcoin ETFs experiencing significant outflows and institutional traders taking profits. Solana's price dropped 8% despite the launch of U.S. spot ETFs, erasing its year-over-year gains. According to CryptoQuant, the seven-day average outflow of spot bitcoin ETFs was 281 BTC, indicating one of the weakest demand levels since April. Transfer volumes from long-term holders to exchanges have surged, suggesting seasoned investors are cashing out amidst weakening demand. Solana saw inflows from newly launched ETFs, yet its token's value declined significantly due to overall negative sentiment in the market. Traders are now waiting to see how Powell's comments will impact future interest rates and how that might affect crypto market dynamics.

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