Bitcoin (CRYPTO: BTC) climbed back above $61,000 on Thursday, even as ETF outflows since May 6 tally $8.5 billion—a level analytics firm Santiment says historically signals capitulation.
Warsh’s Softer Tone Gave Bitcoin Its Strongest Session In Over A Week
Bitcoin had been pinned below $60,000 for days and touched as low as $58,200 earlier this week before Fed Chairman Warsh’s comments at the ECB’s forum in Sintra, Portugal, shifted the mood.
His remarks that inflation risks had come down marked his first notably softer tone since a hawkish June rate outlook triggered weeks of ETF outflows that sent Bitcoin sliding through the entire quarter.
What made Thursday’s move stand out was the backdrop it came against. South Korea’s Kospi fell 7.9% after Samsung Electronics and SK Hynix shed a combined $290 billion in market value on AI chip demand worries.
