Bitcoin conference underway, BTC nearing 68K, continuous outflow of ETH, Ether relatively weak

On Friday, led by a rebound in tech giants, the three major U.S. stock indexes rose, but the S&P 500 and Nasdaq still closed the week in the red. Bitcoin rebounded to around 68K, while Ethereum struggled to stay flat under selling pressure from Grayscale ETHE, with a cumulative drop of over 7% for the week.

Moderate Inflation Data

According to CNBC, the U.S. Commerce Department reported that the Personal Consumption Expenditures (PCE) Price Index for June rose slightly by 0.1% as expected, following a flat reading in May, highlighting an improved inflation environment and the possibility of the Federal Reserve starting to cut interest rates in September.

Following a 2.6% increase in May, the PCE Price Index rose 2.5% year-on-year, in line with economists' forecasts surveyed by Reuters. The Federal Reserve closely monitors the PCE Price Index as part of its monetary policy considerations, and the easing inflation pressure could boost confidence among officials meeting next week, believing that inflation is moving towards the Fed's 2% target.

Boosted by a rebound in tech giants, the three major U.S. stock indices rose on Friday, but the S&P 500 and Nasdaq still ended the week in negative territory.

Bitcoin Rebounds, Bitcoin Summit on Saturday Draws Attention

Republican presidential candidate Donald Trump is set to attend the Bitcoin conference BTC 2024 on Saturday and deliver a speech. Many Bitcoin enthusiasts speculate that Trump may officially recognize Bitcoin as a "reserve asset" during the conference. Additionally, crypto-friendly Senator Cynthia Lummis, who will also be in attendance, is rumored to be working on legislation to designate Bitcoin as a "reserve asset" in the U.S.

Saturday marks a crucial day for Bitcoin! Will Trump inadvertently declare Bitcoin as a reserve asset during the Bitcoin conference?

Major development ahead? Crypto-friendly Senator Cynthia Lummis rumored to push for U.S. Bitcoin reserve legislation

Bitcoin has been on the rise since its low point on 7/25 at 63,456 and was hovering around 68K at the time of publication, marking a 1.5% increase in the past 24 hours.

According to SoSoValue, Bitcoin spot ETFs saw a net inflow of $51.66 million on 7/26.

Ethereum Stable, Grayscale ETHE Still Sees Outflow of $360 Million

Due to the continuous outflow of funds from Grayscale ETHE, Ethereum has shown relative weakness. According to SoSoValue, Ethereum spot ETFs saw a net outflow of $163 million on 7/26, totaling $340 million in outflows since listing.

However, the nine Ethereum spot ETFs have accumulated a total asset size of $9.24 billion, accounting for 2.36% of Ethereum's total market value.

Understand the reasons for the heavy selling pressure on ETHE: Why is ETHE eager to sell as Ethereum plunges?