Bitcoin gained 5% on September 3rd following comments from Fed Governor Christopher Waller, who indicated he would be inclined to keep interest rates unchanged at the September meeting. This announcement reduced the odds of a rate hike from 57% to approximately 50%, according to the CME FedWatch Tool. On the same day, $730.8 million in net flows entered spot Bitcoin ETFs. Fed Chair Kevin Warsh’s previous hawkish speech at Jackson Hole had pushed Bitcoin down to $77,000 and raised rate hike odds to 57%. In 2022, the Fed raised interest rates from 0.25% to 4.50% to combat inflation, draining capital from the crypto sector.
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