As of the time of writing, the latest price of Bitcoin is $64,146, reaching a high of $64,570, the highest level since August 2nd.

$Ethereum (ETH.CC)$ It then broke through the $2,700 mark and briefly approached $2,800.

Bitcoin surged, and demand from US investors soared.

On August 24th, Julio Moreno, Director of Research at Crypto Quant, stated on social media that due to indications from the Federal Reserve of an upcoming interest rate cut cycle, demand for Bitcoin from US investors has significantly increased today. The Bitcoin premium index on Coinbase reached its highest point in 39 days. Specifically, this index reflects the price difference of Bitcoin between Coinbase Exchange and Binance Exchange, serving as an indicator of US investor demand.

In general, an increase in the premium index indicates increased buying pressure in the US market, while a negative value may imply increased selling pressure. For example, before the "Crypto Black Monday" on August 5th, this index fell below -0.10, when the price of Bitcoin dropped below $5,000,000.

This surge in demand occurred after Federal Reserve Chairman Jerome Powell announced at the Jackson Hole Symposium that there would be adjustments to the interest rate policy. As of the time of writing, the latest price of Bitcoin is $64,146, reaching a high of $64,570, the highest level since August 2nd.

Just a few hours before Powell's speech, the price of Bitcoin was still hovering around $0.06 million, and some analysts had previously stated that the mining cost of Bitcoin miners was as high as $72,224 per coin, far higher than the current price of Bitcoin, which would put selling pressure on the market. Cryptocurrency analyst Will Clement also mentioned that even though there are still 7 days left in August, the market has always seen the Bitcoin price below $0.06 million as a valuable signal.

Just as investors generally believed that the price of Bitcoin would soon decline, the sudden surge in the price of Bitcoin caused heavy losses for traders who were shorting Bitcoin. Coinglass data shows that in the past 24 hours, the number of liquidated positions on the entire network was nearly 63,000, with a total liquidation amount of $0.175 billion, of which the amount of short liquidation was $0.134 billion. The amount of short liquidation reached a new high since early August.

Spot Bitcoin ETF and Ethereum ETF show divergent performance.

The much-anticipated Ethereum ETF has been trading in the United States for a month now - but investors still seem uninterested.

Nine exchange-traded funds (ETFs) trading on exchanges that hold the second largest cryptocurrency, Ethereum, have seen investor outflows for seven consecutive days since August 15, marking the longest continuous outflow since its listing on July 23. Data from SoSovalue shows that during the same period, exchange-traded funds holding the leading cryptocurrency, Bitcoin, saw daily inflows of funds. The outflow and inflow of funds from both indicate that Bitcoin ETFs are more favored by investors.

The data also shows that on Friday alone, spot Bitcoin exchange-traded funds (ETFs) saw a net inflow of $0.251 billion, reaching a new high since July 16. On the same day, nearly $50 million flowed into BlackRock. $iShares Bitcoin Trust (IBIT.US)$ , Fidelity's $Fidelity Wise Origin Bitcoin Fund (FBTC.US)$ and grayscale's $Grayscale Bitcoin Trust (GBTC.US)$.

Noah Acheson, the author of the CryptoIs Macro Now newsletter, stated, 'Bitcoin is often the gateway cryptocurrency for traditional investors. While diversification is becoming more important and Ethereum may eventually catch up, Bitcoin may continue to perform well at this time.'

Regarding the fragmentation of funds, Stephen Ehrlich, co-founder and CEO of FRNT Financial, said, 'I believe that cryptocurrency ETF investors are mitigating some risks before the Jackson Hole Conference and interest rate adjustments, which is not surprising.'

Editor/Somer