Bitcoin (BTC) vaulted past the $61,000 threshold early Tuesday, buoyed by significant inflows into U.S. spot exchange-traded funds (ETFs) that hold the cryptocurrency. These funds recorded their second-highest inflow activity for the month, signaling robust investor interest.

Data from SoSoValue reveals that Bitcoin ETFs attracted over $61 million in net inflows, marking the highest level since the $192 million surge on August 8. Notably, BlackRock’s IBIT spearheaded this influx with $92 million, while Bitwise’s BITB experienced outflows amounting to $25 million.

In a parallel development, Japan’s Metaplanet disclosed its acquisition of an additional $3.4 million worth of Bitcoin (500 million Japanese yen), augmenting its total Bitcoin holdings to 360.368 BTC.

Following Bitcoin’s upward momentum, major digital assets mirrored the trend. XRP and BNB Chain’s BNB saw gains exceeding 7%, while Solana’s SOL and Cardano’s ADA advanced by 4%. In contrast, Toncoin (TON) slightly dipped by 0.8% over the past 24 hours. The CoinDesk 20 (CD20), an index measuring the performance of the largest and most liquid digital assets, climbed by 4.25%.

Market sentiment among Polymarket bettors leans towards stability, with a 66% probability that BTC will maintain its position above $60,000 by the week’s end.

Also, read – Bitcoin Hoarding Intensifies: 75% of All BTC Unmoved for Over Six Months

Dogecoin (DOGE) also witnessed a 5% rise, spurred by technology entrepreneur Elon Musk’s post of an AI-generated image referencing the token on X. Historically, DOGE tends to react to Musk’s mentions, though such price surges are often ephemeral.

Meanwhile, interest in PoliFi tokens remains lukewarm. The Trump-themed MAGA token slipped by 0.3%, with a trading volume of $2.5 million, according to CoinGecko. On Polymarket, Kamala Harris holds a narrow lead over Donald Trump, 50% to 49%, as the Presidential election betting contract approaches $650 million.

As Tuesday unfolds, the market appears to lack significant catalysts, with traders eyeing potential movements closer to Friday when Federal Reserve Chair Jerome Powell is scheduled to address the Jackson Hole symposium.

“This week’s market narrative centers around the Jackson Hole symposium, where Monetary Policy will be in focus,” noted Abra Prime in a market commentary shared via email. “The spotlight is on BTC ETFs and their interplay with the stock market. We anticipate sideways price action leading up to Jackson Hole, with BTC fluctuating between $56K and $62K, with most volume concentrated around $58K to $60K.”

Powell is expected to announce a shift towards lower borrowing costs next month, as reported by Bloomberg, a move that has historically bolstered bullish sentiment among traders, given the stimulus it provides to riskier assets. However, short-term bearish sentiment persists, partly due to recent withdrawals of BTC ETF options listings by both NYSE and NASDAQ, which has introduced additional obstacles to broader mainstream adoption, at least in the near term.

“We’ve observed both NYSE and NASDAQ retract their applications for BTC ETF options within the past 72 hours, which adds to the headwinds facing broader mainstream adoption, at least in the immediate term,” remarked Augustine Fan, head of insights at SOFA.org, in a Telegram message. “Traditional finance remains cautious with ETH ETF buying due to ongoing uncertainties surrounding staking regulations,” Fan added, alluding to ether’s (ETH) recent underperformance relative to Bitcoin.