Consumer Confidence Falls as Stocks Reach New Heights, Bitcoin Records $390 Million Outflow

As consumer confidence in the U.S. declines to historic lows, stock markets are reaching new peaks. According to Glassnode, despite weakening consumer expectations, investors are reducing cash positions and shifting towards stocks, AI-focused assets, and commodities. However, Bitcoin is unable to benefit from this capital movement. Data released on August 17 indicates that U.S. spot Bitcoin ETFs recorded a total net outflow of $390 million in the week ending August 14. The largest outflow occurred in Fidelity's FBTC fund, amounting to $153 million. Goldman Sachs noted that expectations for further Fed interest rate hikes remain overly hawkish in an environment where inflation is slowing in the U.S. Chief Economist Jan Hatzius expressed that the likelihood of a rate hike in the September meeting is 'very low.' Expectations for a new rate hike have also diminished, with the anticipated 0.25-point increase in December now pushed to January 2027.

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