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The digital asset investment products experienced the largest inflow in five weeks of $533 million with Bitcoin (BTC) seeing an inflow of $543 million, according to a report from Coinshares, an asset manager. 

Among the $533 million inflow, Ethereum was one of the assets that witnessed an outflow of $35.7million. Ranking based on the geo-locations, the US had the highest inflow of $498 million. Meanwhile, Hong Kong and Switzerland recorded a massive inflow of $15.9 million and $13.9 million, respectively. 

In respective to the outflows, Germany and Sweden saw an outflow of $8.9 million and $1.2 million. 

Coinshares claimed that the massive inflow observed was Jerome Powell, the Chair of the Federal Reserve of the US, remarked that the first interest rate cut could occur in September. 

The majority of the inflows noticed from Bitcoin happened after the dovish comments from Powell on Aug. 23. The inflows from Bitcoin suggest that BTC is affected by interest rate expectations. 

On Aug. 23, the US BTC spot exchange-traded funds (ETFs) saw an inflow of $252 million, according to data from SoSoValue. Among the total fund flow, iShares Bitcoin Trust (IBIT) experienced an inflow of $86.83 million. Fidelity Wise Origin Bitcoin Fund (FBTC) saw an inflow of approximately $64 million, while Grayscale Bitcoin Mini Trust (BTC) recorded an inflow of $50.83 million. 

Days after witnessing the inflows, BTC is currently priced at $63,928.17 after experiencing a 9.48% spike over the week, according to the data from CoinMarketCap. The trading volume of BTC is valued at $21.39 billion after experiencing a 9.45% spike.  

Read more: BTC sees $42M inflows as traditional investments decline: CoinShares