The second best week for spot Bitcoin ETFs (exchange-traded funds) listed in the US has begun October, a historically bullish period. This signals renewed investor confidence.
Spot BitcoinBTCETFs have recorded cumulative net assets of $3.24 Billion. positive inflows The week ended November 22, 2024. This week’s total is almost the same as the record set by the previous week of $3.38 Billion. according SoSoValue provides data.
The outflows from the prior week, which totalled $902,000,000, have been significantly reduced. Analysts said that the turn around was due to the expectation of a further US interest rate reduction, which had improved sentiment for risk assets.
The growing expectation of another US interest-rate cut has triggered a “shift in sentiment,” Attracting renewed investor interest in Bitcoin ETFs “bringing four-week inflows to nearly $4 billion,” Iliya Kalchev is a dispatch analyst for digital asset platform Nexo. “At current run-rates, Q4 flows could retire over 100,000 BTC from circulation — more than double new issuance.”
“ETF absorption is accelerating while long-term holder distribution eases, helping BTC build a stronger base,” He said that he was nearing key technical support levels.
Related: Wall Street’s next crypto play may be IPO-ready crypto firms, not altcoins
In October, the average return on Bitcoin is second best in history. This month, also known as “October”, has been the most profitable for Bitcoin. “Uptober” Crypto investors are a growing group.
Bitcoin briefly rose above the $123,996 mark on Friday after this week’s $3.2 Billion, the highest price since Aug. 14, for the first cryptocurrency in history. TradingView The data show.
Bitcoin’s breakthrough above $120,000 might invite a “very quick move” Above and beyond $150,000 all-time high Charles Edwards of Capriole Investments told Cointelegraph in an interview conducted at Token2049, Singapore, that Capriole Investments will be around by the end 2025.
Related: Bitcoin rallies with DeFi as Zcash tops weekly performance: Finance Redefined
Uptober brings analysts hope for new Bitcoin highs
Bitcoin ETFs have now become the new standard in cryptocurrency exchange-traded funds. “clearest sentiment barometer” Kalchev stated that October could be a breakout month for the crypto industry.
“Uptober is showing clear signs of an early-Q4 breakout in the crypto market, powered by ETF inflows, seasonal strength, and dovish macro conditions.”
The momentum of Bitcoin will be determined by several important events that are scheduled for next week. These include the upcoming Jerome Powell speech from the US Federal Reserve, and the publication of minutes following the Federal Open Market Committee meeting.
The delayed US employment report is also anticipated by investors, though its release date will depend on how long the current recession lasts. US government shutdownThis is the first time since 2018 that this has happened.
While investors expect a positive month, October was the second best month historically for Bitcoin.
BTC had an average monthly return of about 20% in October. 46% in Novembre and around 4% around December. data.
Magazine: Hayes tips ‘up only’ for crypto, ETH staking exit queue concerns: Hodler’s Digest, Sept. 14 – 20
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
