US-listed Bitcoin spot exchange-traded fund (ETFs), which are listed on the US stock market, began October’s historically bullish months with their best-ever week of investor inflows.
Spot BitcoinBTCETFs reported cumulative net worth 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 data.
The outflows from the prior week, which totalled $902,000,000, have been significantly reduced. Analysts attribute the change to expectations that another US rate cut will occur, which have improved sentiment towards 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 told Cointelegraph that he is the dispatch analyst of 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 added that the key levels of technical support are near.
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The continued inflows of ETFs could provide significant tailwinds to Bitcoin, as October is often called the “second-best” month in terms average historical returns for Bitcoin. “Uptober” By crypto investors
The $3.2 billion in Bitcoin transactions this week briefly lifted the price of Bitcoin to $123,996 at one point on Friday. This was a six-week old high, last seen back on August 14. TradingView Data shows
Bitcoin’s breakthrough above $120,000 might invite a “very quick move” Above the line $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.
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Analysts expect Bitcoin to reach new highs in Uptober
Bitcoin ETFs have now become the new standard in cryptocurrency exchange-traded funds. “clearest sentiment barometer” Kalchev believes that the industry of cryptocurrency is poised for a possible breakout in October.
“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.
Investors are anticipating a good month for Bitcoin, since October has historically been the best month when it comes to Bitcoin performance.
BTC had an average monthly return of about 20% in October. 46% was in November, and around 4% is December. data.
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Source: cointelegraph.com
