US-listed Bitcoin spot exchange-traded fund (ETF) started the traditionally bullish month October with their best-ever week of investor inflows.
Spot BitcoinBTCETFs have recorded cumulative net assets of $3.24 Billion. positive inflows Over the last week, the amount of money spent by Americans on the average was almost equal to the $3.38 trillion that they had in the week ending November 22, 2024. according SoSoValue provides data.
This is a dramatic improvement from last week’s outflows of $902 millions. Analysts attribute the change to the growing expectation of another US rate cut which 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 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 the technical assistance levels are at or near critical ones.
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In October, the average return on Bitcoin is second best in history. This month, also known as “October”, has been classified by many analysts as one of the most profitable months for Bitcoin. “Uptober” Crypto investors are a growing group.
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 break above $120,000 could 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.
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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.
Although investors are eagerly awaiting the US Jobs Report, its date of publication depends on the duration of the current economic situation. 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% was in November, and about 4% is December. data.
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Source: cointelegraph.com
