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 BitcoinBTCInvesting in ETFs generated a cumulative net worth 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 data.
This is a dramatic improvement from last week’s outflows of $902 millions. Analysts attribute the change to 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,” Added he, “near key technical support levels”.
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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” 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 The data show.
Bitcoin’s break above $120,000 could invite a “very quick move” Above and beyond $150,000 all-time high Charles Edwards from Capriole Investments said in an interview with Cointelegraph at Token2049 Singapore that Capriole Investments’ founder Charles Edwards believes the company will reach its goal by 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.”
Bitcoin’s growth will also be influenced by the Federal Open Market Committee’s (FOMC’s) minutes and Jerome Powell, the US Federal Reserve’s Chair.
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 shutdownThe first instance of this kind since 2018.
While investors expect a positive month, October was the second best month historically for Bitcoin.
According to CoinGlass, BTC returned an average of 20% per month in October, around 46% in Novembre and around 4% for December. data.
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Source: cointelegraph.com
