Fun

‘Sustained’ Bitcoin ETF inflows may ‘buoy’ price despite slowing spot buying

News Feed - 2024-09-25 08:09:32

Ciaran Lyons6 hours ago‘Sustained’ Bitcoin ETF inflows may ‘buoy’ price despite slowing spot buyingA more “sustained” run of spot Bitcoin ETF inflows may counteract Bitcoin “spot market buying slowing,” says Bitfinex analysts.2777 Total views17 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onA multiday streak of spot Bitcoin exchange-traded fund (ETF) inflows is starting to form, which may prop up BTC price even with fading spot buyer demand, according to Bitfinex analysts.


“Sustained ETF inflows could buoy the BTC price,” Bitfinex analysts opined in a Sept. 23 report as a “significant counter-argument” to their prediction of short-term price consolidation due to the decline in Bitcoin (BTC) purchases on crypto exchanges.


“With Bitcoin spot market buying slowing, evidenced by spot Cumulative Volume Delta flattening when the price reached $63,500, we foresee BTC moving in a range in the near term,” the analysts explained.Spot Bitcoin ETFs form positive streak in bearish month


On Sept. 24, spot Bitcoin ETFs saw total cumulative inflows of $136 million, marking a four-day streak of positive inflows, according to Farside data. This comes during a month often viewed as bearish for Bitcoin traders.Spot Bitcoin ETFs have seen a total of $17.84 billion inflows since its launch in January. Source: Farside


CoinGlass data shows that September is the worst month for Bitcoin, with the asset posting an average monthly loss of 4.49% over the last 11 years.


At the time of publication, Bitcoin’s price is up approximately 6.26% since Sept. 18, trading at $63,713, according to TradingView data.Bitcoin is up 6.26% over the past seven days. Source: TradingView


Meanwhile, Bitcoin’s dominance — representing its share of the total crypto market cap — has dipped 1.35% since Sept. 18, now clocking 57.62%, according to TradingView data.


Bitfinex analysts suggested that Bitcoin could see “further upside” if ETF inflows remain positive while “traditional finance markets like the S&P 500 continue to rally.”Price consolidation is likely without an increase in spot demand


However, if spot buyer demand doesn’t return, the “most likely scenario” is Bitcoin’s price will consolidate or see a “partial correction” without “sustained spot buying.”


Related:BlackRock Bitcoin ETF demands 12-hour BTC withdrawals from Coinbase


There is a general consensus in the industry that the November United States presidential election will play a crucial role in determining Bitcoin’s future price direction.


However, some industry leaders expect Bitcoin to reach six figures within the next twelve months, regardless of the outcome.


On Sept. 20, Cointelegraph reported that Geoff Kendrick, global head of digital assets research at Standard Chartered, a cross-border bank, believes Bitcoin will likely reach $200,000 by the end of 2025 regardless of who wins the 2024 United States presidential election.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# Markets# ETFAdd reaction

News Feed

Pre-Brexit, Koine Wins E-Money License From UK’s FCA, Now Seeking Luxembourg, UAE, US Permissions
Digital asset custodian Koine Money Ltd. has secured an electronic money license from U.K. regulators, while it prepares for the eventualities of a future Brexit by seeking permissions abroad.
XRP Moves Into Key Range Against Bitcoin As 3 Major Targets Show Up
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
CFTC Follows SEC by Filing a Lawsuit Against Disgraced FTX Co-Founder Sam Bankman-Fried
CFTC Follows SEC by Filing a Lawsuit Against Disgraced FTX Co-Founder Sam Bankman-Fried On Dec. 13, 2022, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit again
Ana Paula Pereira4 hours agoAlphapo hot wallets hacked for over $31 millionThe funds have been reportedly taken on the Ethereum blockchain. The number of Bitcoins stolen remains uncertain.3198 Total views30 Total sharesL
Certified Analyst Says Bitcoin Dominance Could Reverse At 64% – Is It Time For Altcoin Season?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
GAIMIN Releases Platform to Create a Global Data Processing Network With “Supercomputer” Performance
GAIMIN Releases Platform to Create a Global Data Processing Network With “Supercomputer” Performance press release PRESS RELEASE. Manchester, UK, 25 November 2021: GAIMIN releas
Bank of Russia Sets Out to Regulate Digital Asset Taxation, Exchange, Still Opposed to Crypto
Bank of Russia Sets Out to Regulate Digital Asset Taxation, Exchange, Still Opposed to Crypto The Central Bank of Russia supports the development of digital financial assets but re
Biden Administration Expected to Publish Report on Bitcoin Mining and the Industry’s Impact on Climate
Biden Administration Expected to Publish Report on Bitcoin Mining and the Industry"s Impact on Climate According to a new report, U.S. president Joe Biden and his administration ar
Despite Recent Threats From Canadian Officials, ‘Real Crypto’ or Decentralized Assets Cannot Be Frozen
Despite Recent Threats From Canadian Officials, "Real Crypto" or Decentralized Assets Cannot Be Frozen Over the last week, there’s been a lot of discussion about Canada 
Bitcoin just hit a record in open interest — expect imminent volatility
Lucas Kiely5 minutes agoBitcoin just hit a record in open interest — expect imminent volatilityStay calm and avoid getting carried away by the possibly imminent all-time highs for Bitcoin and Ethereum. Open interest ne
Bitcoin rally above $67.5K could spark new record highs, says 10x Research
Zoltan Vardai12 minutes agoBitcoin rally above $67.5K could spark new record highs, says 10x ResearchBitcoin could be on the brink of a rally to new record highs, but it still has one significant resistance to overcome,
Galaxy Digital Terminates $1.2 Billion Bitgo Acquisition Deal, Crypto Firm Still Plans for Nasdaq Listing
Galaxy Digital Terminates $1.2 Billion Bitgo Acquisition Deal, Crypto Firm Still Plans for Nasdaq Listing Galaxy Digital Holdings and the company’s CEO and founder Mike Novo