According to SoSoValue data, the U.S.-listed spot Bitcoin (BTC) exchange-traded fund (ETF) experienced its second-largest weekly inflow of funds since its launch in October, a historically bullish month, indicating a rebound in investor confidence.
In the past week, the net inflow for the spot Bitcoin ETF reached $3.24 billion, nearly matching the record of $3.38 billion set during the week of November 22, 2024. This marks a significant rebound compared to the $902 million outflow from the previous week. Analysts attribute this shift to rising expectations of a potential rate cut by the U.S., which has improved sentiment towards risk assets.
Iliya Kalchev, an analyst at digital asset platform Nexo, stated in an interview with Cointelegraph: “Expectations of a U.S. rate cut have triggered a 'sentiment shift,' attracting investors back to Bitcoin ETFs, bringing the cumulative inflow over four weeks close to $4 billion. At the current inflow rate, the fourth quarter could see a repurchase of over 100,000 Bitcoins, more than double the new issuance.”
He added, “The accelerated absorption of ETFs, coupled with a slowdown in distribution by long-term holders, helps Bitcoin establish a more solid bottom near key technical support levels.”
Ongoing ETF inflows could provide significant momentum for Bitcoin in October, which ranks second in historical average returns for Bitcoin, often referred to by crypto investors as "Uptober."
Data from TradingView shows that this week's $3.2 billion inflow briefly pushed Bitcoin's price to $123,996, marking a new high in over six weeks since August 14.
Charles Edwards, founder of Capriole Investments, stated in an interview with Cointelegraph at the Token2049 conference in Singapore that after Bitcoin breaks $120,000, it could "quickly surge" to the historical high of $150,000 by the end of 2025.
Nexo analyst Kalchev pointed out that the Bitcoin ETF has now become the "clearest sentiment barometer" in the crypto industry, indicating that October may see a breakout.
“‘Uptober’ shows clear signs of a breakout in the early fourth quarter of the crypto market, thanks to ETF inflows, seasonal strength, and a dovish macro environment.”
However, Bitcoin's momentum will also depend on several key events next week, including an upcoming speech by Federal Reserve Chairman Jerome Powell and the release of the Federal Open Market Committee (FOMC) meeting minutes.
Investors are also focused on the delayed release of the U.S. employment report, but the specific release date depends on the duration of the current U.S. government shutdown, the first since 2018.
Meanwhile, investors expect Bitcoin to maintain strong momentum in October, as historically, October is the second-best month for Bitcoin performance.
According to CoinGlass data, Bitcoin's average monthly return rates are approximately: 20% in October, 46% in November, and about 4% in December.
Related: Before bankruptcy, FTX was managed by a new CEO, with Bankman-Fried admitting it was his biggest mistake.
Original article: “Bitcoin ETF Boosts ‘Uptober,’ Weekly Inflow of $3.2 Billion Sets Second-Highest Record”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
