US Spot Bitcoin ETFs Register Second-Highest Weekly Inflows
US-listed spot Bitcoin exchange-traded funds (ETFs) have begun October with a notable surge in investor demand. These ETFs recorded $3.24 billion in net inflows during the first week of the month, nearly matching the record $3.38 billion set in late November 2024, according to data from SoSoValue.
Inflows Rebound Amid Improved Market Sentiment
The $3.24 billion in ETF inflows marks a sharp reversal from the previous week, which saw outflows totaling $902 million. Analysts attribute this renewed interest to growing expectations of a US interest rate cut, which has boosted investor appetite for risk assets like Bitcoin. Iliya Kalchev, dispatch analyst at Nexo, noted that sustained inflows have pushed four-week totals to nearly $4 billion. At current inflow rates, projections suggest that ETF demand in Q4 could remove over 100,000 BTC from circulation, outpacing new Bitcoin issuance.
- Spot Bitcoin ETFs see second-best week for inflows since launch.
- Net inflows total $3.24 billion for the first week of October.
- Renewed optimism linked to potential US interest rate adjustments.
Bitcoin Price Rallies, Approaching Key Levels
The surge in ETF inflows contributed to Bitcoin's price climbing above $123,996 on Friday, reaching a six-week high last seen in mid-August, according to market data. Market observers suggest further gains could follow if positive sentiment persists, with some describing ETFs as an effective indicator of investor appetite in the current market environment.
October Remains a Historically Strong Month for Bitcoin
October is typically one of Bitcoin's best-performing months, averaging returns of around 20% according to CoinGlass. November historically sees even higher average returns at 46%. Investors are now watching for key economic updates in the coming week, including public remarks from the Federal Reserve and the release of FOMC meeting minutes. The timing of the delayed US jobs report remains uncertain, adding another variable to the market outlook.
Continued strong ETF inflows, along with positive historical performance data for October, are supporting expectations of further Bitcoin price gains in the coming weeks.
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