Key facts:
Bitcoin ETFs marked their fourth consecutive day of positive money flows.
There is a lot of optimism for the third quarter, which begins in less than a week.
Bitcoin (BTC) has been trading around $63,000 for the past week, though it has shown some momentum recently. Over the past three days, its price has briefly approached $65,000, showing increased demand strength.
Bitcoin exchange-traded funds (ETFs) in the United States are contributing to this price movement. They completed their fourth consecutive day of capital inflows yesterday, continuing this trend that has prevailed almost all of September, as shown in the chart.
ETF inflows were USD 135 million yesterday, reflecting an increase from the previous days. In the previous three days, inflows were USD 4 million, USD 92 million and USD 158 million, respectively. Thus, broke with the downward trend they were showing.
Bitcoin investment rises ahead of a more liquid autumn
The current run of inflows into ETFs takes place just after the start of autumn in the northern hemispherea season in which markets typically rise. It also occurs as we await the start of the fourth quarter of the year next week, a period with optimistic expectations for bitcoin.
The US interest rate cut last week, the first in more than four years, is increasing liquidity for the markets. As such, with presidential elections scheduled for November, more capital is expected to flow into assets like Bitcoin.
However, some expect bitcoin to resume its upward trend in 2025, due to uncertainty about the economy and who will win the elections. Along these lines, Sebastián Serrano, CEO of the Ripio exchange, maintains that bitcoin will continue in a lateral period until the end of the year.
Currently, as CriptoNoticias reported, Bitcoin needs to break above $65,000 to break the trend of ever lower highs which has been at a level for six months. This has happened precisely since it reached its historic record of USD 73,700.
