Crypto Inflows Soar to $1.2 Billion, Setting Up Bitcoin for Best Q4
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Crypto investment inflows hit $1.2 billion last week, marking three consecutive weeks of positive growth since September 9. This surge comes amid growing optimism in the market, fueled by bullish macroeconomic developments and other value-boosting events in the finance sector. Additionally, September broke its typical trend of poor performance, creating the strongest starting point for Bitcoin (BTC) and the broader crypto market heading into October. Crypto Inflows Soar to $1.2 Billion Amid Market Optimism Digital asset investment products saw inflows of $1.2 billion last week, with Bitcoin leading the charge, recording $1.070 billion in positive flows. Short-Bitcoin investment products also saw inflows, totaling $8.8 million. Meanwhile, Ethereum (ETH) ended a five-week outflow streak, with inflows reaching $87 million, reflecting a resurgence of positive sentiment. The US leads from a regional standpoint with $1.17 billion, and the latest CoinShares report attributes inflows to positive economic data in the country. Read more: How to Protect Yourself From Inflation Using Cryptocurrency Crypto Investment Inflows. Source: CoinShares As BeInCrypto reported, the Federal Reserve’s 50 basis point (bps) interest rate cut in September sparked a wave of liquidity, benefiting riskier assets like Bitcoin. Combined with cooling inflation, markets are now expecting further rate cuts by the end of the year. The report also highlights that the approval of options trading in the US has added momentum to crypto investment inflows. BlackRock’s spot Bitcoin ETF recently secured options trading approval from the US Securities and Exchange Commission (SEC), a development expected to bring more liquidity and enhance market stability. It also opens the door for potential approval of Ethereum ETFs, a possibility widely discussed. “Digital asset investment products saw a third consecutive week of inflows totaling $1.2 billion, which we believe is a reaction to continued expectations of dovish monetary policy in the US. The approval of…
Filed under: News - @ September 30, 2024 2:27 pm