#BTC
Bitcoin: Will Friday’s jobs report data trigger the ‘Uptober’ rally?
U.S Spot Bitcoin ETF demand has been massive over the past two weeks, but the pace of inflows has dropped considerably.
The ETF complex saw a 9-day streak of net inflows totaling $3B. However, beyond the headline, the daily demand dropped from nearly $1B to a low of $31M on Monday. That alluded to a 96% decline in institutional appetite.
For his part, CryptoQuant analyst JA Maartun stated, “Bitcoin ETF demand is cooling fast” amid increasing potential sell-side pressure.
According to him, short-term holders (STH) have sent 45K $BTC to exchanges, which could further derail the asset’s extended recovery.
Bitcoin: Traders bet on $95K despite macro pressure
It’s worth noting though that macro pressure has been a key driver behind the ETF fluctuation and subsequent $BTC price pullback from $87K to below $84K. Even so, Binance CEO Richard Teng was still positive about the market.
In fact, Tuesday’s weak labor report has cleared the Fed rate hike fears ahead of the late October FOMC meeting. At the time of writing, the odds of another 0.25% rate hike had slipped to 42% while the chances for a rate pause surged to 57%.
Final Summary
Bitcoin’s ETF demand has dropped from nearly $1B to below $100M amid macro pressure
Some traders have been betting on a potential rally to $90K, but this could depend on labor data on 2nd October.#Write2Earn #EarningsSeason $BTC
Bitcoin: Will Friday’s jobs report data trigger the ‘Uptober’ rally?
U.S Spot Bitcoin ETF demand has been massive over the past two weeks, but the pace of inflows has dropped considerably.
The ETF complex saw a 9-day streak of net inflows totaling $3B. However, beyond the headline, the daily demand dropped from nearly $1B to a low of $31M on Monday. That alluded to a 96% decline in institutional appetite.
For his part, CryptoQuant analyst JA Maartun stated, “Bitcoin ETF demand is cooling fast” amid increasing potential sell-side pressure.
According to him, short-term holders (STH) have sent 45K $BTC to exchanges, which could further derail the asset’s extended recovery.
Bitcoin: Traders bet on $95K despite macro pressure
It’s worth noting though that macro pressure has been a key driver behind the ETF fluctuation and subsequent $BTC price pullback from $87K to below $84K. Even so, Binance CEO Richard Teng was still positive about the market.
In fact, Tuesday’s weak labor report has cleared the Fed rate hike fears ahead of the late October FOMC meeting. At the time of writing, the odds of another 0.25% rate hike had slipped to 42% while the chances for a rate pause surged to 57%.
Final Summary
Bitcoin’s ETF demand has dropped from nearly $1B to below $100M amid macro pressure
Some traders have been betting on a potential rally to $90K, but this could depend on labor data on 2nd October.#Write2Earn #EarningsSeason $BTC
