$BTC fell back below 83,000 USD, while $ETH slipped below 2,500 USD again. The rebound has yet to gain a firm footing, and fund flows remain key.
At around 2 a.m. Beijing time on October 10, Binance’s price page showed $BTC at 82,628 USD at 02:01, up 2.42% over 24 hours; $ETH was at 2,485 USD at 02:18, up 2.59%. Both coins remained positive over the 24-hour period, but had given back some of their gains.
On the U.S. trading day of October 8, spot ETFs saw net outflows of 244.1 million USD for $BTC and 72.5 million USD for $ETH . Week to date through that day, cumulative net outflows totaled 700 million USD and 486.1 million USD, respectively. Buying still needs more support.
Reuters’ latest intraday report showed the S&P 500 and Nasdaq up around 0.5% and 0.6%, respectively, while Brent crude remained above 100 USD and U.S. Treasury yields stayed elevated. A recovery in U.S. stocks may help risk sentiment, but high oil prices and interest rates are still limiting the expansion of capital flows.
My view: This is currently a test of key levels following a rebound, and a medium-term reversal has yet to be confirmed. Next, watch whether $BTC can reclaim 83,000 USD, whether $ETH can hold above 2,500 USD, and whether ETFs can turn to net inflows.
After U.S. stocks strengthened, will buying in the crypto spot market follow?
Sources: Binance, Farside, Reuters
#Bitcoin #Ethereum #CryptoMarket
At around 2 a.m. Beijing time on October 10, Binance’s price page showed $BTC at 82,628 USD at 02:01, up 2.42% over 24 hours; $ETH was at 2,485 USD at 02:18, up 2.59%. Both coins remained positive over the 24-hour period, but had given back some of their gains.
On the U.S. trading day of October 8, spot ETFs saw net outflows of 244.1 million USD for $BTC and 72.5 million USD for $ETH . Week to date through that day, cumulative net outflows totaled 700 million USD and 486.1 million USD, respectively. Buying still needs more support.
Reuters’ latest intraday report showed the S&P 500 and Nasdaq up around 0.5% and 0.6%, respectively, while Brent crude remained above 100 USD and U.S. Treasury yields stayed elevated. A recovery in U.S. stocks may help risk sentiment, but high oil prices and interest rates are still limiting the expansion of capital flows.
My view: This is currently a test of key levels following a rebound, and a medium-term reversal has yet to be confirmed. Next, watch whether $BTC can reclaim 83,000 USD, whether $ETH can hold above 2,500 USD, and whether ETFs can turn to net inflows.
After U.S. stocks strengthened, will buying in the crypto spot market follow?
Sources: Binance, Farside, Reuters
#Bitcoin #Ethereum #CryptoMarket