SUMMARY
- U.S.-listed Bitcoin ETFs saw $28.7 million in inflows on Monday, breaking a prolonged losing streak.
- Bitcoin is trading above $56.5K, with the CoinDesk 20 index rising 2.3%.
Spot bitcoin (BTC) exchange-traded funds (ETFs) recorded in the U.S. saw net inflows of roughly over $28.7 million on Monday, breaking a record outflow streak worth $1.2 billion. The ETFs had been losing money since August 27, with Monday stamping the first day of inflows in September. Generally, traders have seen September as a bearish month for Bitcoin. Recent surges reflected weak demand from proficient investors. Net inflows since inception have presently fallen below $17 billion, back to July levels.
Meanwhile, Bitcoin prices have dropped about 15% over the last two weeks and remain 25% below the March peak of $73,300. Despite this, a few traders are still bullish. QCP Capital traders, in a Tuesday update, communicated optimism and noted that the lower prices are leading to more long-term bullish trades. The recent price bounce from $52,500 has empowered a few investors to add to their positions. Be that as it may, uncertainty about whether the market has bottomed remains.
As Bitcoin trades above $56,500, having slipped somewhat from $57,000, traders are expecting the release of key economic data such as the CPI and PPI reports. There is moreover interest in the upcoming debate between Donald Trump and Kamala Harris, even though Polymarket traders anticipate a low chance of cryptocurrency being mentioned. Harris has an 11% chance of mentioning Bitcoin, whereas Trump stands at 13%.
Elsewhere in the market, AI-related tokens saw a rally, with the CoinGecko category rising 10% during Asia’s trading hours. Liquid staking tokens are also performing well. Lido DAO’s LDO token is up 6.3%, while Rocket Pool’s RPL token surged over 20%. Binance Futures recently reported the launch of leveraged perpetual contracts. Despite this rise, information from DeFi Llama reflects that Rocket Pool’s total value locked remains moderately unaltered at just over $2.9 billion.
Bitcoin ETFs are recuperating from recent outflows, whereas other segments of the digital resource market are seeing development. Investors are situating themselves for potential long-term rally, even as market volatility continues.