Bitcoin Surges to $124K Amidst $3.2B Spot ETF Inflows
Bitcoin Surge
- BTC surged during the Asian session, climbing from $122,000 to $124,289, nearing its record high.
- The surge was driven by strong demand for U.S.-listed spot ETFs, which saw a net inflow of $3.24 billion last week, the second-largest on record.
- Other cryptocurrencies like XRP, ETH, SOL, and DOGE also gained 1% to 3%.
Factors Influencing BTC Rally
- The U.S. government shutdown increased safe-haven demand for BTC.
- Analysts suggest macroeconomic factors are driving the rally, including potential U.S. inflation increases and currency concerns.
- Market support through lower rates and increased liquidity is expected to enhance BTC's appeal in institutional portfolios.
Outlook
- BTC is poised for gains during October, a historically bullish month.
- Currently trading around $124,080.