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Bitcoin climbed 3% to a weekly high of $86,912 amid ETF inflows.
Several Bitcoin ETF funds began October with outflows. According to Onchain Lens, five funds recorded a combined $24 million in outflows on the 1st of October.
However, strong inflows into three other funds more than made up for these losses. These inflows proved strong enough to turn daily flows positive . BlackRock’s IBIT saw $195 million in inflows, Grayscale’s GBTC recorded $14 million in inflows, and Morgan Stanley’s MSBT recorded $7 million in inflows. For that reason, the daily net inflow rose to $102 million, marking a significant reversal from -$148 million recorded in the previous session.
With ETF inflows remaining resilient despite recent headwinds, investors appear to be aggressively seeking Bitcoin exposure through these funds. Exchange activity is also echoing the shift in ETF capital flow. Exchange Netflow has held positive since the 30th of September. As ETFs resumed accumulating again, supply outflows from exchanges recovered.
Spot Netflow fell to -$67 million as of writing, down from $353 million the previous day. At press time, Bitcoin was trading around $86,272, up 3.3% on the daily charts. The recent upsurge could be attributed to renewed demand, especially driven by ETF andFor example, Aroon Up was hovering around 21%, having declined for eleven consecutive days.
Moreover, if the capital inflow holds steady as recently witnessed, the trend will continue, with Bitcoin reclaiming $88k and eyeing $90k. However, if the latest attempt fails to produce a daily close above $85k, the crypto is likely to revisit $82k. Bitcoin climbed 3% to a weekly high of $86,912, then retraced to $86,272 at press time. AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers.
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