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The rate of Bitcoin purchases by institutional investors led by US spot BTC ETF issuers has significantly outpaced the sellers.
Bitcoin rallied over 3% to $66,000 as investors cheered Democratic candidate Kamala Harris’s proposal for clearer crypto regulations.
The cryptocurrency market started the week strong, with Bitcoin surging by 3.73% and altcoins also experiencing gains as investor optimism builds ahead of key US macroeconomic events.
Following today’s rebound, Bitcoin price is now aiming to retest its all-time high next, around $72K, before entering its parabolic phase.
MicroStrategy is the largest corporate Bitcoin holder, owning 1.2% of Bitcoin’s 21 million supply, with a vision to evolve into a Bitcoin-focused merchant bank.
Amid the ongoing crypto consolidation, Ethereum price has established a support level around $2,300 but low demand from institutional investors could weigh down on bullish sentiment.
Ripple files a cross-appeal against the SEC, sparking a 2% XRP price surge amid ongoing cryptocurrency regulatory battles.
The October bullish narrative for Bitcoin is gradually losing steam as investors show fear of further capitulation amid low demand from institutional investors.
The Ethereum market has faced immense selling pressure in the recent past emanating from whale selling led by the US spot Ether ETF issuers.
Despite the long-term prosperity of Bitcoin and the entire crypto industry, on-chain data shows more whale investors have been offloading their holdings.
Bitcoin creator Satoshi Nakamoto intended to disrupt the traditional financial system that was heavily siloed and left the network under users’ custody.
The flows from both spot Bitcoin and Ether ETFs on Tuesday suggest that unstable Bitcoin prices may have swayed investors.
The divergence in the performance between Bitcoin and Ethereum ETFs underscores the unique market conditions each faces.
The US spot Ethereum ETF registered zero cash inflow on Monday compared to more than $235 million recorded by the spot Bitcoin ETFs on the same day.
Bitcoin-based funds saw significant outflows globally, particularly in the US ($209M), Germany ($8.3M), and Hong Kong ($7.3M).