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Bitcoin: ETFs and China pushing demand?
By Davide Grammatica
Record inflows for Bitcoin spot ETFs and new capital injections into Chinese banks could boost BTC price action
What changes in markets
Bitcoin ‘s run above the $60,000 mark on the back of the recent U.S. interest rate cut appears to be gaining momentum. This is evidenced, first and foremost, by new record inflows into the BTC spot ETFs, which in the last day alone recorded revenues in excess of $100m, for five consecutive rounds of net-inflow. But even at the “macro” level several factors could help BTC, now struggling to prove a rally above $63k.
Indeed, the news of the day concerns China’s intention to make a massive capital injection ($142 billion) into its state-owned banks to support the country’s struggling economy. Nothing directly related to Bitcoin, let’s be clear, but something that could certainly benefit the market for “risky” assets, and therefore also the crypto world.
The Fed’s decisions, in the U.S., will certainly have a greater impact on the asset, but a global trend that sees new monetary policy strategies emerging aimed at reviving struggling economies and thus encouraging investors should not be underestimated.
In the institutional world, at any rate, the signal seems to have been picked up, and it cannot be ruled out that the brilliant performance of ETFs (with 30-day net holdings back in the positive) finds its causes precisely in this.
#Bitcoin spot ETF demand has rebounded, with the 30-day net change in total holdings turning positive. pic.twitter.com/c0C8BaFPDq
— Ki Young Ju (@ki_young_ju) September 26, 2024
The effects on altcoins
Even Ethereum seems to be reacting to the uptrend, with a weekly +8% also supported by new inflows into the ETH spot ETFs. After several weeks of continued outflows, the products have reported not-insignificant revenue in recent days ($43 million in the last 24 hours).
Stunning in the altcoin world, however, is the performance of WorldCoin (WLD), up 16 percent in 24 hours following a corporate reorganization of OpenAI. The company shares the same founder (Sam Altman) with WorldCoin, and it is no coincidence that news from the AI giant always has a major effect on WLD’s price performance.
