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HONG KONG:
Bitcoin’s rebound is gathering momentum as the cryptocurrency pushes toward US$80,000, with the strongest weekly inflows into US spot ETFs in 10 months adding to evidence that the rally is broadening.
The 13 US-listed funds drew in a net US$1.92 billion, the most since early October last year, according to data compiled by Bloomberg. The funds also posted their biggest single day of inflows in over three months, pulling in US$606.3 million on Aug 20.
The inflows come as Bitcoin gained about 23% last week, its largest weekly increase in more than three years. It was trading around US$79,000 in New York trading.
Bitcoin’s spectacular rally was initially propelled by US plans to increase buybacks of long-dated bonds to lower yields, and accentuated by a short squeeze as traders were forced to close bearish bets. The jump in ETF inflows indicates broader investor demand for the token.
“We saw net inflows on every trading day last week, which suggests renewed investor interest in Bitcoin,” said Gracie Lin, chief executive officer of crypto exchange OKX SG. “The question now is whether that momentum will hold. After such a strong move in Bitcoin, some profit-taking wouldn’t be surprising.”
The latest weekly ETF inflows were the largest since Bitcoin crashed from a record above US$126,000, reached on Oct 6, and entered a so-called “crypto winter.” The resurgence is notable because spot ETFs had suffered nearly US$390 million of net outflows the previous week, the most in six weeks.
BlackRock’s iShares Bitcoin Trust accounted for US$1.3 billion of last week’s inflows.
Even after those gains, some US$2.9 billion has been drained from the ETFs this year. It remains to be seen whether Bitcoin’s rally will translate into sustained demand and a new bull market.
“Near term, the market looks stretched but still well supported,” said Jayke Kyndrede, senior sales trader at market maker QCP Group. “After such a rapid move, some consolidation or retracement would be unsurprising, but the timing and depth are difficult to call while demand remains strong.”
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Source: www.freemalaysiatoday.com
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