Bitcoin ETF inflows near $4.6B after Treasury buyback boost
Since Aug. 19, Bitcoin ETFs have pulled in nearly $4.6 billion, bouncing back after the US Treasury said on Aug. 19 it would increase buybacks of long-dated bonds.
Bitcoin itself has jumped 35% to over $86,000, and the whole crypto market is now valued at a whopping $3 trillion.
US spot ETFs net $320 million inflows
U.S.-listed spot Bitcoin ETFs saw net inflows of about $320 million this year, quite a turnaround from earlier outflows.
The average holder of US spot Bitcoin ETFs is now "comfortably back in unrealized profit," according to Chris Weston, head of research at brokerage Pepperstone, with Bitcoin trading around $85,900 early Wednesday morning in New York.
Plus, open interest in perpetual futures across cryptocurrencies has climbed to about $160 billion, the highest since late October last year, showing big interest from investors.
Analysts expect Bitcoin $80K to $85K
Analysts think steady ETF inflows could keep Bitcoin stable between $80,000 and $85,000, and maybe even help it hit that dream milestone of $100,000 by year-end.
With more ETF demand jumping in, optimism around digital assets is definitely on the rise.