Bitcoin ETF · Bitcoin · Federal Reserve (FED) · CryptoSlate
Some analysts view extended outflows as a sign that weaker holders have already reduced exposure
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The labor report gave investors a reason to reassess the timing of the Fed’s next move.
Key facts
- The reversal came as Bitcoin briefly climbed back above $62,000 after falling below $58,000 earlier in the week, its lowest level in 21 months
- BTC's price recovery now depends on whether ETF demand continues and whether Bitcoin can hold key levels around $60,000 and $62,000
- The funds recorded $223 million in net inflows on Thursday, ending a 10-day stretch of withdrawals that had drained $2.73 billion from the products, according to SoSoValue data
- Bitwise Europe said investor stress remains elevated, with only 47% of Bitcoin supply held at a profit and aggregate paper losses of about $281 billion
Summary
01 US spot Bitcoin ETFs took in $223 million Thursday, their biggest daily inflow since May, after a weak jobs report. 02 The inflow helped Bitcoin rebound above $62,000 and eased pressure from rate fears, a stronger dollar, and recent fund redemptions. 03 Traders still need proof the demand lasts, since recent outflows were far larger and Bitcoin remains near key support levels. US spot Bitcoin exchange-traded funds (ETFs) drew their largest daily inflow since May after a weaker-than-expected jobs report eased rate-hike concerns and helped the digital asset recover from a fresh bear-market low earlier in the week. The funds recorded $223 million in net inflows on Thursday, ending a 10-day stretch of withdrawals that had drained $2.73 billion from the products, according to SoSoValue data.