Bloomberg · Bitcoin · Bitcoin ETF · Bitcoin.com News
Bitcoin’s outlook has strengthened amid positive September ETF flows and signs of greater risk appetite across altcoins
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Bitcoin investors face another inflation test after wholesale prices climbed 0.4% during August, matching monthly expectations, while the annual rate came in slightly above forecasts, leaving the cryptocurrency near the $77,000 support identified by Matt Mena, senior crypto research strategist at 21Shares.
Key facts
- His wider fourth-quarter outlook also placed $3,500 ETH, $100 HYPE, and $130 SOL within view
- The stage is set for a strong close to Q3 and a potentially explosive Q4, one in which $100K BTC, $3.5K ETH, $100 HYPE, and $130 SOL all come into view
- Funds recorded $120.24 million in net outflows on Sept. 9, following $46.6 million in withdrawals one day earlier
- Mena cautioned that BTC could briefly revisit $75,000, but he viewed a recovery above $80,000 as increasingly plausible
Summary
Bitcoin’s outlook has strengthened amid positive September ETF flows and signs of greater risk appetite across altcoins. U.S. spot bitcoin ETFs drew about $603 million in September. Strategist sees $100,000 BTC returning to view during Q4. Mena characterized the overall PPI reading as slightly hotter than expected but noted in commentary provided directly to Bitcoin.com News on Sept. 10 that markets had largely anticipated the result amid rising oil prices.