Lower expected Fed interest rate levels, almost in line with 'dovish' market expectations, Wall Street strength and dollar weakness, supported Bitcoin and cryptocurrency market sentiment. The day after the Fed rate cut, net inflows into ETFs totaled nearly $150 million - not so much, looking at the markets' reactions.
Interestingly, inflows to BlackRock (IBIT) have been almost non-existent since the last week of August; inflows to ARK 21 Shares and Fidelity come after a lot of BTC evaporated from these funds in August-September. Today, Bitcoin is traded near $63,000; it's level above major important zones such as Short-Term Holders Realized Price and average US spot ETFs Bitcoin buying price.
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile app
Source: Bloomberg Finance L.P. , XTB Research
This year, inflows into BTC ETFs total nearly $17.2 billion in net inflows, compared to $20 billion for the 'flagship' S&P 500 ETF. This is still a great result.
Source: Bloomberg Finance L.P. , XTB Research
BTC's trading volume cooled noticeably in the second half of the year; historically, however, autumn has typically been very successful for Bitcoin - counting from October.
Source: Bloomberg Finance L.P , XTB Research
Bitcoin (D1 interval)
The price of BTC has risen above three key momentum averages, with RSI and MACD suggesting a possible continuation of the uptrend. A significant test of the strength of this move may come at the $65k level, where we see the 23.6 Fibonacci abolition of the upward wave from January and the short-term trend line.
Source: xStation5
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.