Bitcoin (BTC) and ether (ETH) surged for a third consecutive day, supported by strong inflows into spot exchange-traded funds (ETFs), according to a weekend analysis by QCP Capital. The firm reported that bitcoin retested the $64,000 mark, while ether reclaimed $2,500 during the rally.
‘Uptober’ Gets a Head Start in Mid-September
QCP Capital‘s weekend analysis highlighted substantial inflows into BTC and ETH spot ETFs. Over a two-day period, BTC ETFs saw a net inflow of $250.30 million, while ETH ETFs recorded $8.10 million. This surge in capital helped fuel the upward momentum in cryptocurrency markets.
With no significant macroeconomic events expected until Friday’s PCE price report, QCP noted that crypto prices may take a breather, as the euphoria surrounding potential rate cuts begins to fade. The analysis also observed a notable decline in front-end BTC volatility, which dropped by six points from its peak the previous day.
Despite this, QCP sees opportunities for investors in BTC win-range options, particularly as October approaches—a month often referred to as “Uptober” due to historical gains in BTC. According to the latest metrics, BTC has already risen 6.87% as of mid-September 2024, with nine out of the last eleven Octobers showing significant gains for the leading cryptocurrency.
What do you think about the positive crypto market signs at the end of September? Share your thoughts and opinions about this subject in the comments section below.
