Whales are buying bitcoin on-chain and that drives the price. In the medium and long term, bullish expectations for bitcoin continue. Bitcoin (BTC) is holding firm in a significant price range. At the time of this publication, it is trading around $61,300, reflecting an increase of 0.84% compared to the previous day. This increase occurs despite capital outflows from bitcoin exchange-traded funds (ETFs). During the day on Thursday, October 3, bitcoin ETFs recorded net outflows of $54.13 million as a whole, according to SosoValue tracking. In detail, ARK & 21Shares led this trend with a withdrawal of $57.9 million from its ETF, followed by Fidelity with $37.2 million. In contrast, BlackRock and Invesco recorded net capital inflows, with 35.9 million and 2.4 million dollarsrespectively. The rest of the ETFs, including Grayscale, Valkyrie, VanEck and WisdomTree, did not experience significant money movements.
ARK & 21Shares led this trend with a withdrawal of $57.9 million. Source: SosoValue. This is the third day in a row that bitcoin ETFs have faced capital outflows, accumulating more than 387 million dollars in withdrawals in this period. However, these outflows are relatively modest compared to the inflows recorded until last week, when a streak of eight consecutive days of inflows totaling more than $1.4 billion was observed. Although the outflow of capital from ETFs puts downward pressure on BTC, the price remains strong and is due to the whales in the market. These investors, with more than 1,000 BTC accumulated, They are positively influencing the price of bitcoin.
It happens that whales are buying bitcoin, which tends to drive the price up due to increased demand. This behavior is observed when large volumes of bitcoin are transferred and purchased, creating a perception of increasing value and attracting more buyers to the market, as reported in BitcoinDynamic.
BTC price remains firm above $60,000. Source: CoinMarketCap. In the medium and long term, expectations for bitcoin remain bullish. This optimism is based on several factors, including the continued adoption of the digital currency, the limitation in its supply due to its design, and growing institutional acceptance. Optimistic projections for bitcoin in the remainder of 2024 and into 2025 are based on a mix of macroeconomic factors and specific cryptocurrency market developments.
The increase in liquidity worldwide, driven by the expansionary monetary policies of central banks, together with the expectation of reductions in interest rates, leading investors to seek assets with potentially high yields, They form the essential bases of these expectations.
Likewise, it is expected that the halving effect will begin to manifest. This refers to the historical pattern of bitcoin, where its price usually increases significantly around six months after each halving event (the last one occurred in April 2024). In fact, there are those who believe that bitcoin could reach $250,000 by next year. This projection is supported by the English bank Standard Chartered, which has expressed its optimistic vision about the future of bitcoin, as reported by BitcoinDynamic. Bitcoin's resilience above $60,000, even amid capital outflows from ETFs, reflects a resilience and confidence in the asset that goes beyond short-term market movements. Investors and asset enthusiasts They continue to see BTC as a refuge value and an investment opportunity with significant growth potential.
This article was created using artificial intelligence and edited by a human Editor.