Welcome to Extreme Investor Network, where we provide you with the latest insights into the stock market, trading, and all things Wall Street. Today, we are diving into the latest developments in the world of Bitcoin and the US BTC-spot ETF market.
Bitcoin recently failed to break the $68,000 mark as spot ETF inflows decelerated. While XRP experienced a pullback, Bitcoin stood out in the market on Tuesday. The US BTC-spot ETF market saw a significant influx of $294.3 million on Monday, with iShares Bitcoin Trust leading the pack with $329 million in net inflows. However, the trend shifted on Tuesday as some ETFs reported outflows, resulting in a net outflow of $122.1 million excluding IBIT data.
ETFStore President Nate Geraci highlighted the remarkable demand for iShares Bitcoin ETF, underlining the skepticism that still persists in the market despite its impressive performance.
Looking ahead, investor sentiment is closely tied to the upcoming US Presidential Election and the Federal Reserve’s rate path. The probability of a November Fed rate cut has increased, while economic indicators may influence expectations for a December cut. These factors, along with the potential impact of the election, could drive Bitcoin’s price both above $70,000 and below $65,000.
In terms of price action, Bitcoin gained 0.12% on Tuesday, closing at $67,308. As we move forward, factors such as US politics, SEC activity, and ETF market trends will play a crucial role in shaping Bitcoin’s trajectory.
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