- The US-listed BTC exchange-traded funds (ETFs) hit $28.7 million in inflows on Monday, ending a long losing streak.
-
BTC is trading below $56.5K, while the CoinDesk 20 (CD20) is up 2.3%.
Spot Bitcoin (BTC) exchange-traded funds (ETFs) listed in the U.S. posted just over $28.7 million in net inflows on Monday, ending a record outflow streak worth $1.2 billion, data shows.
The ETFs lost money since Aug. 27, and Monday was the first day of net inflows in September – a month that traders have previously warned to be bearish for the leading cryptocurrency. Outflows from ETFs signal a lack of new demand among professional investors.
The outflows have taken net inflows since inception to under the $17 billion mark, back to levels last seen in July. Meanwhile, BTC prices are down nearly 15% in the past two weeks – or 25% below March’s lifetime peak of $73,300.
However, some traders remain bullish despite such price action.
“Even with all the near-term noise and volatile price action, we remain structurally bullish,” QCP Capital traders said in a Telegram broadcast Tuesday. “And it certainly looks like the market is also taking advantage of this leg lower to pile on more longer-term bullish trades.”
"The bounce from $52,500 is encouraging. So have we seen the bottom? Although we can't be certain, some institutions seem to think so as they take this opportunity to add to their bullish bets in Dec and Mar," traders added.
The CoinDesk 20 (CD20), a measure of the largest and most liquid digital assets, is up 2.3%, trading at 1,800.
Meanwhile, BTC is trading above $56,500, slipping from $57,000, ahead of the next CPI and PPI release and the first debate between Donald Trump and Kamala Harris.
Polymarket traders are pretty certain that crypto isn't going to be mentioned during the debate, giving only an 11% chance of Harris mentioning the term (or bitcoin) and a 13% chance of Trump saying it.
Traders are also expecting the debate to run overtime, with only a 30% chance of it ending on schedule at 10:30 pm.
Elsewhere, several prominent AI tokens were well into the green during the first half of Asia's business day, with the CoinGecko category up 10%.
Liquid staking tokens are also doing well with Lido DAO's (LDO) token up 6.3%. Lido rival Rocket Pool's RPL token is up over 20% as Binance Futures announced the launch of leveraged perpetual contracts. DeFi Llama data shows that despite this, RPL's total value locked hasn't meaningfully increased and is still just north of $2.9 billion.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
![Crypto community brace for presidential election, upcoming debate stirs attention](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/crypto_matrix-637516561995093295_XtraSmall.jpg)
Crypto community brace for presidential election, upcoming debate stirs attention
Polymarket odds on Monday reflect growing anticipation toward the upcoming US presidential election in November, with Trump leading in the prediction market. Meanwhile, Bernstein analysts predict that this year's election may decide the fate of the crypto industry in the United States.
![Ethereum ETFs record another week of heavy outflows as whales shed their holdings](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/Ethereum_Coins_31_03_XtraSmall.jpg)
Ethereum ETFs record another week of heavy outflows as whales shed their holdings
Ethereum ETFs posted a net outflow of $98.1 million last week following ETH's price struggles. The US spot ETH ETFs, led by Grayscale ETHE’s $111 million exodus, dominated the negative flows after recording outflows for all its trading days in the week.
![Crypto products post heavy outflows amid August decline in US unemployment rate](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
Crypto products post heavy outflows amid August decline in US unemployment rate
Digital asset products record highest outflows since March, totaling $725.7 million. US Bitcoin ETFs saw the highest outflows following the release of lower-than-expected macroeconomic data. Ethereum ETFs saw further outflows of $98 million, while Solana ETFs recorded minor inflows.
![XRP dips to $0.52, Ripple reserve on Binance down by whopping 167 million since July](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/Ripple_Watch_XtraSmall.jpg)
XRP dips to $0.52, Ripple reserve on Binance down by whopping 167 million since July
Ripple (XRP) reserve on one of the largest crypto exchanges, Binance, declined by 167 million in a time frame of five weeks. This is a key development for XRP holders since a decline in the asset’s reserves on exchanges implies there are fewer XRP tokens to sell.
![Bitcoin: $50,000 on the horizon if it breaks below key support level](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.