In summary
- Bitcoin reached a maximum of two weeks above $ 114,000 on Thursday morning.
- Its price increase occurs after the USA. Bitcoin ETF saw tickets of $ 757.1 million on Wednesday, a maximum of eight weeks.
- Experts suggest that the August inflation report and the subsequent decision to reduce rates by the Federal Reserve are key catalysts that promote ETF tickets.
Bitcoin He recovered from the minimum of Tuesday from $ 110,714 and exceeded $ 114,000 on Thursday morning, reaching its highest level since August 24, according to Coingcko data.
Its price movement occurs when the US Bitcoin ETFs. In total, US ETFs have accumulated $ 1.39 billion in Bitcoin in September.
“These tickets were largely driven by the excellent news of the PPI numbers, which were much better than expected,” Darkfrost said, a verified analyst of Cryptoquant, said Decipher.
Bitcoin’s recent impulse beyond $ 113,000 is an “encouraging sign,” according to Darkfrost, who said that his upward trend was accompanied by an increase of 6.60% in open interest to $ 43.3 billion and positive financing rates.
While Bitcoin ETFs have flooded with a record of several weeks in tickets, Ethereum’s funds are on the sidelines with a negative flow of $ 668.72 million for September, as shown by Sosovalue’s data.
This is a “capital rotation pattern,” said Illia Otychenko, Cex.io’s principal analyst Decipher In a previous report, suggesting that the funds are “changing to Bitcoin de Ether”, in advance of the decision to reduce the Fed rate of September 17.
Grabs the decision of the feed rate
The worsening of job data launches during July and August has pressed the Fed to reduce interest rates. However, the inflation of the nucleus has passed over 3%, which conflicts with the double mandate of the Central Bank.
Investors, as a result, expect the FED to stimulate the economy with a higher rate cut than was anticipated.
With an almost factorized point rate cut, investors could be speculating in a semicircular fees, which could be promoting Bitcoin’s ETF tickets, said Stephen Gregory, founder of the Vtrader crypto trade platform, in another Decipher report.
The CME Fedwatch tool shows 92% probabilities of a basic points rate of 25 and a 8% probability of a basic points rate cut of 50. Myriad users, a prediction market launched by DecipherThe Dastan parent company put a probability of 80% in the interest rates of Fed Reduction in 25 PB.
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