US Bitcoin spot ETFs have increased their buying, moving from net sellers to buyers. Data shows this modification may boost the economy as we head into the end quarter of 2024. In early September, these funds were selling Bitcoin but ended the month purchasing 7,000 BTC, marking the largest acquisition since 2021.
At the start of September, US BTC spot ETFs were selling 5,000 BTC. By the end of the month, however, they had reversed course and started buying in large amounts. On the last day of September, 7,000 BTC were bought, the highest daily total since mid-2021.
Earlier in 2024, traded funds had shown strong buying behavior. During the first quarter, they were acquiring 9,000 BTC daily, which helped push Bitcoin prices to new highs. This recent buying suggests institutional investors are seeing opportunities to enter the market again.
Increased Bitcoin buying by spot ETFs signals a strong bullish trend for the market. Large institutional purchases usually push prices up as demand overtakes available supply. The 7,000 BTC bought in late September shows a rise in confidence in Bitcoin’s future growth.
If this pattern continues, analysts predict a potential price increase, driven by institutional demand exceeding supply. Market observers are watching closely to see if this activity will further fuel Bitcoin’s price surge throughout Q4 2024.
Read CRYPTONEWSLAND onInstitutional interest in Bitcoin, especially through ETFs, plays a key role in its market performance. US spot ETFs allow institutions to gain exposure to Bitcoin without directly holding the cryptocurrency, making them a favored choice for large-scale investors who can significantly influence market trends.
The switch from selling to buying in September shows a big shift in market sentiment. This renewed demand may drive further price action in Q4 2024. Will institutional buyers continue to shape Bitcoin’s trajectory?
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