Bitcoin started the month of October with lowered buying interest seen in Bitcoin ETFs due to shifting risk appetite in the face of global challenges. For the Bitcoin Spot ETF, which tracks the net inflows for a total of ten ETFs, October 1, 2024, brought outflow of $24253,000 . This went contrary to the inflows that dominated the last week of September. Since Bitcoin took a stance above the 200-day Exponential Moving Average (EMA) at $60000, industry stakeholders are focused on a few aspects that affect the overall market.
The latest flow information shows that daily net flow has been volatile in the past week: the highest is $494.27 million on September 27, 2024. Still, the speed evaporated on October 1 and that caused the concerns on the market directions. The gross Cumulative total net inflows have to date totaled $18.62 billion. And sharply pulled back, the total value of foreign exchange traded amounts to $2.53 billion.
The main driver of the sentiment analysis in Bitcoin is the geopolitical situation in the Middle East area. People have been keenly observing situations since they believed that solution could bring positive impacts and lower instabilities in the market. These kinds of events seem unpredictable and it is probable that the great outflow observed at the initial stage of October is a result of traders’ apprehension.
They also stated that along with tension around the world, US data is the most influential aspect of the global economy in determining investors expectations. People are now waiting for figures of job creation to be released later this week. Since employment statistics are likely going to be paid a lot of attention, any value above 4.2% may spur further actions by the Federal Reserve mainly through adjusted interest rates.
Read CRYPTONEWSLAND onThis, in turn, could go a long way towards putting more pressure on Bitcoin and prices for the asset highly dependent on macroeconomic factors. Bitcoin’s recent outflow suggests a potential pause in “Uptober” until market conditions stabilize. Investors will monitor geopolitical and economic developments before making decisions.
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