Krutika Adani
Except for a few days, Bitcoin ETFs have seen a daily net inflow in more than 20 days this month.
A large interest rate cut followed by an oversold market saw the quick rise in demand for Bitcoin ETFs.
Similar to the Bitcoin ETFs, Ethereum also experiences heavy outflows from Grayscale due to high fees. Grayscale never corrected its fees to competitive levels, a mistake that it made during the Bitcoin ETF launch too.
Bitcoin’s price has gained the $62.5k levels with its next target at $65k and $70k. Retail and ETF market demand remains the main driving forces.
Bitcoin could cross $65k in the next couple of weeks as the crypto markets get bullish after the 0.5% rate cut. On the downside, $60k is a strong support.