This week, more money came into Bitcoin exchange-traded funds (ETFs) than ever before. For the first time since July, weekly entries exceeded $1 billion. Analysts now think that fear of missing out (FOMO) could lead to a rally that could take the most popular coin to new all-time highs in the next three months.
SoSoValue data shows that weekly inflows into spot Bitcoin ETFs hit $1.11 billion, which is a new record. This brings the total net inflows across all 12 offerings to $18.8 billion. An important chunk of these inflows $494.27 million took place on September 27. ARK 21Shares’ ARKB led the way. The ETF brought in $203.07 million, followed by Fidelity’s FBTC with $123.61 million and BlackRock’s IBIT with $110.82 million, making it five days in a row that money has come in.
Other notable inflows include:
- Grayscale’s GBTC: $26.15 million, its first inflow since September 16
- Bitwise’s BITB: $12.91 million, marking its fourth straight day of positive inflows
- VanEck’s HODL: $11.17 million
- Invesco’s BTCO: $3.28 million
- Valkyrie’s BRRR: $3.26 million
However, not all ETFs saw money come in. Franklin Templeton’s EZBC, WisdomTree’s BTCW, Grayscale Bitcoin Mini Trust, and Hashdex’s DEFI all saw no change.
Bitcoin’s Breakout Above $65,000 Sparks Bullish Predictions for Q4 Rally
At the same time that more money started coming into ETFs, Bitcoin broke through a key resistance level at $65,000. This, according to experts, could lead to a rally driven by fear of missing out. Markus Thielen from 10x Research said that Bitcoin’s recent breakout is a significant catalyst for a possible Q4 rally. He thinks that the price of Bitcoin could soon reach $70,000. Thielen said that the bullish trend was caused by a number of things, such as a sharp rise in stablecoin minting about $10 billion worth has been released since the Federal Reserve’s meeting in July, which has made the crypto market more liquid.
Thielen also talked about China’s important role, pointing out that 55% of the Bitcoins being mined right now come from mining pools in China. China’s recent monetary and fiscal boost measures, which were put in place after the Fed cut rates, could cause money to leave the dollar and go into cryptocurrencies, which would speed up Bitcoin’s rise even more.
“The likelihood of a Q4 rally is exceptionally high, with gains likely front-loaded [..] A major surge could be on the horizon, sparking even more FOMO across the crypto space.”
Markus Thielen, head of research at 10X Research
Matt Mena of 21Shares agreed with this confidence and said that investors are already interested because Bitcoin broke through the $65,000 mark. Mena said that this rise was due to inflation data that was lower than predicted and the Fed’s recent rate cut, which he thinks have made the market better for risky assets like Bitcoin. He thinks that Bitcoin will soon test the $68,000 to $70,000 range as more buyers look for ways to make more money.
“For retail investors, this presents an opportune moment to increase exposure to risk assets, especially given BTC’s historical tendency to rally around this time during halving years.”
Matt Mena, crypto researcher at 21Shares
Even more bullish traders can be found on social media site X. One says Bitcoin could hit $124,000 by the end of 2024. This prediction comes from looking at past data that shows Bitcoin has had an average return of 88.84% in Q4 after a good September.
This week, the Bitcoin Fear and Greed Index, which shows how the market feels, rose to 64, up from its low point of 17 in August. The sharp rise in the measure shows that the market is very optimistic. Bitcoin was worth $65,757 at the time of this writing, up more than 4% for the week and over 11.18% for the month. This was the best week for Bitcoin since March.
As we move into the last three months of the year, Bitcoin is only 10.8% below its all-time high of $73,700, which was set earlier in 2024. This means that experts think the cryptocurrency is about to make a significant move.
Investors and people who follow the market are now getting ready for what could be a historic rise. This is because money is still flowing into Bitcoin ETFs and the market as a whole is still in a good position for more gains.
