- Bitcoin ETFs experienced redemptions worth $242.53 million on 1st of October, 2024, in stark difference to the volume of inflows registered in September.
- Current conflict in the Middle East is impacting investors’ confidence and the overall attitude towards the Bitcoin market.
- Promising new American job figures and possible Federal Reserve actions are both decisive for shifting Bitcoin prices.
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.
Mixed Signals with ETF Inflows and Geopolitical Uncertainty
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.
Focus on the U.S. Economic Data
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.
This, 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.
The post With Bitcoin Above $60K, All Eyes on Unemployment Data and Federal Reserve Moves appeared first on Crypto News Land.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed