Bitcoin Demand Improving Despite Challenging Macro Backdrop

Binance Co-CEO Richard Teng says investor demand for Bitcoin is showing signs of improvement despite a challenging macroeconomic backdrop.

The spot Bitcoin exchange-traded funds recorded over $3 billion in net inflows from September 17 through September 29, marking nine consecutive positive US trading sessions.

This includes the week ending September 25, which saw the strongest weekly showing since last October with $2.4 billion in net inflows, and year-to-date inflows are now up by over $1 billion.

BlackRock's iShares Bitcoin Trust, the world's largest cryptocurrency-focused fund, alone pulled in more than $1 billion in inflows last week, according to data from SoSo Value.