Bitcoin ETFs Defy September Curse with $770M Influx
Bitcoin ETFs have seen significant inflows this September, breaking a curse that had previously made the month unlucky for the crypto market. According to Bitget, spot Bitcoin ETFs recorded $730.8 million in net inflows on September 3rd, the strongest single-day inflow since January 14th. BlackRock's IBIT absorbed about $454 million, while ARK 21Shares' ARKB and Fidelity's FBTC saw inflows of $137.7 million and $74.4 million respectively.
The ETF market has been carrying on the bullish sentiment seen in August's rallies for crypto tokens. The changing macroeconomic environment, particularly expectations around U.S. monetary policy, is considered a key catalyst behind this influx. Federal Reserve Governor Christopher Waller made comments on September 3rd that were interpreted as dovish.
Bitcoin's price saw a major surge following these comments, with the RSI above the neutral zone and Bollinger Bands indicating volatility. However, analysts are cautioning that $80k needs to become the new support line instead of resistance for Bitcoin. Bitcoin has historically spent little time trading above $70,000.
Ethereum ETFs also exhibited a similar pattern to BTC ETFs, with modest inflows on September 1st and strong buying on September 3rd. Other altcoins saw mixed sentiments, but Solana ETFs were notable for their inflow streak.