Bitcoin Price Surges to $57K in America as ETFs Break Losing Trend
The cryptocurrency market saw Bitcoin hovering around $57,000 during the European morning, with a 3% gain in the last 24 hours. However, it remains approximately 3% lower in September and more than 20% below its all-time high of $73,000 in March. The broader digital asset market, as indicated by the CoinDesk 20 Index, has risen by about 2.35%. Bitcoin ETFs experienced net inflows for the first time in over a week on Monday, amounting to $28.7 million. Despite the recent rally, NYDIG has pointed out that bitcoin’s “near-term catalysts … are sparse.” The firm highlighted that September typically exhibits weak performance in bitcoin prices, but on a positive note, October tends to be one of the strongest months.
Options trading on derivatives exchange Deribit for BTC and ETH shows a preference for bearish puts over bullish calls, indicating traders’ concerns about potential crypto price weaknesses in the short term. QCP’s market insights team mentioned in a Telegram broadcast that given the rapid decline last week, the market remains cautious about downside risks. Risk reversals until October continue to lean towards puts in both BTC and ETH. This cautious sentiment may be rooted in historical data, which suggests that recessions and risk aversion usually follow the initiation of a Fed rate-cutting cycle. The central bank is widely anticipated to reduce rates by 25 basis points in the upcoming week, potentially leading to fleeting price rallies until the Fed meeting.
In other news, Nansen, a blockchain data provider, acquired staking platform StakeWithUs as part of CEO Alex Svanevik’s strategy to expand beyond data provision into offering investment services for institutions and retail traders. Although the exact purchase price was not disclosed, a company spokesperson revealed it was a seven-figure sum. StakeWithUs, supported by the Singapore government’s innovation project SGinnovate, offers staking services across multiple blockchains. Following the integration, Nansen will provide non-custodial staking for over 20 assets, including SOL, SUI, OSMO, and ATOM. Svanevik emphasized that by enabling staking within Nansen, they are not only broadening their service offerings but also strengthening their support for integrated blockchain ecosystems.
The chart of the day displays ether’s session-wise price performance over the last four weeks. Ether has experienced a decline of over 12% in a month, with most losses occurring during U.S. trading hours. Bullish pressures for the cryptocurrency have predominantly originated from the Asia-Pacific hours. The source of the chart is Velo Data.
In trending posts, Gemini predicts a rebound in the crypto retail market, Nigeria SEC plans to take enforcement action on unlicensed crypto firms, and Coinbase’s success with Layer-2 technology underscores the influence of marketing over cutting-edge tech.
