Bitcoin is trading above $63,000 and is down slightly on a daily basis but is still up on a weekly basis, with Bitcoin ETFs seeing significant positive net inflows, indicating an accumulation trend.
During the Asian trading session on Thursday, Bitcoin traded below $63,000 (down 1.4%) before rebounding back above $63,000, up 2% for the week. Additionally, inflows into Bitcoin ETFs remain positive.
It was reported on the 26th that China is considering injecting up to 1 trillion yuan (about 142 billion U.S. dollars) into major state-owned banks as a capital bailout to improve its ability to support the struggling economy and enhance its ability to provide more financing for economic development. If realized, it would be the first time China has injected capital into a major bank since the 2008 global financial crisis. Asian stocks surged after the news.
Bloomberg quoted people familiar with the matter as saying that the funds will mainly come from the issuance of special government bonds, but the details have not been finalized and may change. This follows the People's Bank of China (PBOC)'s easing decision earlier this week, which lowered the reserve requirement ratio (RRR) for mainland banks by 50 basis points and also raised the 7-day reverse repurchase operation interest rate from the current 1.7 % was lowered to 1.5%, while guiding LPR and deposit interest rates to fall simultaneously.
Total daily net inflows into Bitcoin ETFs topped $100 million for the second day in a row, SoSoValue data showed. That marked the fifth consecutive day of positive net inflows into the fund. This caused the indicator tracking the ETF's 30-day net holdings to turn positive for the first time in September, indicating an accumulation trend rather than a sales trend, according to CryptoQuant data.
Source: CryptoQuant data / X @ki_young_ju
Ki Young Ju, CEO of CryptoQuant, even stated that the United States is regaining its dominance in Bitcoin holdings. Its holdings relative to other countries are rising (only including known entities), driven by demand for spot ETFs.
Meanwhile, Ethereum (ETH) is trading above $2,500, down 1.3% on the day and up 8% for the week. Data showed that the Ethereum ETF saw an average daily net inflow of $43 million, marking the second consecutive day of positive net inflows.
Blockchain previously reported that the U.S. Federal Reserve cut interest rates for the first time in four years, the cryptocurrency market performed satisfactorily, Ethereum performed better than Bitcoin during the same period, and the Ethereum perpetual futures financing rate has turned positive. Analysts believe this indicates bullish market sentiment for Ethereum, with Ethereum’s positive funding rates reflecting increased demand for leveraged long positions, signaling a bullish outlook.
〈As China considers a large-scale capital injection of 1 trillion yuan to rescue the market, investor demand for Bitcoin ETFs continues to increase〉 This article was first published on "Block Guest".
