Striking Bitcoin comment from a crypto expert.
Bitcoin (BTC) continues to struggle with the $64,000 resistance and is currently trading at $63,850. Analysts, on the other hand, are drawing attention to the increasing bullish trend. Crypto experts have drawn attention to positive indicators that could support the next bullish move. Ethereum, on the other hand, is trading at $2,625, down 1 percent, according to CoinGecko data.
US spot Bitcoin ETFs continue to show strength, marking the fourth consecutive day of net inflows. On September 24, these ETFs saw a total net inflow of $136 million, with BlackRockâs iShares Bitcoin Trust (IBIT) leading the way with $98.8 million in deposits.
Ethereum spot ETFs also performed well, with a total net inflow of $62.5 million, driven primarily by BlackRockâs $59.2 million ETHA, according to data from SoSo Value.
Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, wrote in a note to Decrypt that last weekâs FOMC decision and the steepening of the US Treasury yield curve are supporting Bitcoin, with the yield curve spread currently at +21 basis points.
The +21 basis point yield curve spread means that the 10-year US Treasury bond yields 0.21 percent more than the 2-year bond, Kendrick said. A steeper curve is a positive signal about future economic growth, which could push Bitcoinâs price higher.
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