Eyes on this data: It will affect the Bitcoin (BTC) price!
Bitfinex analysts claimed that spot Bitcoin ETFs could eliminate the selling pressure on BTC.
The crypto market rose after the US Fed lowered interest rates after four years. As the BTC price approached $ 65,000, altcoins were seen to revive.
The start of profit sales made one wonder whether the upward cycle would continue.
In their investor note, Bitfinex analysts stated that the series of money inflows in spot Bitcoin ETFs should continue in order for the BTC price to remain vibrant.
The slowdown in purchases in the spot market can be prevented by the increased demand for spot Bitcoin ETFs traded on the US stock exchange.
In a report dated September 23, analysts suggested that one of the reasons for the slowdown in BTC purchases was short-term price consolidation. According to analysts, this consolidation may end with ETF inflows.
Analysts, who stated that the $ 63,500 level is a consolidation zone for BTC, do not expect a potential movement in the near term.
Spot BTC ETFs recorded a net inflow of $ 136 million the other day. ETFs, which reached a four-day positive inflow series, supported the BTC price.
Addressing investors, analysts said the following:
âWhile traditional financial markets such as the S&P 500 continue to rally, if ETF inflows remain positive, BTC may see a further increase.â
According to analysts, if there is no buying appetite in spot markets and ETFs break the positive series, the price of $BTC may face a short correction.
According to data obtained from CoinGecko, BTC recorded a trading volume of $ 30.37 billion in the last 24 hours.
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