- Spot Bitcoin ETF Inflows Drive Market
- Short Liquidations Add to Bitcoin’s Gains
- Bitcoin Mirrors the Stock Market's Strength
Bitcoin has been showing strong performance in the cryptocurrency market, leading to a market-wide surge. In the past 24 hours, the global crypto market capitalization has grown by 2.2%, reaching $2.08 trillion. Bitcoin itself saw a significant price jump.
Spot Bitcoin ETF Inflows Drive Market
A key factor supporting Bitcoin’s rise has been substantial inflows into spot Bitcoin ETFs. U.S.-based ETFs saw net inflows of $403 million last week, ending on September 13. The momentum continued with an additional $186.7 million in inflows on September 17, according to blockchain analytics platform SpotOnChain. These inflows pushed the total ETF reserves to $17.3 billion, fueling optimism in the market.
Short Liquidations Add to Bitcoin’s Gains
Data from Coinglass shows a significant liquidation of short positions in the derivatives market. Over the last 24 hours, short traders lost $88 million, while long traders faced $52.15 million in losses. This wave of liquidations helped support Bitcoin's recent rally.
Bitcoin Mirrors the Stock Market's Strength
Bitcoin’s price surge parallels the robust performance of U.S. equities. The S&P 500 recently hit a new all-time high of 5,670.81, up by about 20% in 2024. The stock market’s strength has further boosted confidence in Bitcoin.
Attention is now on the upcoming Federal Open Market Committee (FOMC) meeting, scheduled for September 17-18. The market expects the U.S. Federal Reserve to implement rate cuts after a series of rate hikes, setting the stage for further Bitcoin growth.
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