Today, the trade price of Bitcoin surged from $55K to the $58K level, reflecting increasing bullish sentiments in the Bitcoin market.
At the time of publishing this report, Bitcoin’s trade price is $51,170, showing a 3.6% increase. The rapid rise in Bitcoin’s price graph indicates that bullish sentiments are returning after seven days of significant decline.
The current trade price of #Bitcoin is $57.1k, is bearish sentiment over? pic.twitter.com/h3HQNlpocK
— Bitcoinik (@Bitcoinikdotcom) September 10, 2024
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Following a massive capital outflow from the Bitcoin market by BTC spot ETF traders, the market finally saw a net inflow on 9 Sep.
Yesterday, the Bitcoin spot ETF had a total net inflow of $28.7196M. Grayscale ETF GBTC had an outflow of $22.76M, while Fidelity ETF FBTC had an inflow of $28.5954M.
Conversely, the Ethereum spot ETF had a total net outflow of $5.198M, marking the fifth consecutive day of outflows. Grayscale ETF ETHE recorded an outflow of $22.6426M.
Kaiko Research recently shared its analysis of the Bitcoin market. The report noted that September is turning out to be a highly volatile month for the crypto market, with Bitcoin’s 30-day volatility spiking to 70%, nearly double compared to the same time last year. This spike brings BTC close to the volatility levels seen in March when it reached its all-time high. Notably, Ethereum’s volatility this month has surpassed both Bitcoin’s and its own March levels, making this an unusually volatile September, as volatility is typically lower than in Q1.
This analysis suggests increased uncertainty and market fluctuations, creating both opportunities and risks for traders. Higher volatility often attracts short-term investors looking to profit from price swings but may cause concern for long-term holders due to unpredictable market behavior.
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Bitcoin Surges Past $58K After Major Capital Outflow—Is the Next Bull Run on the Horizon?
https://bitcoinik.com/bitcoin-surges-past-58k-after-major-capital-outflow-is-the-next-bull-run-on-the-horizon/feed/
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