Bitcoin ETFs Post $28.7M Inflows After Record Losing Streak

Since August 27th, ETFs have been experiencing losses, and for the first time this month, they saw net inflows on Monday – a development that professional traders have often cautioned could be unfavorable for the top cryptocurrency. Outflows from ETFs typically indicate decreased interest among professional investors in making new demands.

Since its inception, outflows have reduced net inflows to under $17 billion, a level not seen since July. Simultaneously, Bitcoin prices have dropped approximately 15% over the last fortnight, which is about 25% lower than its all-time high of $73,300 in March.

However, some traders remain bullish despite such price action.

Despite the temporary market fluctuations and unpredictable price movements, our fundamental stance remains optimistic for the long term. It seems that the market is seizing this downturn to increase their long-term bullish positions.

The recent rebound from $52,500 gives us hope. However, it’s important to note that we can’t definitively say we’ve hit the lowest point. Still, certain financial institutions appear confident enough to increase their bullish investments in December and March.” This version aims to simplify the original text while maintaining its core meaning.

The index comprising the largest and most active digital currencies, known as the CoinDesk 20 (CD20), has increased by 2.3%. Currently, it’s being traded at a value of 1,800.

Currently, Bitcoin is being traded at a price over $56,500, slightly dropping from $57,000, before the upcoming release of CPI and PPI data and the initial debate between Donald Trump and Kamala Harris.

Based on current predictions, it seems quite unlikely that either candidate in the debate will bring up cryptocurrency. The estimated probability is just 11% for Kamala Harris and 13% for Donald Trump to mention crypto or Bitcoin during their discussion.

Traders anticipate that the discussion might stretch beyond its scheduled end time at 10:30 pm, with approximately a 3 out of 10 likelihood of wrapping up as planned.

In other parts, various leading AI-related assets showed growth during the morning trading session in Asia, as the CoinGecko category increased by 10%.