Bitcoin Surpasses $57,000, But Experts Suggest Wariness

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Bitcoin Surpasses $57,000, But Experts Suggest Wariness 2024. The performance of Ethereum ETFs was inconsistent; Grayscale’s ETHE had $22.6M in withdrawals and a $5.1M net outflow.

After eight days of negative flows, U.S. Bitcoin exchange-traded funds (ETFs) enjoyed a surge on Tuesday morning, breaking above $57,000. Gains in other cryptocurrencies coincided with Bitcoin’s comeback.

BTCcoin

Notable increases were seen in Solana (SOL) and Toncoin (TON), with increases of 4% and 4.4%, respectively. The second-largest cryptocurrency, Ethereum (ETH), was up 1.5% at $2,360 as of this writing. Nevertheless, in the last two weeks, Ethereum has dropped by 12%.

Spot Bitcoin ETFs saw a net inflow of $28.72 million on September 9. According to SoSo Value, Grayscale’s Bitcoin Trust witnessed an outflow of $22.7 million, while Fidelity’s Bitcoin ETF led with an amazing $28.5 million inflow.

Ethereum ETFs, however, presented a conflicting image. Significant withdrawals of $22.6 million were made from Grayscale’s Ethereum Trust (ETHE), resulting in a net outflow of $5.1 million for Ethereum spot ETFs overall.

Today is the seventh day in a row that there have been net outflows. Nevertheless, inflows of $1.8 million and $7.6 million were reported for the Bitwise Ethereum ETF (ETHW) and Fidelity’s Ethereum Fund (FETH), respectively.

The Head of Binance’s Regional Markets, Vishal Sacheendran, highlighted the resiliency of Bitcoin, pointing to both its past strength in October and its capacity to bounce back.

According to Sacheendran, Bitcoin has demonstrated resilience in spite of volatility, showing positive returns in nine out of the previous eleven years and an average gain of 22.9% in October.

The technical signs for Bitcoin were noticed by CEX.IO’s Illia Otychenko, a market research analyst.

US Bitcoin ETFs See $1.2 Billion Outflow in Longest Streak

After recently rising above the 50-week Simple Moving Average (SMA), a significant support level, the cryptocurrency is currently attempting to maintain its position above the 0.382 Fibonacci retracement level.

Additionally, despite recent price decreases, Otychenko highlighted a possibly optimistic signal from the NVT (Network Value to Transactions) Golden Cross indicator, indicating rising network activity.

Global Head of Research at NYDIG Greg Cipolaro observed that there aren’t many short-term catalysts for Bitcoin right now, with the emphasis being more on monetary policy and macroeconomic variables than on particular cryptocurrency occurrences.

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