Crypto whisperers have been buzzing as U.S. spot Bitcoin ETFs drew nearly $3 billion in six days, lifting the ETF world to milestone territory. But what looked like a runaway success for October’s “Uptober” narrative hit a cool-down, with inflows hitting only $31.3 million on Thursday, per CoinGlass data.
The month-end quiet hasn’t stopped big players, though. BlackRock’s iShares Bitcoin Trust (IBIT) raked in $317 million yesterday, even as the rest of the Bitcoin ETF pack witnessed outflows. Valkyrie’s Bitcoin Fund (BRRR) managed to buck the trend with a modest inflow of $1.9 million. This selective fund attraction hints at a shift in sentiment as macroeconomic tremors approach.
Bitcoin ETFs Edge Near Satoshi’s Wallet Holdings
In a week filled with ETF activity, U.S. Bitcoin funds hit a historic threshold: they collectively hold over 1 million BTC, inching closer to Satoshi Nakamoto’s famed wallet, which houses 1.1 million BTC. For crypto watchers, this moment has been as symbolic as it is financial—a chase to match the founder’s holdings signifies a kind of digital rite of passage for these funds. The wallet comparison shows how far these ETFs have come in locking in Bitcoin assets, offering Wall Street a rare chance to outsize the holdings of the pseudonymous creator.
Thursday saw BTC prices bounce above $70,000, currently hovering around $71,150, up 0.5% according to CoinGecko. The gains, however, leave Bitcoin tantalizingly close but not quite at a new all-time high. A mere 3.1% gap separates today’s price from breaking records, which many believe might only happen if macro factors align by the upcoming U.S. elections.
Election Volatility and the Waiting Game for BTC
The BTC price momentum has driven volatility to levels echoing January, just before the SEC greenlit the first U.S. spot Bitcoin ETFs. ByBit analysts report short-term volatility spiking, surpassing the longer-term structure, marking an inversion in the crypto space. They tie this jump in volatility to a looming U.S. election, hinting that investors may be adjusting for surprises.
“Positioning is intense,” ByBit analysts explained, pointing out that the lead-up to the election mirrors January’s energy just before ETFs made their debut. The uptick in volatility might be traders hedging bets against both market and political unknowns. If U.S. election results cause swings, Bitcoin’s path to a new high might get delayed yet again.
Job Market Sways and Crypto’s Indifference
Despite economic data shaking traditional markets, crypto assets shrugged. The Bureau of Labor Statistics surprised many when it announced only 12,000 jobs added in September—a far cry from Dow Jones’ 100,000 forecast. But crypto traders hardly blinked, as unemployment held steady at 4.1%. With election anticipation running high, the minimal market reaction suggests traders are more interested in political outcomes than economic signals.
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