Bitcoin ETFs Exceed $100 Million Amid China’s $142 Billion Stimulus and Global Easing
Bitcoin ETFs in the US saw higher daily inflows amid global monetary policy easing. Data shows that US BTC ETF net daily inflows exceeded $100 million for the second consecutive day.
This positive outlook comes when China reportedly plans to inject $142 billion in capital to strengthen its major banks.
The broader crypto market sentiment has slightly improved, with top coins recording significant gains. Bitcoin has surpassed $63,000, Ethereum trades above $2,500, while Worldcoin (WLD) surged 14% after expansion announcements.
Bitcoin ETFs Demand Surges as Price Holds Above $63,500Bitcoin is trading above $63,500, with a slight daily increase of 0.44% and a weekly gain of 2.25%.
Meanwhile, interest in Bitcoin exchange-traded funds has increased, with the US spot BTC ETFs raking over $100 million in daily inflows for two consecutive days. This marks a significant five-day streak of positive inflows.
In addition, CryptoQuant's 30-day net holding tracker for Bitcoin ETFs has flipped positive for the first time this month, according to an X user.
#Bitcoin spot ETF demand has rebounded, with the 30-day net change in total holdings turning positive. pic.twitter.com/c0C8BaFPDq
- Ki Young Ju (@ki_young_ju) September 26, 2024
The market strides come as China considers injecting up to 1 trillion yuan ($142 billion) into its major state banks. This plan aims to boost the economy, which has been struggling for the past few months.
The decision follows the People's Bank of China's (PBOC) earlier move to cut the reserve requirement ratio by 50 basis points. The central bank alsolowered the seven-day reverse repo rate by 20 basis points to 1.5%.
These steps are designed to boost liquidity in China's financial system and support the economy. As a result, Asian stocks have surged, with investors optimistic about the potential impact of this large-scale capital injection.
The news has also sparked interest in the crypto market, as more capital has increased the demand for cryptocurrencies like Bitcoin.
Ether and Worldcoin Also See GainsBitcoin's gains extend to the broader market. Ether (ETH) is trading above $2,600, with an 8% weekly increase.
Despite a decrease in the 24H trading volume, the demand for ETH ETFs is also rising. The same SoSoValue Data shows that spot ETH ETFs have seen $43 million in net inflows for two consecutive days. Analysts attribute this to the rising gas fees on Ethereum, which are driven by increased network transactions.
Meanwhile, Worldcoin's WLD token has surged by 15.94% in the past 24 hours, trading at $2.12. The token's growth follows the expansion of its World ID verification services to more countries, including Poland, Malaysia, and Guatemala.
1 week, 3 World ID verification launches
pic.twitter.com/CwwNPNUPzh
- Worldcoin (@worldcoin) September 25, 2024
Worldcoin's rise coincides with changes at OpenAI, another of Sam Altman's companies. OpenAI recently shifted from a nonprofit to a for-profit benefit corporation, drawing attention.
We remain focused on building AI that benefits everyone, and we're working with our board to ensure that we're best positioned to succeed in our mission. The nonprofit is core to our mission and will continue to exist," says OpenAI executive.
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