Bitcoin ETF inflows and Strategy’s BTC acquisitions have been the main vehicles fueling Bitcoin’s momentum this year, according to market analysts.
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Update Nov. 11, 12:08 p.m. UTC: This article has been updated to include a paragraph on Ether and Solana ETF inflows.
The lack of demand for spot Bitcoin exchange-traded funds (ETFs) is raising concerns about Bitcoin’s prospects for the rest of the year, even as the US government appears to be nearing the end of its 41-day shutdown.
On Monday, the US Senate approved a funding package, bringing Congress one step closer to ending the shutdown. Legislation is now headed for a full vote in the House of Representatives, which may occur as early as Wednesday, CBS News
“Despite the US shutdown seemingly ending, and the S&P and Gold bouncing hard, Bitcoin ETFs saw NO bid yesterday,” said Capriole Investments founder, Charles Edwards, adding that this is not a dynamic we want to see continue.
“Risk assets usually see a strong bid in the weeks out of the Shutdown. Still time to turn this ship around, but it needs to turn,” Edwards wrote in a Tuesday X
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Author: Zoltan Vardai
