On Tuesday morning, Bitcoin saw a rebound, surpassing $57,000 as U.S. BTC exchange-traded funds (ETFs) reversed an 8-day streak of negative flows. This recovery in Bitcoin was accompanied by gains in other cryptocurrencies.
Solana (SOL) and Toncoin (TON) both experienced notable rises, increasing by 4% and 4.4%, respectively. Ethereum (ETH), the second-largest cryptocurrency, was trading at $2,360, marking a 1.5% increase. However, Ethereum has slid by 12% over the past two weeks.
On September 9, spot Bitcoin ETFs recorded a net inflow of $28.72 million. Fidelity’s Bitcoin ETF led with an impressive $28.5 million inflow, while Grayscale’s Bitcoin Trust saw an outflow of $22.7 million, according to SoSo Value.
In contrast, Ethereum ETFs painted a mixed picture. Grayscale’s Ethereum Trust (ETHE) experienced significant outflows totaling $22.6 million, leading to a total net outflow of $5.1 million for Ethereum spot ETFs.
This marks the fifth consecutive day of net outflows. Nevertheless, Fidelity’s Ethereum Fund (FETH) and Bitwise Ethereum ETF (ETHW) reported inflows of $7.6 million and $1.8 million, respectively.
Vishal Sacheendran, Head of Regional Markets at Binance, emphasized Bitcoin’s resilience, noting its ability to recover and the historical strength of October for the cryptocurrency. Despite fluctuations, Bitcoin has shown enduring strength, with positive returns in 9 of the past 11 years and an average gain of 22.9% in October, said Sacheendran.
Illia Otychenko, Market Research Analyst at CEX.IO, highlighted Bitcoin’s technical indicators. The cryptocurrency recently bounced off the 50-week Simple Moving Average (SMA), a key support level, and is now aiming to stay above the 0.382 Fibonacci retracement level.
Otychenko also pointed to a potentially bullish signal from the NVT (Network Value to Transactions) Golden Cross indicator, which suggests strengthening network activity despite recent price declines. Greg Cipolaro, Global Head of Research at NYDIG, noted that immediate catalysts for Bitcoin are currently limited, focusing more on macroeconomic factors and monetary policy rather than specific cryptocurrency events.