Bitcoin Continues to Attract All the Inflows With Traders Eyeing A BTC Price Jump to $100,000

For the week ending October 15, another $80 million flowed into digital asset investment products, according to CoinShares data. With these new inflows, total assets under management have reached their record level at $72.3 billion, surpassing the May peak of $71.6 bln. Polkadot (DOT) and Cardano (ADA) continued to see inflows, this time of $3.6 mln and $2.7 mln respectively. [coin_stats_table symbol="DOT"][coin_stats_table symbol="ADA"] Ethereum (ETH) had yet another week of minor outflow at $1 mln; however, these flows are not significant enough to define a trend yet. [coin_stats_table symbol="ETH"] Much like the last time, Bitcoin has taken the reins back and is leading the inflows. Accounting for most inflows at $70 million, Bitcoin has now recorded the 5th consecutive week of inflows. However, these weekly inflows remain much lower than that seen in the first quarter of 2021, when there was much greater participation by US investors. But “the recent decision by the SEC to allow a futures-based ETF in the United States could prompt further significant inflows in the coming weeks as US investors begin to add positions,” wrote James Butterfill, investment strategist at CoinShares. https://twitter.com/krugermacro/status/1450382667007021058 Bitcoin price actually climbed past $63,150 on Monday on the back of the reports of the first Bitcoin futures exchange-traded fund (ETF) in the US by asset manager ProShares to start trading today. Having entered into historically bullish Q4 and currently facing last resistance at $64k “above which a breakout will target $100,000,” Rich Ross, technical strategist at Evercore ISI, said, “The fourth quarter offers fertile ground for the most speculative.” Bets are also heating up for $100k with “The favored options contracts [on bitcoin] appear to be call options with strike prices above $100,000 … expiring at the end of the year," noted data provider Glassnode in its weekly report. Moreover, the “open interest in call options dwarfs that in put options, aligning with the overall bullish market sentiment." https://twitter.com/Delphi_Digital/status/1450227048564281350 ProShares plans to start the fund on NYSE, said its CEO Michael Sapir in an interview. “ETFs mean that this year Bitcoin interest could see several billions of dollars come under management which should keep the entire space buzzing,” Edward Moya, senior market analyst at Oanda Corp., wrote in a note. Bitcoin bull Tom Lee, the co-founder of Fundstrat Global Advisors, also said that the ETF could attract over $50 billion in inflows in its first year, given the hype around it. However, to Noelle Acheson, head of market insights at Genesis Global Trading, there could be a lack of as much monetary demand for this product as the market seems to be signaling, though “It’s another big step in the convergence between traditional and crypto markets.” [deco-beg-single-coin-widget coin="BTC" graph="true"]