ccording to a recent VanEck Report (Bitcoin ChainCheck), there are strong signs for an imminent Bitcoin Breakout after months of consolidation. The main factor pushing this, is record institutional demand and increasing ETF Inflows.
Institutional Impact
Data shows that in the first two weeks of October, the net inflows in Bitcoin U.S ETFs accounted to approximately $19 Billion dollars. This suggests institutional money is increasingly leading Bitcoin's price movements rather than following them.
Market Strength Indicators
There are multiple indicators that shows that Bitcoin's position as a macro-hedge continues to strengthen, as US-listed miners increased their Bitcoin holdings by 2% in September. Furthermore, Market share has risen to 57%, reaching the highest level since 2021, at the same time, 90% of the Bitcoin addresses are still profitable.
Global Trading Patterns
Moreover, The report highlights the confluence between regions in terms of trading patterns. On one side, the US and European traders buying and pushing the price higher in their respective trading hours while Asian markets consistently exerting selling pressure.
Bitcoin Market: ETPs Lead Growth
These findings lead VanEck to conclude that the market for Bitcoin is maturing faster and that institutions and ETPs are becoming central to the price of Bitcoin.
