Bitcoin traded above $63,000, experiencing a modest daily decline but a notable weekly gain. Positive net inflows into BTC ETFs indicate a continued accumulation trend.
Meanwhile, China is reportedly planning a significant 1 trillion yuan ($142 billion) capital infusion into its largest state banks to stimulate the economy. This follows recent moves by the People’s Bank of China (PBOC), which cut the reserve requirement ratio and lowered the repo rate.
Ether traded above $2,500, showing a weekly increase despite a slight daily dip, while its ETFs also saw positive net inflows. In parallel, WorldCoin’s WLD tokens surged by 14%, driven by expansion news and developments at OpenAI.
#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
Bitcoin {{BTC}} stayed above $63,000 during early Thursday’s Asian trading session, down 1.4% on the day but up 2% for the week. The inflows into BTC exchange-traded funds (ETFs) have remained consistently positive, reinforcing a growing trend of investor accumulation.
Asian markets rallied amid reports that China is preparing to inject up to 1 trillion yuan ($142 billion) into its major state banks to boost their capacity to support the economy. This comes after the PBOC lowered the reserve requirement ratio for mainland banks by 50 basis points and reduced the seven-day reverse repo rate by 20 basis points to 1.5%.
According to SoSoValue, BTC ETFs have seen daily net inflows exceeding $100 million for two consecutive days, marking a five-day streak of positive inflows. Data from CryptoQuant also shows that 30-day net holdings among ETFs flipped positive for the first time this month, indicating increased accumulation over sales.
At the same time, Ether {{ETH}} is trading above $2,500, down 1.3% on the day but up 8% for the week. Spot ETH ETFs recorded daily net inflows of $43 million, marking the second consecutive day of positive inflows.
Presto Research noted that rising Ethereum gas fees, driven by increased network activity, have helped ETH outperform BTC since the Federal Reserve’s 50 basis point rate cut. While on-chain yields remain below three-month treasury bills, some investors are positioning for a potential recovery in total value locked (TVL), though broader capital migration may not occur until 2025.
WorldCoin’s WLD token, backed by Sam Altman, jumped 14% in the last 24 hours, standing out as one of the few gainers in the crypto market. The surge followed the company’s announcement of new verification services launched in Poland, Malaysia, and Guatemala, which expanded its user base and strengthened the project’s fundamentals.
The increase in WLD’s value coincided with an executive reshuffle at OpenAI, another Altman-backed venture, and its transition from a nonprofit to a for-profit benefit corporation. Historically, WLD tokens have responded to developments at OpenAI, reflecting a perceived connection between the two projects among crypto traders.
