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Swyftx Squawk 🦜 Bitcoin Breaks Key Highs as ETF Inflows Surge

Key Takeaways

  • Bitcoin breaks above both August and September monthly highs this week. 
  • ETF flows record their first +$500M USD net flow day since June 5th, 2024. 
  • US and China to release economic growth data within 24 hours.

Bitcoin has surged 7.8% since the weekly open at 10 AM AEST, currently trading at $67,700 USD. This puts the price above the August high of $65,690 USD and September’s high of $66,550 USD. 

US Bitcoin ETF Flows 

This week, buying activity dominated across US spot ETF products, suggesting a potential revival in institutional interest in Bitcoin. However, it is still too early to confirm a trend. 

Source: Glassnode – Weekly US Spot ETF Net Flows (USD)  

On October 14th, net inflows reached $555 million USD, significantly higher than the current daily average of $103 million USD. 

Fear and greed currently reads 71 – Greed. 

Macroeconomic data ahead 

Tonight, US retail sales data is expected at 10:30 PM AEST, with a forecast of 0.1% growth. 

Tomorrow, China’s GDP update is set for Noon AEST, with a 4.6% growth expectation, slightly lower than the previous month’s result. 

Bitcoin Analysis 

Prices are currently trading above the September and August highs as we head into the weekend. We just over the hump of October, with another two weeks ahead in the month. Below are two possible scenarios on where price may lead next.  

Source: TradingView

Bullish Scenario 

If demand continues to stay strong, Bitcoin could approach $70,000 USD, a level last seen in July. 

Bearish Scenario 

If the rally loses momentum, prices may retreat to test the highs from September and August. Monitoring the market’s reaction around this range will be key. 

💱 Flows 

The buy-to-sell ratio for unique Swyftx orders is nominally >$20,000 AUD (rolling data over the last 7 days, captured at 09:00 am AEST).  


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