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Swyftx Squawk 🦜 Bitcoin Up 6% in October & Key Market Trends

Key Takeaways

  • Bitcoin up 6% in October to date, as we approach the end of the month.
  • Bitcoin Exchange Traded Funds in the US amounted $2.1 billion USD in net buying.
  • Growth data announcements tonight in the US & big news week coming.

While Bitcoin is trading lower since the weekly open at 10am AEST on Monday, it currently trades up 6% so far for the month of October at this time of writing hovering around the mid $67,000 USD.  

Last week was a big one for US Bitcoin Exchange Traded Funds (ETFs) as demand resulted in $2.1 billion USD in net buying across all ETF products.  

Current Week US Bitcoin ETF Flows 

This week two out of the three days has resulted in net buying activity. The sum activity this week so far is $407.6m USD in positive flows.  

Notably, BlackRock, the largest asset manager by assets under management, recorded two days of purchases exceeding $300 million USD each. For context, the average daily buying activity across all products so far is $108 million USD. 

Fear and greed currently reads 52 – Neutral. 

Macroeconomic Data Ahead 

Tonight, we have impactful US growth data will be released. Manufacturing and Services Purchasing Mangers’ Index surveying will land at 11:45pm AEST. Expectations are for the figures to remain steady.  

Next week on Wednesday we can look forward to the latest Gross Domestic Product (GDP) figures out of the US, and also key jobs data. While official forecasts have not been released, the Federal Reserve Bank of Atlanta’s GDPNow forecast model has estimated for higher.  

We also have manufacturing growth data out of China and the latest interest rates decision coming from the Bank of Japan on Thursday.  

Bitcoin Analysis 

Since Monday we have seen Bitcoin trade lower where it has traded in the last 24 hours around the September and August monthly high prices. Below are two potential scenarios.   

Source – TradingView 

Bullish Scenario 

Should we continue to see demand to the previous monthly highs, we may see the market trade towards the July high of $70,000 US. 

Bearish Scenario 

Failure to find interest at these current prices from the market, could result in a fall back towards the mid $60,000’s US.  

💱 Swyftx 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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