The U.S.-listed BTC exchange-traded funds (ETFs) hit $28.7 million in inflows on Monday, ending a long losing streak.
BTC is trading below $56.5K, while the CoinDesk 20 (CD20) is up 2.3%.
Spot bitcoin (BTC) exchange-traded funds (ETFs) listed in the U.S. posted just over $28.7 million in net inflows on Monday, ending a record outflow streak worth $1.2 billion, data shows.
The ETFs lost money since Aug. 27, and Monday was the first day of net inflows in September – a month that traders have previously warned to be bearish for the leading cryptocurrency. Outflows from ETFs signal a lack of new demand among professional investors.
The outflows have taken net inflows since inception to under the $17 billion mark, back to levels last seen in July. Meanwhile, BTC prices are down nearly 15% in the past two weeks – or 25% below March’s lifetime peak of $73,300.
However, some traders remain bullish despite such price action.
“Even with all the near-term noise and volatile price action, we remain structurally bullish,” QCP Capital traders said in a Telegram broadcast Tuesday. “And it certainly looks like the market is also taking advantage of this leg lower to pile on more longer-term bullish trades.”
“The bounce from $52,500 is encouraging. So have we seen the bottom? Although we can’t be certain, some institutions seem to think so as they take this opportunity to add to their bullish bets in Dec and Mar,” traders added.
The CoinDesk 20 (CD20), a measure of the largest and most liquid digital assets, is up 2.3%, trading at 1,800.
Meanwhile, BTC is trading above $56,500, slipping from $57,000, ahead of the next CPI and PPI release and the first debate between Donald Trump and Kamala Harris.
Polymarket traders are pretty certain that crypto isn’t going to be mentioned during the debate, giving only an 11% chance of Harris mentioning the term (or bitcoin) and a 13% chance of Trump saying it.
Traders are also expecting the debate to run overtime, with only a 30% chance of it ending on schedule at 10:30 pm.
Elsewhere, several prominent AI tokens were well into the green during the first half of Asia’s business day, with the CoinGecko category up 10%.
Liquid staking tokens are also doing well with Lido DAO’s (LDO) token up 6.3%. Lido rival Rocket Pool’s RPL token is up over 20% as Binance Futures announced the launch of leveraged perpetual contracts. DeFi Llama data shows that despite this, RPL’s total value locked hasn’t meaningfully increased and is still just north of $2.9 billion.