Bitcoin Approaches January Highs
Bitcoin rose toward $82,000 in late September, approaching its highest level since January amid renewed institutional demand. US spot Bitcoin ETFs recorded $433 million in net inflows on September 18, led by Fidelity and BlackRock, reversing heavy outflows earlier in the week. Still, the funds ended the week with only $6.2 million in net inflows. The gain came despite the Federal Reserve raising rates by 25 bps last week and signaling further tightening, while US Treasury yields remained elevated. The divergence from the broader macro backdrop has raised interest in Bitcoin as a potential hedge against market and economic risks. Meanwhile, the Senate failed to advance the Clarity Act on September 15, while the SEC and CFTC moved ahead with crypto rulemaking under existing authority. The CFTC also submitted a crypto-market proposal to the White House for review.
Bitcoin rose toward $82,000 in late September, approaching its highest level since January amid renewed institutional demand. US spot Bitcoin ETFs recorded $433 million in net inflows on September 18, led by Fidelity and BlackRock, reversing heavy outflows earlier in the week. 2 million in net inflows. The gain came despite the Federal Reserve raising rates by 25 bps last week and signaling further tightening, while US Treasury yields remained elevated.
The divergence from the broader macro backdrop has raised interest in Bitcoin as a potential hedge against market and economic risks. Meanwhile, the Senate failed to advance the Clarity Act on September 15, while the SEC and CFTC moved ahead with crypto rulemaking under existing authority. The CFTC also submitted a crypto-market proposal to the White House for review.