Bitcoin ETF Inflows Turn Positive

CoinDesk 20 Index: 2,056.03 +1.34%

Bitcoin (BTC): $64,350.91 +1.14%

Ether (ETH): $2,6424.48 +0.09%

S&P 500: 5,722.26 -0.19%

Gold: $2,678.25 +0.8%

Nikkei 225: 38,925.63 +2.79%

Bitcoin (BTC) is trading at $63,000, down 1.4% in the past 24 hours, but the cryptocurrency is up 2% on the week as inflows into BTC exchange-traded funds (ETFs) remain positive. Asian stocks are on the rise after China said it was considering injecting 1 trillion yuan ($142 billion) of capital into the country’s largest banks to boost their ability to support the economy. The announcement comes after the People’s Bank of China (PBOC) cut the reserve requirement ratio for mainland banks by 50 basis points (bps) and the seven-day reverse repo rate by 20 basis points to 1.5%.

SoSoValue data shows that total daily net inflows for BTC ETFs exceeded $100 million for the second day in a row, marking a fifth day of positive net inflows for the funds. The current developments have turned the indicator tracking 30-day net assets positive for the first time in September, according to data from CryptoQuant, highlighting a growing trend of accumulation as opposed to selling. Ether (ETH) is trading above $2,500, down 1.3 percent on the day and up 8 percent on the week. Spot ETH ETFs had a daily net inflow of $43 million, marking two days of net positive inflows, the data shows.

Ethereum layer-2 network Celo is challenging Tron’s position as the blockchain with the most daily active addresses using the stablecoin. According to data tracked by Artemis, the seven-day moving average of the metric on Celo has climbed to almost 700,000, almost equaling Tron’s number. The increase follows Tether’s decision to use USDT for Celo transactions in March. Over $200 million worth of USDT has been issued on Celo since then. Ethereum founder Vitalik Buterin has revived investor interest in the CELO token by congratulating Celo on its success. At press time, the cryptocurrency is trading at 63 cents, representing a nearly 20% increase on a 24-hour basis, according to CoinDesk data.

The chart shows the realized volatility of bitcoin options with a $100,000 expiration date on November 8 and subsequent monthly and quarterly expiration dates. The higher price of options expiring on November 8 indicates that investors are expecting significant market movement in response to the US election results. The US election will be held on November 4, with the results to be announced on November 8. Source: Deribit