ChainCatcher reports that, according to CoinShares' latest biweekly market report, U.S. spot BTC ETFs experienced a net outflow of $679 million last week, with a single-day net outflow of $485 million on Wednesday—the largest daily outflow since June. ETH ETFs saw a net outflow of $542 million last week, marking nearly $700 million in cumulative outflows over nine consecutive trading days. BTC briefly approached $87,000 on October 5 before retreating to around $80,300, and has since rebounded to approximately $83,500. The report notes that BTC’s correlation with the Nasdaq index has rebounded to around 40%, its long-term average, while its correlation with inflation-linked bonds has continued to strengthen. CoinShares believes that this week’s U.S. CPI data will be a key variable: if core CPI rises 0.3% month-over-month, it could reinforce market expectations of a Fed rate hike in October, exposing BTC to the risk of retesting the $80,000 level.
CoinShares: Bitcoin-Nasdaq Correlation Rises to 40%; CPI Data May Be Key Short-Term Factor
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Summary
CoinShares reports that Bitcoin’s correlation with the Nasdaq reached 40%, returning to its long-term average. On-chain data shows U.S. spot BTC ETFs experienced a net outflow of $679 million last week, while ETH ETFs lost $542 million. Bitcoin briefly approached $87,000 before pulling back to $83,500. The firm notes that alternative coins to watch may react to the upcoming U.S. CPI data, which could influence Fed rate expectations and test Bitcoin’s $80,000 support level.
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