Bitcoin under the pressure of the "September curse": Can ETF save the price?

Bitcoin has just dropped 1.3%, falling below the 110,000 USD mark, causing the market to worry about the "September curse" – a historical period that often witnesses a price drop of $BTC . However, strong capital flows from ETFs bring a glimmer of hope.

For two consecutive days, Bitcoin ETF recorded capital inflows of 633 million USD, the highest level since early August. Notably, many long-term holders are transferring BTC into ETFs – a rather rare supply redistribution model. Experts believe that it is the ETFs that will determine whether BTC can escape “#RedSeptember ” or not.

Currently, market sentiment remains cautious: 65% of investors on Myriad predict that BTC will hit 105,000 USD before moving towards 125,000 USD. Meanwhile, a survey from Binance Australia shows that the majority of investors believe the price will stay within the range of 100,000 – 150,000 USD in the next 6 months.

In addition to ETFs, major players like Metaplanet (Japan) are also contributing to stabilizing demand. This company recently purchased an additional 1,009 BTC, bringing the total to 20,000 BTC worth approximately 2.2 billion USD, and affirmed that it will never sell.

Macroeconomic factors are also being noted: the meeting on #Fed on September 16-17 may decide on interest rate cuts, thereby increasing the flow of money into riskier assets like crypto.

⚠️ Warning: The crypto market is always highly volatile. Investors need to carefully consider before making decisions.

Source: #Decrypt