Bitcoin (BTC) hovers slightly above $62,000 on Tuesday after a minor decline on Monday, buoyed by positive signs such as over $233 million in inflows into US Spot BTC Exchange Traded Funds (ETFs).
Bitcoin stabilizes just above the $62,000 level, eying for a rally ahead. US Spot ETF data recorded an inflow of $233.8 million on Monday. The Kobeissi Letter highlights how the rising Global M2 money supply could be a positive sign for Gold and Bitcoin . Bitcoin hovers slightly above $62,000 on Tuesday after a minor decline on Monday, buoyed by positive signs such as over $233 million in inflows into US Spot BTC Exchange Traded Funds .
Total money supply in the US, the Euro Area, Japan, and China has reached a new record of a MASSIVE $89.7 trillion. Global money supply has skyrocketed by $7.3 trillion over the last year. This marks the largest increase in 3 years and a similar jump to the initial… pic.twitter.com/A5KrGCjCc0 — The Kobeissi Letter October 1, 2024 Diving deep, Bitcoin has a history of rising alongside the M2 money supply, with a lag of 75 to 90 days.
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