Bitcoin (BTC) stabilizes at around $63,000 on Monday after finding support around its key level last week.
Bitcoin stabilizes at around $63,000 on Monday. US spot Bitcoin ETF experienced outflows week-on-week.
report highlights that Bitcoin remains the best-performing asset this year, with a 49.2% year-to-date gain. Bitcoin stabilizes at around $63,000 on Monday after finding support around its key level last week. Despite last week’s volatility, which saw BTC prices drop from a high of $65,618 to a low of $59,828, an
report reveals that Bitcoin remains the best-performing asset of the year with a 49.2% year-to-date gain, even as United States spot Bitcoin Exchange Traded Funds saw week-on-week outflows. Bitcoin sees a fall in institutional demand Institutional flows to BTC declined last week compared to the previous. According to Coinglass data, the flow into US spot Bitcoin ETFs decreased from $1.10 billion in inflows to $262.
Moreover, the report explains that Bitcoin’s rolling 90-day correlation with US stocks continued to rise during Q3, ending the quarter at 0.46. While Bitcoin’s correlation with equities rose, the most recent level is still low, implying that Bitcoin offers significant diversification benefits to multi-asset portfolios. Thinking of Bitcoin as a “levered US equities” is incorrect as the long-term average of its 90-day rolling correlation is only 0.12. Bitcoin correlation chart.
The report also mentions that the upcoming US election on November 5 will play a big part in market performance for Q4, and if Trump wins, expect larger gains in the crypto market. “We expect to see a change in the head of the SEC, with Gensler being replaced with someone likely to be more pro-crypto. Q4 is traditionally a bullish period for BTC, and there are a number of catalysts that could see history rhyme.
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