BlockBeats news, on October 6, despite Bitcoin reserve companies accumulating $1.2 billion worth of Bitcoin last week, analysts believe that the new high of Bitcoin is more driven by the inflow of funds into Bitcoin exchange-traded funds (ETFs). According to data, Bitcoin reserve companies purchased over 6,702 Bitcoins last week, with the Japanese investment company Metaplanet leading the way, increasing its holdings by 5,258 Bitcoins on October 1 alone. In contrast, the Spot Bitcoin ETF recorded a net inflow of $3.24 billion last week, almost matching the single-week record for November 2024. Vincent Liu, Chief Investment Officer of quantitative trading firm Kronos Research, told Cointelegraph that the key factor driving the rise in Bitcoin prices is the inflow of ETF funds. However, he also added that other factors are at play, such as "tight exchange supply, a weaker dollar, and macroeconomic uncertainty. Strong institutional demand over the weekend further reinforced the market's bullish momentum. Since the beginning of this year, the speed at which institutions are buying Bitcoin has already outpaced miner output. Miners produce an average of about 900 Bitcoins per day, while financial services company River noted in its September report that enterprises are purchasing an average of 1,755 Bitcoins per day, and ETFs are buying an average of 1,430 Bitcoins per day. Analysts at Bitfinex previously predicted in August that the approval of new encryption ETFs could also trigger a new round of altcoin rallies or rebounds, as this allows investors to access more tokens with lower risk.
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