Data from SoSoValue shows that against the backdrop of global monetary easing, the total daily net inflow of BTC ETFs exceeded $100 million for the second consecutive day. In addition: Worldcoin's gains reached double digits as World ID expanded to more countries.
Bitcoin traded above $63,000, slightly down on the day but up on the week, with BTC ETFs seeing significant positive net inflows, indicating an accumulation trend.
China is reportedly considering injecting a massive RMB 1 trillion of capital into its major state-owned banks to boost the economy following the People's Bank of China's decision to cut reserve requirement ratios and reduce repo rates.
Ethereum traded above $2,500, up on the week, and despite a slight intraday loss, its ETFs also saw positive inflows. Meanwhile, WorldCoin’s WLD token surged 14% following OpenAI’s expansion announcement and development.
Bitcoin (BTC) traded above $63,000 in the first half of Thursday’s Asian session, down 1.4% but up 2% on a weekly basis as inflows into BTC exchange-traded funds (ETFs) remained positive.
Asian stocks surged on reports that China is considering injecting up to 1 trillion yuan ($142 billion) of capital into its largest state-owned banks to bolster their ability to support the struggling economy.
This follows the People's Bank of China (PBOC)'s easing decision earlier this week to cut the reserve requirement ratio for mainland banks by 50 basis points (bps), while also reducing the seven-day reverse repurchase rate (the rate at which the central bank borrows funds from commercial banks) by 20 basis points to 1.5%.
Data from SoSoValue shows that the total daily net inflows of the BTC ETF exceeded $100 million for the second consecutive day. This marks the fifth consecutive day of net inflows for the fund.
Data from CryptoQuant shows that a metric tracking ETFs’ 30-day net holdings turned positive for the first time in September, indicating an upward trend in accumulation rather than selling.
Meanwhile, Ether (ETH) traded above $2,500, down 1.3% on the day and up 8% this week. Data shows that spot ETH ETFs saw a daily net inflow of $43 million, achieving positive net inflows for the second consecutive day.
Presto Research wrote in a recent report that Ethereum gas fees have risen, driven by increased network transaction volume, while ETH has outperformed BTC after the Federal Reserve cut interest rates by 50 basis points.
Presto Write said that while on-chain yields are still lower than three-month Treasury bills, some investors are preparing for a potential recovery in total locked value (TVL). However, a broader capital migration may not occur until 2025.
Sam Altman-backed WorldCoin’s WLD has risen 14% in the past 24 hours, becoming one of the lone winners in the broader cryptocurrency market. The company said on Wednesday that it has started offering verification services in Poland, Malaysia and Guatemala over the past week — attracting more users and boosting the project’s fundamentals.
The rally comes amid executive changes at OpenAI, another company owned by Altman, and the company’s transition from a nonprofit to a for-profit benefit corporation. The WLD token has historically tended to trend toward OpenAI, as cryptocurrency traders may view the two as closely related.
