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Despite waning spot market activity, sustained ETF inflows could buoy Bitcoin's price, Bitfinex researchers suggest. With $136 million pouring into Bitcoin ETFs, analysts see potential for price support during a historically weak month for the cryptocurrency.
Cointelegraph reports that researchers from Bitfinex are predicting that the price of Bitcoin could be supported by an influx of exchange-traded funds (ETFs) over the next several days, even as demand from spot buyers is declining.
Sustained ETF Inflows Could Buoy Bitcoin Price
The analysts at Bitfinex stated in a research dated September 23 that sustained ETF inflows could buoy the BTC price—a significant counter-argument to their projection of short-term price consolidation caused by the fall in Bitcoin purchases on crypto exchanges.
"We anticipate that Bitcoin will remain in a range for the foreseeable future due to the fact that buying in the spot market has slowed, as shown by the spot Cumulative Volume Delta flattening when the price hit $63,500," the analysts noted.
$136M Inflows Offer Potential Price Support
In a four-day run of positive inflows, spot Bitcoin ETFs had a total cumulative inflow of $136 million on Sept. 24, according to statistics from Farside. This occurs in the middle of a month, which Bitcoin traders typically see as unfavorable.
Based on data from CoinGlass, September has historically been the worst month for Bitcoin, with a monthly loss of 4.49% on average over the past 11 years.
Bitcoin Gains 6.26% Despite Historical September Weakness
As of this writing, according to data compiled by TradingView, the price of Bitcoin is $63,713, an increase of about 6.26% from September 18th.
In the meantime, according to TradingView statistics, Bitcoin's dominance—which is defined as Bitcoin's portion of the total crypto market cap—has decreased by 1.35% since Sept. 18, presently standing at 57.62%.
Analysts Warn of Possible Price Consolidation
If ETF inflows stay favorable and traditional finance markets like the S&P 500 continue to rally, Bitfinex analysts predicted that Bitcoin might experience further upside.
Nevertheless, in the absence of sustained spot buying, the most likely scenario is that Bitcoin's price will either consolidate or see a partial correction.
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