Bitcoin price breaks $ 114k while ETF inflow has been 8 weeks high

Bitcoin Buntered back from the low point of Tuesday from $ 110,714 and was $ 114,000 on Thursday morning, and reached the highest level since 24 August by Coingecko data.

The price movement comes as the American spot Bitcoin ETFs in the $ 757.1 million on Wednesday, per Sosovalue, an eight -week high. In total US ETFs collected $ 1.39 billion in Bitcoin in September.

“These inflow were largely powered by the excellent news of the PPI numbers, which was much better than expected,” said DarkFrost, a pseudonym verified analyst in cryptoquant, said Decrypt.

Bitcoin’s recent edition beyond $ 113,000 is an ‘encouraging sign’, according to DarkFrost, who stated that the upward trend was accompanied by an increase of 6.60% in open interest to $ 43.3 billion and positive financing percentages.

Although Bitcoin ETFs are flooded with a multi-week record in the intake, Ethereum funds are on the sidelines with a negative Netflow of $ 668.72 million before September, according to Sosovalue data.

This is a ‘capital rotation pattern’, Illia Otychenko, chief analyst at Cex.io, said Decrypt In an earlier report, which suggests that funds shift ‘back to Bitcoin from Ether’, awaiting the decision of 17 September Fed Rate.

Fed Rate Decision appears

Deterny baneng data released in July and August have put pressure on the Fed to lower the interest rates. However, core inflation is higher than 3%, which is contrary to the double mandate of the central bank.

Investors therefore expect the FED to encourage the economy with a larger than mitigating rate reduction.

With a reduction of a quarter-point reduction, except in the neighborhood, investors can speculate with a half-point reduction, which could drive the ETF inflow of Bitcoin, said Stephen Gregory, founder of Crypto Trading Platform Vtrader, in another Decrypt report.

CME’s Fedwatch Tool shows 92% chances for a reduction of 25 basic points and a chance of 8% on a reduction of 50 basic points. Users of Myriad, a prediction market launched by DecryptThe parent company Dastan, has set an 80% chance on the interest rate rates of the FED with 25 BPS.