Returning ETF Demand Supports Bitcoin Prices — Market Talk

Bitcoin is down 1.1%, but at around $64,000 it remains elevated versus the multi-year lows it had found last month. Supporting this is the slow return of demand from ETFs after a steady streak of capital outflows. Prior to yesterday, bitcoin ETFs posted seven consecutive days of net inflows, giving prices a boost to nearly $67,000. While these are good signs for bitcoin investors, the token's fundamentals are fragile, says analysts with Coinbase Research in a note. "At next week's FOMC meeting, the Fed's guidance and rate decision will be crucial," says Coinbase. "If the Fed holds and long-term yields remain stable, we think bitcoin can remain resilient." Other major cryptocurrencies are lower, with ethereum down 1.1% to $1,864. ([email protected])