Summary
- Bitcoin fell below $84,000 despite spot ETF inflows as profit-taking selling emerged.
- Glassnode said spot ETF inflows drove the rally, but selling by perpetual futures traders and existing holders partly offset the gains.
- Major altcoins including Ethereum, XRP and Solana were also trading lower.
Forecast Trend Report by Period
Bitcoin rose about 4% last week on inflows into spot exchange-traded funds, but slipped below $84,000 as profit-taking selling emerged.
As of 9:45 a.m. on September 29 in Korea, Bitcoin was trading at $83,472 on Binance's USDT market, down 1.66% from a day earlier. On Upbit's won market, it was trading at 113.357 million won, down 0.17% from the previous day.
On-chain analytics firm Glassnode said last week's rise in Bitcoin was driven by inflows into spot ETFs. While buying demand through ETFs pushed prices higher, perpetual futures traders and existing holders sold into the rally. Profit-taking also emerged as prices climbed, partly offsetting the gains from ETF inflows.
Major altcoins were also trading lower. Ethereum was down 0.1% at $2,684.48 on Binance's USDT market, while XRP fell 2.1% to $1.4939. Solana dropped 3.58% to $118.36.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.