Bitcoin Surges Above $123,000 Amid ETF Inflows and Accumulation
- Bitcoin is trading above $123,000, supported by significant ETF inflows and whale accumulation.
- Futures open interest has reached record highs, with funding rates exceeding 8%.
- Ethereum is holding steady at $4,516 as traders return to major layer-1 assets.
- Gold surpassed $4,000 for the first time this year amid geopolitical tensions and U.S. fiscal uncertainty.
- Japan’s Nikkei rose by 1.1%, driven by a surge in SoftBank’s stock following its acquisition of ABB’s robotics unit.
Market analysts note that while Bitcoin’s rally appears strong due to institutional demand and ETF support, there are signs of potential complacency among traders as leverage builds up in the market.
With Bitcoin maintaining its position above $123,000 and Ethereum stable at $4,516, the market dynamics indicate a cautious optimism heading into October’s traditionally bullish period. (Source)
