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US Spot ETFs Fueling Bitcoin Demand – Is BTC Set To Explode In Q4 2024?

US Spot ETFs Fueling Bitcoin Demand – Is BTC Set To Explode In Q4 2024?

Sebastian Villafuerte
by Sebastian Villafuerte
10 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin is trading at a pivotal level following a 10% dip to $60,000, a key psychological support. After a brief sell-off, the price has recovered and is now holding strong, flirting with the potential to rise again and challenge new highs. Investors and analysts are growing optimistic, anticipating a sharp and fast rally in the coming weeks as smart money flows into the market, seizing the opportunity to accumulate BTC.

Related Reading: Dogecoin Whales Back In Action – Metrics Reveal $108 Million DOGE Accumulation

Key data from CryptoQuant supports this bullish outlook, revealing that demand for Bitcoin from US spot ETFs is on the rise. This surge in institutional interest suggests a positive trend that could drive BTC prices even higher throughout Q4 2024. If the demand continues at this pace, analysts predict an aggressive move to the upside, with Bitcoin potentially pushing toward new all-time highs.

As market conditions evolve, Bitcoin’s current price action will be a critical area to watch, particularly as smart money and institutional demand continue to fuel the narrative of a bullish cycle ahead. Investors are watching closely, with expectations of strong performance in the near future.

Bitcoin ETFs Buying Heavy

Bitcoin is raising concerns among investors who are hoping for a strong crypto bull run to start soon, yet the latest price correction has cast some doubt on the timing. Despite these worries, there is encouraging data to keep investors optimistic.

CryptoQuant shared a chart on X showing the daily change in total Bitcoin holdings by ETFs, which points to growing demand. According to the data, spot Bitcoin ETFs went from net selling 5,000 BTC on September 2 to buying 7,000 BTC by the end of the month, marking the highest level of accumulation since July 21.

Bitcoin demand from US spot ETFs is rising.
Bitcoin demand from US spot ETFs is rising. | Source: CryptoQuant on X

Historically, these ETF inflows have been a reliable indicator of price momentum. In Q1 2024, spot ETFs were buying nearly 9,000 BTC daily, helping to push BTC to new highs. This renewed demand, if sustained, could be a key driver in pushing prices upward in Q4 2024.

Related Reading: Bitcoin Whale Activity Hints At Upside: Big Players Bought 50,000 BTC In Just 10 Days

The increasing appetite for Bitcoin from institutional investors adds weight to the argument that a crypto rally is on the horizon. Analysts suggest that as ETF demand grows, it will provide further support for Bitcoin prices, potentially triggering a breakout in the coming weeks. For investors watching closely, these developments could signal that the bull run many are waiting for is just around the corner.

BTC Testing Demand: A Turning Point

Bitcoin is currently trading at $61,838 after successfully breaking above the 4-hour 200 exponential moving average (EMA) at $61,661. This technical move signals potential bullish momentum, though the price is now in a brief consolidation phase as traders assess the next steps. The key focus remains on whether BTC can hold above this 4H 200 EMA level, which is crucial for sustaining upward pressure.

BTC testing the 4H 200 EMA as support.
BTC is testing the 4H 200 EMA as support. | Source: BTCUSDT chart on TradingView

If Bitcoin continues to stay above this indicator, analysts expect a bullish rally to follow, with the next target likely around $66,000. Breaking past this point would reinforce the uptrend and could drive prices higher as market sentiment turns more positive.

Related Reading: Bitcoin STHs Supply Decreases By 1.31M BTC – A Sign Of Growing Confidence?

However, if BTC fails to close above the 4H 200 EMA, a deeper correction may be on the horizon. In that scenario, traders should watch for a potential drop below $60,000, with a possible retest of lower demand zones around $57,500. These levels could provide key support but would also signal increased volatility and uncertainty in the short term.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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