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Bitcoin market sees high ETF inflows and declining exchange reserves
The Bitcoin market experienced significant shifts in September and early October. US spot Bitcoin ETFs saw strong institutional demand, recording approximately $2.65 billion in net inflows during September. BlackRock’s IBIT fund led this trend, accounting for $1.81 billion of those inflows.
On-chain data reveals a decline in Bitcoin availability on trading platforms. Exchange reserves have dropped to roughly 2.68 million BTC, the lowest level since 2023, down from approximately 3.2 million BTC at the start of 2024. Additionally, the number of addresses holding at least 1 BTC decreased by 14,000 between September 16 and October 1.
In the mining sector, operators saw a boost in revenue, earning approximately $1.12 billion in September, their best month since January. This recovery was supported by rising Bitcoin prices and a hashprice that reached a 30-day high of $41.51 per PH/s, even as network difficulty remained relatively stable at 132.72 trillion.
Entities
Bitcoin · Bitcoin · BlackRock · CryptoQuant · Ethereum · Federal Reserve · Fidelity · U.S. Bureau of Labor Statistics
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Addresses holding at least 1 BTC decreased by 14,000 from September 16 to October 1. www.nadanews.com
- [○ 1 SOURCE] US Bitcoin spot ETFs saw net inflows of $2.65 billion during September. cryptoast.fr
- [○ 1 SOURCE] BlackRock’s IBIT fund accounted for $1.81 billion of the September ETF inflows. cryptoast.fr