Bitcoin remained largely stable on Tuesday after hitting record highs above $126,000 in the previous session, driven by strong inflows into U.S. spot exchange-traded funds, “devaluation” trades amid the prolonged U.S. government shutdown, and seasonal optimism known as “Uptober.”
The world’s largest cryptocurrency reached an all-time high of $126,186.0 on Monday, but subsequently pared its gains due to some profit-taking.
Bitcoin was last trading 0.4% higher at $124,427.9 at 8:05 a.m. (Spanish time). It rose more than 10% last week.
Bitcoin boosted by ETF inflows, “devaluation trades,” and “Uptober” optimism
Data from SoSoValue showed that US spot bitcoin ETFs recorded $3.2 billion in net inflows in the week ending October 3, the second-highest weekly total since their launch earlier this year. On October 3 alone, daily inflows reached approximately $985 million.
Strong demand through ETFs has allowed institutional players to gain exposure to Bitcoin without direct custody, reinforcing the upward momentum.
El cierre del gobierno estadounidense ha añadido combustible al rally. Con el estancamiento de Washington paralizando la publicación de datos económicos e inyectando riesgo político, los inversores han acudido en masa a “activos duros” no soberanos.
The US government shutdown has added fuel to the rally. With the stalemate in Washington paralyzing the release of economic data and injecting political risk, investors have flocked to non-sovereign “hard assets.”
The timing also coincides with strong seasonality in October, often referred to as “Uptober,” when historical returns tend to be favorable for cryptocurrencies.
That said, profit-taking emerged after the all-time high, and Bitcoin gave up some gains on Tuesday.
Galaxy Digital launches rival platform to Robinhood
Galaxy Digital (TSX:GLXY) introduced GalaxyOne, a new trading platform offering commission-free stock and cryptocurrency trading, in a direct challenge to Robinhood (NASDAQ:HOOD), sending its shares up 7% on Monday.
The platform mirrors Robinhood’s core offerings, including access to over 2,000 stocks and ETFs, cryptocurrency trading, and high-yield cash accounts. Following the announcement, Robinhood’s NASDAQ-listed shares fell about 3% on Monday.
Cryptocurrency prices today: altcoins remain optimistic, Ether rises more than 4%
Altcoins traded higher on Tuesday, but some remained in a limited range due to macroeconomic concerns.
The world’s second-largest cryptocurrency, Ethereum, rose 4.1% to $4,712.75.
The world’s third-largest cryptocurrency, XRP, gained 0.5% to $2.99.
Solana rose slightly, while Cardano and Polygon each gained 3.5%.
Among meme tokens, Dogecoin rose nearly 5%, while $TRUMP increased 2%.
Source: Investing.com
