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, \u201cdevaluation\u201d trades amid the prolonged U.S. government shutdown, and seasonal optimism known as \u201cUptober.\u201d<\/p>\n\n
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.<\/p>\n\n
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. <\/p>\n\n
Bitcoin boosted by ETF inflows, \u201cdevaluation trades,\u201d and \u201cUptober\u201d optimism<\/strong><\/p>\n\n 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. <\/p>\n\n Strong demand through ETFs has allowed institutional players to gain exposure to Bitcoin without direct custody, reinforcing the upward momentum.<\/p>\n\n El cierre del gobierno estadounidense ha a\u00f1adido combustible al rally. Con el estancamiento de Washington paralizando la publicaci\u00f3n de datos econ\u00f3micos e inyectando riesgo pol\u00edtico, los inversores han acudido en masa a “activos duros” no soberanos. <\/p>\n\n 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 \u201chard assets.\u201d<\/p>\n\n The timing also coincides with strong seasonality in October, often referred to as \u201cUptober,\u201d when historical returns tend to be favorable for cryptocurrencies.<\/p>\n\n That said, profit-taking emerged after the all-time high, and Bitcoin gave up some gains on Tuesday.<\/p>\n\n