Asia Market Update: Bitcoin ETF Inflows Fuel Bullish Momentum Amid Record Highs
Bitcoin (BTC) continues its impressive rally, trading above $123,000 during Thursday's Asian session. Market analysts highlight three key drivers supporting this upward trajectory: substantial ETF inflows, mid-tier investor accumulation, and strong institutional conviction that current levels don't represent the market peak.
QCP Capital's latest analysis suggests capital rotation from overextended AI equities into "credibility hedges" including Bitcoin and gold. Glassnode reports record-breaking ETF inflows while CryptoQuant data indicates profit-taking remains below historical peaks, suggesting further upside potential.
However, warning signs emerge as futures open interest hits record levels with funding rates exceeding 8%. This creates a "strong trend, weak hands" scenario where leveraged positions could trigger sharp corrections. Glassnode emphasizes the need for leverage reduction before sustainable growth can continue.
Market Performance: BTC holds above $123,000 with ETF inflows and whale accumulation providing support. Ethereum (ETH) trades at $4,516, buoyed by ETF optimism and anticipation of December's Fusaka upgrade. Gold reaches unprecedented $4,000 levels amid geopolitical tensions and sustained central bank demand.