The chart above shows that Bitcoin ETFs held a total of 941,030 BTC as of September 20. However, over the course of eight consecutive days of net inflows, they have since acquired an additional 17,830 BTC. This brings their cumulative holdings to 958,860 BTC as of Wednesday, October 2.
Valued at the current price of $64,455 per coin, the ETFs have spent approximately $1.1 billion on BTC during this period, amid growing economic and geopolitical uncertainty. This highlights Bitcoin’s appeal as a potential “safe-haven” asset, especially in times of heightened risk.
When demand for an asset rises during periods of economic instability, it often suggests investor sentiment is shifting toward assets perceived as more secure or resistant to macroeconomic pressures. Bitcoin, with its decentralized nature and finite supply, is increasingly being viewed as a store of value, similar to gold.
This trend could further strengthen Bitcoin’s standing in the financial markets as a hedge against inflation and global uncertainty, in the months ahead.
Bitcoin Price Forecast: Bulls Must Hold $60k Support
While social sentiment remains bearish due to ongoing geopolitical fears (FUD), Bitcoin continues to find demand from large investors seeking safe-haven assets. The current low-interest-rate regime further enhances this demand, supporting the likelihood that Bitcoin will hold above the critical $60,000 support level in the short term.
IntoTheBlock’s IOMAP chart below, highlights two key resistance levels could limit Bitcoin’s upward prospects in the short-term.