After weeks of turbulence, there are signs that Bitcoin might be nearing a crucial turning point. US-listed Bitcoin exchange-traded funds (ETFs) saw net inflows of $28.7 million on September 9, ending a prolonged outflow streak.
The renewed inflows indicate growing interest among professional investors, suggesting shifting sentiment. Analysts have noted a net positive flow after days of significant outflows, signaling a potential local bottom.
Meanwhile, a prominent whale on Bitfinex has been aggressively buying Bitcoin, accumulating around 450 BTC daily. This indicates confidence in Bitcoin's long-term potential.
Long-term holders (LTH) are also increasing their positions, which historically signals bullish sentiment. Despite this buying pressure, some analysts remain cautious.
Peter Brandt sees a 65% chance of Bitcoin dropping below $40,000 before any new highs, while political outcomes in the US could also significantly impact Bitcoin's future course.
As ETFs, whales, and LTHs continue to accumulate, there's growing optimism, although uncertainty lingers.
