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Bitcoin ETFs experienced record inflows as miners ramped up operations, with analysts from H.C. Wainwright attributing a BTC rally to easing global monetary policies.
According to a report from H.C. Wainwright shared with crypto.news, Bitcoin closed the week ending September 29 with a 3.2% gain, reaching $65,618. This is notable given that September is typically a weak month for BTC, which has historically averaged a 3.7% drop during this period. Analysts suggest that this year’s gains may indicate a shift, linking the rise to central banks easing monetary policies, evidenced by 21 rate cuts in September. Such actions often positively influence BTC prices, similar to its surge following the Fed’s recent rate cut.
However, crypto markets faced a downturn on October 1 due to escalating geopolitical tensions between Israel and Iran, which triggered a sell-off. Bitcoin dropped 3.9%, while Ethereum fell over 6%. This conflict also affected crypto-mining stocks, with shares of Marathon Digital and CleanSpark declining by approximately 9% and 6%, respectively.
Spot ETFs and Mining Performance
The analysts noted that spot Bitcoin ETFs saw inflows exceeding $1 billion last week, marking the first significant weekly inflows since July. This surge indicates strong investor interest, with $494.4 million arriving on September 27 alone. Since January, these ETFs have accumulated a total of $18.8 billion in inflows.
Miners also had a notable week, with mining stocks rallying 15.1% week-on-week in response to rising Bitcoin prices, which boosted hash prices—an important metric for miner profitability.
Positive Developments in Bitcoin Mining
H.C. Wainwright analysts view the Bitcoin mining sector as primed for growth. Hut 8 has launched a GPU-as-a-service business, entering a five-year agreement with an AI cloud developer expected to generate $20 million in annual revenue.
Cipher has completed the acquisition of a new 300 MW mining site in West Texas for $67.5 million, further expanding its operations. Additionally, Bitdeer has tested its second-generation SEAL02 mining chip, achieving key efficiency benchmarks and planning for mass production in 2024.
