Bitcoin’s BTC/USD performance has been notably stronger during US trading sessions over the past month, catching the attention of analysts and traders. This surge in activity during US hours is in contrast to the weaker performance seen during European and Asian trading sessions. Daan Crypto Trades, a prominent cryptocurrency influencer, highlighted this pattern, noting a significant difference in Bitcoin’s price action during these various time periods.
While Bitcoin’s performance in US trading sessions is encouraging, it’s not yet translating into substantial inflows into exchange-traded funds (ETFs) that track the digital asset. According to data from SoSo Value, the total value of assets in these US-listed Bitcoin ETFs has decreased by more than 9% since the week ending July 19. Although there have been some inflows, such as the $38.94 million recorded on August 13, they haven’t been enough to offset the overall decline.
The lack of significant ETF inflows is intriguing, especially given the recent shift in investor behavior. Large wallet holders, after selling off in the run-up to Bitcoin’s all-time highs earlier this year, have pivoted to an accumulation strategy. This suggests a growing confidence in the long-term potential of Bitcoin.
Furthermore, Bitcoin has shown a consistent trend of upward movement leading up to US presidential elections, as observed by Max, CEO and founder of the media platform Because Bitcoin. This trend raises the question of whether the current strong performance during US trading sessions will continue and ultimately drive more investments into Bitcoin ETFs, especially as the next US presidential election approaches.
With Bitcoin currently trading at $60,899.86, up 3% in the last 24 hours, the market is closely watching to see if the strong US session performance can translate into sustained growth and increased investment in Bitcoin ETFs. The future of Bitcoin’s trajectory and its impact on the broader cryptocurrency market remain to be seen.
