Bitcoin BTC/USD to Hit $65,000, Ethereum ETH/USD Climbs 3.5% to $2,547: Market Analysis

Analysts are projecting Bitcoin BTC/USD to reach $65,000 in the near term, citing increased long positions and bullish options activity

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) both showed signs of slowing down on Monday, with BTC dipping slightly but remaining above the $62,000 level.

However, both cryptocurrencies saw significant inflows into their exchange-traded funds (ETFs).

Bitcoin Spot ETFs See $158M Inflows: According to data from SoSo Value, Bitcoin spot ETFs recorded a total net inflow of $158 million on Sep. 19.

The ETF with the highest single-day net inflow was Ark Invest & 21Shares’ ETF (NYSE:ARK) with $81 million, followed by Fidelity’s ETF (NASDAQ:FBTC) with $49.8 million.

Among the Bitcoin-linked ETFs, the largest net outflows were seen in Valkyrie Bitcoin Strategy ETF (NYSE:BTCC) with $3.3 million and ProShares Bitcoin Short Strategy ETF (NYSE:BITI) with $2.1 million.

Ethereum Spot ETFs Experience Inflows: Ethereum spot ETFs also experienced positive momentum, with a total net inflow of $5.2 million on the same day, which was entirely attributed to BlackRock’s ETF (NYSE:ETHA).

This marked a significant development, as Ethereum spot ETFs had seen outflows in recent sessions.

Bitcoin Futures, Options Traders Bet Bullish: Illia Otychenko, Lead Analyst at CEX.IO, told Benzinga there is a clear bias toward long positions in both futures and options markets.

“Bitcoin’s open interest in the futures market increased by 13% over the past two days, with the volume-weighted funding rate indicating that traders are increasingly going long, betting on price gains.”

He also noted a 10% rise in the Bitcoin options market open interest, with over 56% of daily volume consisting of call (bullish) positions, focusing on a $65,000 strike price for the September 27 expiry.

Bitcoin May Serve As Hedge Against Economic Woes: Dary McGovern, Chief Operating Officer of Xapo Bank, highlighted Bitcoin’s potential as a hedge against economic uncertainties.

“As Fed interest rates decrease from recent highs to boost spending, Bitcoin is positioned to hedge against currency debasement and inflation, much like how gold has been used for centuries.”

“Bitcoin’s standing as a world currency makes it a unique store of value. Its fixed supply, potential for appreciation, and decentralization are not tied to any one country’s economic policy,” McGovern added.

Benzinga's Future Of Digital Assets Event: Industry leaders and enthusiasts are invited to join Benzinga at the Future of Digital Assets event on Nov. 19.

The event will feature key updates on Bitcoin, Ethereum and the broader cryptocurrency ecosystem.

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