Bitcoin Tops $124K on Record ETF Inflows During US Shutdown
Bitcoin surged above $124,000 during Asian trading, approaching its August peak of $124,429, after U.S.-listed spot Bitcoin ETFs attracted a record $3.24 billion net inflow—the second-largest weekly spot ETF inflow on record—in the week to Oct. 3. Traders cite the ongoing U.S. government shutdown as a safe-haven driver boosting Bitcoin demand, with many viewing it as a hedge against political risk. Macroeconomic factors—rising inflation concerns, low interest rates, ample liquidity, and prospects for monetary easing—are fueling risk-on behavior among institutional investors. Analysts note that what benefits gold as an inflation hedge also underpins Bitcoin’s appeal in under-allocated portfolios. Major altcoins including ETH, XRP, SOL, and DOGE also rose 1–3%. At press time, BTC traded near $124,080. The strong spot ETF inflows and heightened political uncertainty from the government shutdown suggest sustained bullish conditions for the crypto market through October.
Bullish
Short-term, the record $3.24 billion spot ETF inflows and immediate price surge above $124K indicate strong buying momentum, as institutional investors deploy capital and traders seek a safe-haven amid U.S. political turmoil. The government shutdown adds to demand by positioning Bitcoin as a hedge against systemic risk, amplifying volatility-driven trades. Long-term, persistent macro pressures—rising inflation, low interest rates, ample liquidity, and potential monetary easing—support a bullish thesis for Bitcoin, with under-allocation in institutional portfolios likely to drive continued inflows. Historical precedent shows Bitcoin outperforms during periods of diminishing confidence in traditional finance, suggesting sustained upward pressure. Altcoin gains further reflect broad market participation, reinforcing bullish sentiment across the crypto sector.