Bitcoin (BTC) traded above $65,000 during the early Asian trading hours on Thursday, reflecting a slight 1.4% decline, though it remained up 2% over the past week. The cryptocurrency market has been buoyed by continued positive inflows into Bitcoin exchange-traded funds (ETFs), indicating sustained investor interest. Asian stock markets also experienced gains due to reports that China is contemplating a significant capital infusion, potentially up to 1 trillion yuan ($142 billion), into its largest state banks to bolster the country’s weakening economy.

Earlier in the week, China’s central bank, the People’s Bank of China (PBOC), implemented monetary easing measures, reducing the reserve requirement ratio for mainland banks by 50 basis points. Additionally, the PBOC lowered the seven-day reverse repo rate by 20 basis points to 1.5%, providing further liquidity to commercial banks. These policy actions have aimed to stimulate economic activity in China.

Data from SoSoValue highlighted that Bitcoin ETFs saw a second consecutive day of daily net inflows exceeding $100 million, marking a five-day streak of positive inflows. This influx flipped a key indicator tracking 30-day net holdings among ETFs to positive in September, suggesting a growing trend of Bitcoin accumulation rather than selling. Meanwhile, Ethereum (ETH) is trading above $2,500, down 1.3% on the day but showing an 8% increase over the week. Spot ETH ETFs recorded a net daily inflow of $43 million, maintaining a two-day streak of positive inflows.

Presto Research recently noted that Ethereum gas fees have been rising due to increased network activity, which coincided with ETH outperforming BTC after the Federal Reserve’s 50 basis point rate cut. Despite on-chain yields lagging behind three-month treasury bills, some investors are anticipating a recovery in Ethereum’s total value locked (TVL), though broader capital inflows may not materialize until 2025. Additionally, WorldCoin’s WLD token, backed by Sam Altman, surged 14% in the past 24 hours, as the project expanded its verification services to Poland, Malaysia, and Guatemala, boosting user adoption and the project’s fundamentals.

👉Join our Trading Community and Earn Airdrops! 👈

Finally, if you learned something, hit that UP ARROW ⬆️ and SHARE. 🔁