Bitcoin ETFs Pull In $676M as BTC Price Tops $119K

Group 1: Bitcoin ETF Inflows - Bitcoin ETFs recorded their highest single day of inflows since mid-September, attracting $675.8 million on Wednesday, with BlackRock's IBIT fund leading with $405.5 million [1] - The inflows marked a three-day streak of over $100 million, with $518 million on Monday and $429.9 million on Tuesday [2] - A significant turnaround was noted from the previous week, where $418.3 million left Bitcoin ETFs on September 26, including a loss of $300.4 million from Fidelity's FBTC [2] Group 2: Ethereum ETF Performance - Ethereum ETFs also showed strong performance, attracting $80.9 million on Wednesday, following $127.5 million on Tuesday and $546.9 million on Monday [3] Group 3: Market Drivers - Increased inflows are attributed to macroeconomic factors, including predictions of imminent interest rate cuts in the US, with a nearly 100% chance of a rate cut in October [4] - The ADP private payrolls report indicated labor market weakness, reinforcing expectations for further Federal Reserve cuts [4] - Speculators on the Myriad prediction market place a 75% chance on two Fed rate changes by year-end, with potential for a 0.25% cut this month if macro data supports it [5] Group 4: Bitcoin's Market Perception - Bitcoin is currently trading at $119,288, perceived as a store-of-value similar to gold amid risks like dollar debasement and de-dollarization trends in countries like Russia and China [6] - Bitcoin is noted to capture both store-of-value flows and growth-asset upside, effectively straddling both narratives [7]