Bitcoin climbed 1.75% over the past 24 hours to $123,250 as of press time, driven by sustained spot ETF inflows, gold’s rally to fresh records, and softer Federal Reserve rate guidance.
US spot Bitcoin ETFs added $2.1 billion in net inflows between Oct. 6 and Oct. 7, according to Farside Investors. The movement extended a seven-session streak of positive flows as of Oct. 7.
The funds absorbed $875.6 million on Oct. 7 alone despite Bitcoin experiencing a 2.4% correction and briefly losing the $121,000 level before the market rebounded.
The continued demand from ETF channels provided a floor under the price and reinforced institutional appetite for exposure through regulated instruments.
Additionally, gold’s surge above $4,000 per ounce amplified the hard asset narrative that often lifts Bitcoin alongside bullion.
The move validated the “debasement trade” thesis, which posits that investors rotate capital into scarce assets when concerns about government debt and currency credibility arise. As a result, the gold movement helped Bitcoin leg up.
The dollar’s strength, caused by rising yields on Japanese government bonds, was intermittently capped upside. Yet, the shared hedge bid offset that pressure.
Fresh Federal Reserve minutes released on Oct. 8 signaled that additional rate cuts in 2025 remain on the table, keeping real rate pressure light and supporting risk appetite.
The softer tone on the documents eased concerns about tighter financial conditions and gave equities and crypto room to advance.
Lower real yields reduce the opportunity cost of holding non-yielding assets, such as Bitcoin, making the trade more attractive relative to cash and short-duration bonds.
The broader crypto markets tracked Bitcoin’s gains. Ethereum rose 1.4% to $4,514.72, while XRP climbed 1.9% to $2.90. Solana posted a 4.2% advance to $229.52, and Dogecoin gained 5% to reach $0.2594.
Cardano added 2.3% to trade at $0.8387, and BNB rose 1% to $1,316.87.
The combination of ETF flows, macro tailwinds, and gold’s record performance created favorable conditions for Bitcoin to recover from its recent correction.
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