Bitcoin ETFs Kick Off October With $103M Inflow

Bitcoin rose 2.1% to $86,410 on Friday, reaching a one-week high, as dovish comments from Fed officials eased rate hike fears. Fed Vice Chair Philip Jefferson and NY Fed President John Williams suggested delays in rate increases. Investors await U.S. nonfarm payrolls data, which may influence Fed decisions and bitcoin's performance. Citi raised its 12-month target price for bitcoin to $113,000 from $82,000.

US regulators have proposed nine crypto-related actions since August, including a custody framework for investment advisers and funds. Bitcoin's price may be affected by these developments, with Citi raising its 12-month forecast to $113,000. Only four measures are currently usable, while others await final rules or White House review. The regulatory clarity could impact Bitcoin's institutional growth and market structure.

US bank crypto rules have shifted with each presidential administration since 2017, impacting Bitcoin (BTC) accessibility. Laws are more stable than regulations, which can change quickly. Bitcoin is trading at $85,975, down 3% this year and 28.7% over the past year. The SEC's recent custody proposal is a regulation, not a law, and may be reversed.

Federal Reserve officials Philip Jefferson and John Williams suggested a pause in rate hikes in October, reducing expectations for an increase. Bitcoin, sensitive to Treasury yields and Fed policy, may benefit from this shift, though inflation concerns persist. Jefferson noted inflation remains above target, with risks tilted higher due to energy prices and geopolitical tensions. The Fed's December meeting remains a potential window for further rate hikes.

Bitcoin (BTC) rose 2.2% to $86,150, driven by Citi's raised price target to $113,000 and positive ETF inflows. The rally, part of the 'Uptober' trend, saw $324.68 million in liquidations. Lower Fed rate hike odds also supported the move, with traders watching $86,837 as the next resistance level.

Citigroup raised its 12-month Bitcoin (BTC) price target to $113,000 from $82,000, citing improved activity, macro factors, and ETF flows. Ethereum (ETH) target increased to $3,028. BTC traded at $84,591, up 1.18% in 24 hours. ETH at $2,699.46, up 0.34%. Citi expects $5 billion in Bitcoin ETF inflows over 12 months.