Altcoin Season May Erupt Later This Year On SEC Greenlight For New Crypto ETFs, Stronger Bitcoin ETF Inflows, Bitfinex Says
An altcoin season could take off later this year, driven by the SEC’s expected approval of ETFs for smaller-cap tokens and a rebound in Bitcoin ETF inflows. That’s according to researchers at Bitfinex, who said in research note that such a “rising tide lifts all boats’ environment” is poised for later in the year. Once new crypto ETFs and Bitcoin ETFS start to gain momentum, they are likely to generate sustained demand, the researchers said, adding that this would create the conditions “for a broader re-rating across the digital asset complex.” That’s as US spot Bitcoin ETFs ended a multi-day outflows streak with $219.1 million inflows on Aug. 25, data from Farside Investors shows. Prior to these positive flows, the funds had posted net daily outflows every day last week. US spot Bitcoin ETF flows (Source: Farside Investors) The biggest withdrawals for that period happened on Aug. 19, when investors pulled $523.3 mi...