Cryptocurrency trader Killa anticipates Bitcoin to reach a yearly peak of $97,000, asserting that the pivotal $80,000-$83,000 range will play a critical role in determining its trajectory. Meanwhile, capital inflow into U.S. spot Bitcoin ETFs turned positive again following a downturn at the end of September, with Coinglass data showing a net inflow of $31.7 million on October 2. Additionally, approval for leveraged ETFs seeking to triple the daily performance of Bitcoin and Ether is advancing.
Critical Threshold: Bitcoin’s $80,000-$83,000 Challenge
Killa predicts that Bitcoin will largely hover below the $97,000 mark for much of the year, with the $80,000-$83,000 range holding more significance than the market anticipates in the short term.
“A breach below this critical zone could drive prices towards $74,000-$77,000. Killa believes this could be the final downturn before a rally towards the anticipated peak of $97,000,” he noted.
Sustaining upward momentum might limit any potential pullbacks, potentially restricting Bitcoin’s decline to the $80,000 vicinity before its next surge. Killa, a proponent of Bitcoin-focused trading strategies, gained recognition for accurately predicting the peak of the current bull cycle for May 2025.
Sustained Inflows Into Spot ETFs
According to Coinglass, spot Bitcoin ETFs recorded a net addition of $31.7 million on October 2, with $29.3 million flowing into FBTC and $2.4 million into MSBT.
On October 1, a total net entry of $102.7 million was observed, predominantly distributed with $195.6 million into IBIT, $14.6 million into BTC, and $7 million into MSBT. Conversely, GBTC saw an outflow of $31.4 million, FBTC lost $60.7 million, while ARKB, BITB, BTCO, and HODL also experienced smaller exits. No activity was noted for BRRR, EZBC, and BTCW.
Prior to these positive entries, September 30 witnessed a net outflow of $148.7 million, with FBTC alone accounting for $125.6 million in withdrawals. The day saw IBIT and BITB shedding $9.5 million and $13.6 million, respectively, with zero movements in other funds.
SEC Grants Approval for Leveraged ETFs
The ETF landscape witnessed a notable advancement as the U.S. Securities and Exchange Commission (SEC) granted approval for listing leveraged ETFs targeting threefold daily returns on Bitcoin and Ether, expanding to include funds tied to gold, silver, crude oil, and natural gas.
According to Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, the SEC’s approval was under the authority of the Securities Act of 1933, as shared in his post on platform X dated October 2. The application indicates that the SEC has endorsed Cboe BZX Exchange’s proposal for rule change to list and trade these products.
These funds aim to deliver triple the daily performance of the respective indices before fees and expenses, utilizing futures contracts and other financial instruments. Notably, the performance basis for Bitcoin and Ether products is anchored in the futures pricing from the Chicago Mercantile Exchange (CME).
