Bitcoin was largely steady on Tuesday after hitting record highs above $126,000 in the previous session, buoyed by strong inflows into U.S. spot exchange-traded funds, “debasement” trades amid the prolonged U.S. government shutdown, and seasonal optimism known as “Uptober.”
The world’s largest cryptocurrency rose to an all-time high of $126,186.0 on Monday, but later pared gains amid some profit-taking.
Bitcoin last traded 0.4% higher at $124,427.9 as of 02:05 ET (06:05 GMT). It jumped over 10% last week.
Bitcoin boosted by ETF inflow, ’debasement trades’, ’Uptober’ cheer
Data from SoSoValue showed that U.S. spot bitcoin ETFs recorded $3.2 billion in net inflows in the week to Oct. 3, the second-largest weekly total since their launch earlier this year. On Oct. 3 alone, daily inflows reached about $985 million.
The heavy demand through ETFs has allowed institutional players to gain exposure to Bitcoin without direct custody, reinforcing upward momentum.
The U.S. government shutdown has added fuel to the rally. With Washington gridlock stalling economic data releases and injecting policy risk, investors have flocked to non-sovereign “hard assets.”
That shift is often termed the “debasement trade,” where capital rotates from fiat currencies toward assets like Bitcoin and gold in anticipation of inflation or monetary easing.
The timing also aligns with strong October seasonality, often dubbed “Uptober,” when historical returns tend to be favorable for cryptocurrencies.
That said, profit-taking emerged after the record high, and Bitcoin shed some gains on Tuesday.
Galaxy Digital unveils Robinhood rival platform
Galaxy Digital (TSX:GLXY) unveiled GalaxyOne, a new trading platform offering commission-free stock and crypto trading, in a direct challenge to Robinhood (NASDAQ:HOOD), sending its shares up 7% on Monday.
The platform mirrors Robinhood’s core offerings, including access to more than 2,000 stocks and ETFs, crypto trading, and high-yield cash accounts. Following the announcement, Nasdaq-listed Robinhood shares fell around 3% on Monday.
Crypto price today: altcoins remain upbeat, Ether jumps over 4%
Altcoins traded higher on Tuesday, but some of them remained rangebound amid macro worries.
World no.2 crypto Ethereum jumped 4.1% to $4,712.75.
World no. 3 crypto XRP gained 0.5% to $2.99.
Solana edged slightly higher, while Cardano and Polygon gained 3.5% each.
Among meme tokens, Dogecoin jumped nearly 5%, while $TRUMP rose 2%.
Source :
https://www.investing.com/news/cryptocurrency-news/bitcoin-price-today-steadies-after-record-high-over-126k-amid-uptober-optimism-4274159#google_vignette
