Since early September, the European Bitcoin market has grown by 4%, while the US market has seen a 3% decline. In mid-September, the price of Bitcoin was near $75,000, rising to over $87,000 by September 23, before stabilizing in the $83,000 to $85,000 range.
The Coinbase Premium Index recorded negative values for 29 consecutive days leading up to October 3, ranging between -0.01% and -0.03%. Additionally, CryptoQuant data indicates a contraction in apparent spot demand of approximately 170,000 BTC over the 30 days prior to early October.
Despite the negative premium, US spot Bitcoin ETFs experienced significant activity. During the week of September 21-25, these funds saw net inflows of about $2.39 billion, the highest weekly total in approximately a year, driven largely by products from BlackRock and Fidelity.
On September 29, HANetf introduced the first euro-hedged Bitcoin exchange-traded commodity (ETC). This product is designed to mitigate currency volatility for European investors. The launch coincides with the implementation of the Markets in Crypto-Assets (MiCA) regulatory framework in the EU.
