First Mover Americas: Bitcoin Drops as China's Stimulus Plans Disappoint
2024-10-08

CoinDesk 20 Index: 1,929.84 -0.85%
 Bitcoin BTCUSD: $62,503.74 -0.55%
 Ether ETHUSD: $2,433.31 -0.78% 
 S&P 500: 5,695.94 -0.96%
 Gold: $2,646.96 +0.14%
 Nikkei 225: 38,937.54 -1%
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Bitcoin pulled back after China's stimulus plans fell short of expectations. Risk assets such as BTC have been buoyed over the last week by the prospect of a massive stimulus package from the People's Bank of China stirring some life into the country's economy. However the National Development and Reform Commission's (NDRC) briefing seemed to lack urgency or specifics, denting market sentiment. Bitcoin traded at around $62,500, about 0.5% lower in the last 24 hours. The broader digital asset market fell about 0.8%, as measured by the CoinDesk 20 Index.
Ether ETFs in the U.S. saw no money flow in or out on Monday for only the second time since their listing in July. Bitcoin ETFs, meanwhile, enjoyed their highest inflows since Sept. 27, adding a net $235.2 million. Fidelity's FBTC led the gains with $103.7 million while BlackRock's IBIT garnered $97.9 million. In contrast, the nine ether ETFs registered zero flows in either direction. The only other time this occurred was Aug. 30. The figures underline the differing fortunes of BTC and ETH products in the U.S. Bitcoin ETFs have seen inflows of nearly $18.75 billion since they listed in January, while their ether equivalents are $500 million in the red since becoming available in July.
Consensus among Polymarket bettors is divided over who will be identified as Satoshi Nakamoto on Tuesday's HBO documentary, "Money Electric: the Bitcoin Mystery." Odds climbed as high as 55% that the late Len Sassaman would be revealed as Bitcoin's elusive creator, but these have sunk to 7.5% following an interview with his widow in which she said he was not Satoshi. The overwhelming favorite choice on Polymarket is now "Other/Multiple", which carries 65% support. The leading individual candidate is Nick Szabo with 12.5%. The program will be screened at 02:00 UTC on Wednesday (9 p.m. Tuesday ET).
- Omkar Godbole