Bitcoin ETFs pull in $1.7B as BTC tops investor cost basis
Good Morning Lions,
US spot Bitcoin ETFs just pulled in $1.7 billion in net inflows over two consecutive days. BTC cleared the estimated average cost basis of ETF holders, flipping the entire fund from underwater to profitable. When you've got millions of retail holders suddenly watching green instead of red, the behavior changes. Capital that was frozen in loss-aversion mode starts moving again. The profitability threshold unlocks the psychological shift that lets people think about adding instead of just holding on. At $85,644, BTC is grinding higher on the back of real inflows, not just price action.
BTC ETFs see $1.7B inflows as price clears investor average cost. Only 36 of top 100 altcoins profitable. BOE rate hikes expected. Applied Digital gets Buy rating. Trump-Xi summit underway.
ETF Holders Flip Green, Capital Unfreezes
TL;DR: US spot Bitcoin ETFs recorded $1.7B in net inflows as BTC cleared the average cost basis of ETF holders, marking a profitability milestone. When holders move from loss-aversion to profit-taking mode, the behavior shifts — frozen capital starts moving again.
Altcoin Bloodbath: 64 of Top 100 Still Underwater
TL;DR: Only 36 of the top 100 altcoins are profitable for holders while Bitcoin has climbed 28% over two years. The median mid-cap altcoin has cratered 74%, exposing a structural divergence — Bitcoin recovers, everything else bleeds. Dominance persists.
BOE Shifts: Rate Hikes Coming in November and February
TL;DR: Bank of America now forecasts the Bank of England will raise rates by 25 basis points in both November 2026 and February 2027, reversing its June call for no 2026 hikes. Inflation concerns are forcing the hand — major brokerages including JPMorgan and Barclays align on the same trajectory.
UBS Bullish on Applied Digital: $38 Target on 407% Revenue Growth
TL;DR: UBS analyst John Hodulik initiated coverage of Applied Digital with a Buy rating and $38 price target, positioning the firm as conservative relative to the street. The AI infrastructure builder posted 407% Q4 revenue growth — real execution, real scale.
Trump-Xi Summit Underway as One-Year Tariff Truce Expires
TL;DR: President Trump and Chinese President Xi Jinping meet in Washington on September 23-24 as a one-year tariff truce negotiated in Busan approaches expiration. The outcome could reshape global trade dynamics and determine the fate of semiconductor export controls affecting major tech firms.
Hong Kong Tokenizes HK$1.3 Trillion in Exchange Fund Bills
TL;DR: Hong Kong's Chief Executive confirmed the Hong Kong Monetary Authority will tokenize over HK$1.3 trillion in Exchange Fund Bills for operational testing by year-end 2026. Real infrastructure — a major financial hub moving digital assets from concept to live testing.
BitMEX Shuts Down After 11 Years; Withdrawals Still Live
TL;DR: BitMEX officially ceased exchange operations Wednesday after more than a decade in the derivatives market. Users can still withdraw funds through the web platform through September 28, when API withdrawals close. An era ends.
The real question: does this ETF inflow momentum hold once the easy profit-taking wave clears? History says 50-50. But the profitability unlock is a genuine inflection — capital that was stuck is moving again. — Khal
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More crypto news, daily, at news.leodex.io. The Daily LEO · Written by the LEO Team, Edited by Khal.