MEXC CEO Says Bitcoin Is in a Bull Cycle as ETFs Post $301.2 Million in Net Inflows

MEXC CEO Vugar Usi described Bitcoin as already being in a bull cycle, while U.S. spot Bitcoin ETFs finished the week through Oct. 23 with $301.2 million in net inflows. Usi linked his market outlook to easing macroeconomic pressures.

The weekly total concealed a sharp shift in flows. U.S. spot Bitcoin ETFs took in $526.7 million on Oct. 19, $23.2 million on Oct. 20 and $524.8 million on Oct. 21. Those first three sessions brought in $1.0747 billion.

The funds then recorded $635.6 million in outflows on Oct. 22 and $137.9 million on Oct. 23. The $773.5 million withdrawn over the final two sessions left the week with a net inflow of $301.2 million.

The Federal Open Market Committee (FOMC) raised its target federal funds rate range by a quarter percentage point, to 3.75% to 4%, on Sept. 16. Usi cited Bitcoin’s response to macroeconomic pressures as part of his outlook.