Bitcoin Near $119K on ETF Inflows

Bitcoin is trading around $118,000–$119,500, lifting total crypto market capitalization above $4 trillion as major altcoins also rallied. The move has been driven mainly by heavy U.S. spot-ETF inflows—reported multi-day creations and roughly $1.6 billion of inflows, including single-day bursts that removed supply—and a derivatives short squeeze. Recent macro shocks, including an actual U.S. government shutdown, a weaker dollar and firmer rate-cut odds with softer real yields, have amplified risk-taking and boosted Bitcoin’s hedge appeal. Seasonality (“Uptober”) and on-chain signs of whale accumulation have added bullish momentum. Short-term technical indicators are overbought and traders warn of a near-term pullback or support retest around $116,000–$117,500, even as $120k–$124k targets remain in play. Whether momentum continues or consolidation follows will likely hinge on sustained ETF flows and further macro developments.