Bitcoin Demand Showing 'Signs of Improvement' Despite 'Challenging' Backdrop, Says Binance Co-CEO as Spot

Binance (CRYPTO: BNB) Co-CEO Richard Teng noted on Tuesday that institutional demand for Bitcoin (CRYPTO: BTC) was improving despite a “challenging” macroeconomic scenario.

Bitcoin in Bull Market?

Spot Bitcoin exchange-traded funds recorded over $3 billion in net inflows from Sept. 17 through Sept. 29, marking nine consecutive positive U.S. trading sessions.

In fact, the week ending Sept. 25 marked the strongest weekly showing since last October, attracting $2.4 billion in net inflows. Year-to-date inflows are now up by over $1 billion.

BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT), the world’s largest cryptocurrency-focused fund, alone pulled in more than $1 billion in inflows last week, according to data from SoSo Value.

Moreover, Bitcoin is up 43% in the third quarter. It’s on track for its best quarterly performance since late 2024 and its strongest third quarter in nearly a decade.

‘Signs of Improvement’

Binance (CRYPTO: BNB) Co-CEO Richard Teng said investor demand is “showing signs of improvement” despite a “challenging” macroeconomic backdrop from elevated U.S. Treasury yields.

The returns on long-dated 10-year Treasury notes climbed to 5.29% on Tuesday, its highest level since 2007, while the 30-year yield rose above 5.6%, reaching its highest level since June 2002.