Bitcoin and most other major cryptocurrencies pulled back in the early hours of Monday, as investors likely booked profits amid growing bets on global monetary policy easing and the so-called“debasement trade.”

The apex cryptocurrency was down 0.8% at $123,767.47 per coin, while Ethereum was down 0.2% to $4,563.86, and XRP prices fell 1.4% to $2.99, according to CoinMarketCap data. Among other tokens, Solana was down 1.1% and Cardano was down nearly 2%.

Analysts noted that the“debasement trade”, where investors flee currencies and federal bonds to alternative safe investments, has contributed to the recent surge in cryptocurrencies. On Monday, the Japanese yen slipped after traders saw a higher debt burden, following the emergence of lawmaker Sanae Takaichi as the likely Prime Minister of the Asian country. She is expected to follow“Abenomics,” a pro-stimulus economic regime, advocated by former Prime Minister Shinzo Abe.

Separately, a U.S. government shutdown entered its sixth day, threatening the jobs of thousands of federal workers and delaying the release of key economic data.“The familiar pattern of dollar debasement against alternative reserve assets amid Washington dysfunction” was on show again, JPMorgan Chase & Co. analysts wrote last week.

Bitcoin ETFs logged $3.2 billion of inflows last week, the highest since November, according to SoSoValue data.“Retail sentiment is roaring back, and with macro uncertainty and regulatory tailwinds, we could be witnessing the start of Bitcoin's next major move,” BTC Markets analyst Rachael Lucas said.

“Anyone who was stressed about the way Bitcoin was trading earlier today should just quit and do something else,” said Mike Alfred, the founder and Managing Partner of Alpine Fox LP.  He also noted that $146,000 was inbound.

Separately, the U.S. Securities and Exchange Commission is expected to approve several altcoin exchange-traded funds in October, which could further boost cryptocurrency prices.

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