Bitcoin ETF Witnesses Unprecedented Inflow as BTC Shows Buy Signal
The U.S. Spot Bitcoin ETF has seen approximately $900 million in inflows, the second-highest single-day influx, driving Bitcoin’s price up by nearly 3% today amidst bullish forecasts and increasing institutional interest.
Bitcoin’s price surged by around 3% today, buoyed by a significant inflow into the U.S. Spot Bitcoin ETF, which has instilled confidence in the market. This substantial influx, spanning over the last few days, peaked at nearly $900 million on Tuesday, June 4, marking the second-highest single-day inflow since the ETF’s inception on January 10 of this year.
This surge in investor confidence is further fortified by optimistic predictions from 10X Research.
U.S. Spot Bitcoin ETF Records Second-Highest Inflow
The U.S. Bitcoin ETF logged an inflow of $886.6 million yesterday, as reported by Farside Investors. Notably, this considerable investment underscores the growing institutional interest in Bitcoin.
Among the major contributors were Fidelity ETF FBTC with a $379 million influx, BlackRock ETF IBIT with $274 million, and Grayscale ETF GBTC with an inflow of $28.2 million. Impressively, the sector has witnessed a staggering $1 billion in inflows in just the first two days of the week.
Nate Geraci, President of ETFStore, commended the significant influx into the investment vehicle. In a recent X post, Geraci noted that nearly $1 billion in inflows after five months of launch signals bullish sentiment. Additionally, Bloomberg analyst James Seyffart predicts increased investor focus on Bitcoin ETFs in the coming weeks.
Amid the notable inflows into investment instruments, 10X Research has added fuel to the discussions. The firm has issued several bullish reports on Bitcoin’s future trajectory, forecasting that Bitcoin will soon reach a new all-time high.
This bullish prediction is driven by various factors contributing to the current rally, according to the research firm. They highlight inflation as a significant driver, suggesting that Bitcoin’s role as a hedge is becoming increasingly pertinent.
In line with these forecasts, Bitcoin mining stocks are also experiencing an uptrend. Bitdeer saw a 13% increase following a $100 million private funding round from Tether, with the potential for an additional $50 million. Bitfarms is also gaining attention as a prime takeover candidate in the sector.
The substantial interest and inflows into Bitcoin ETFs reflect robust institutional confidence in the cryptocurrency. With the U.S. Spot Bitcoin ETF sector attracting significant investments and various tokens witnessing substantial gains, the overall market sentiment remains highly positive.
The Bitcoin price surged by 3.02% to $71,047.38, while its trading volume soared by 22.74% to $36.84 billion. Additionally, Bitcoin Futures Open Interest rose by 5.36% to $37.75 billion or 529.64K BTC, as per CoinGlass data. This recent surge in Bitcoin’s price, coupled with positive Open Interest, signals bullish sentiment for the flagship cryptocurrency.
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