Bitcoin ETFs Inflows Hit $105 Million on Monday
If you are involved in the crypto market or curious about Bitcoin ETFs, you’ll be pleased to learn that there has been a surge in inflows, with reports indicating $105 million flowed into Bitcoin ETFs on Monday. The continuous interest in Bitcoin ETFs has led to positive flows for 15 consecutive trading days, resulting in a total of $2.40 billion in cumulative inflows over the last three weeks.
The Rise in Bitcoin ETFs Demand
– Market rebound continues with $105 million inflows on June 3.
– 15 consecutive trading days of positive flows.
– Cumulative inflows reach $2.40 billion.
Fidelity led the charge with its Bitcoin ETF, FBTC, recording over $77 million in inflows on Monday. However, Grayscale’s GBTC and BlackRock’s IBIT saw zero net flows on the same day. Other ETFs like Bitwise’s BITB and Ark21Shares’ ARKB saw significant inflows, further solidifying the demand for Bitcoin ETFs.
Increased Global Liquidity Aids Bitcoin ETF Inflows
– Connection between BTC price and M2 expansion.
– High M2 expansion indicates loose monetary policy.
– Investors turning to Bitcoin as a hedge against inflation.
The spike in inflows aligns with the increase in global liquidity. Analysts point out the relationship between BTC price and M2 expansion and how this reflects global market sentiment and economic conditions. As the M2 expansion increases, Bitcoin’s price tends to rise as investors seek alternatives in the face of inflation concerns.
BTC Price Enters Accumulation Phase
According to Bitfinex analysts, Bitcoin ETF inflows have averaged $136 million per day over the last two weeks, far exceeding the daily sell pressure from miners. This signals that Bitcoin is currently in an accumulation phase, with the correction phase potentially coming to an end.
Revisiting the Bitcoin Halving Impact
– Investor confidence boosted post Bitcoin halving.
– Realized capitalization approaching $600 billion.
– Long-term holders re-accumulating BTC.
Investors have shown increased confidence since the April 20 Bitcoin halving event, further reinforcing the bullish sentiment. With realized capitalization nearing $600 billion and long-term holders re-accumulating BTC for the first time since December 2023, the outlook for Bitcoin remains positive.
Bitcoin Dynamics Amidst Investor Sentiment Shift
Bitcoin’s price consolidation along an ascending trend line indicates an optimistic outlook, with signs of potential gains as it aims to break the consolidation phase. Traders are monitoring key indicators like the RSI and Awesome Oscillator, pointing towards a northward price movement.
Key Factors Impacting Bitcoin Price
– Buy signal from the RSI and Awesome Oscillator.
– Bulls need to surpass $72,149 threshold.
– Potential buying opportunity if price drops to $61,169.
While there are bullish activities waiting to interact with Bitcoin’s price, bearish sentiments also prevail. It is essential for the bulls to push BTC above crucial support levels to maintain the positive momentum. A drop below these levels could trigger panic selling, impacting the price movement.
Hot Take: Bitcoin’s Ever-Evolving Trajectory
As the Bitcoin ETF market gains traction, attracting significant inflows and showcasing a strong demand for alternative assets, the overall sentiment in the crypto space is positive. With increasing global liquidity, investor confidence, and favorable market dynamics, Bitcoin’s price trajectory looks promising as it navigates through the current phase of accumulation.
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