Bitcoin ETFs See Inflow of $2.3 Billion, Surpassing Other ETFs
The cryptocurrency market is currently experiencing volatility as Bitcoin struggles with a major resistance at $52,000. This has also impacted altcoins, which are showing signs of reversal. However, despite this, Bitcoin exchange-traded funds (ETFs) have seen a significant inflow of capital, with $2.3 billion being invested in the past week alone.
Bloomberg analyst Eric Balchunas highlighted this influx of money and stated that Bitcoin ETFs now have a total net inflow of over $5 billion, surpassing investment giant BlackRock in terms of net inflows. This impressive figure excludes the outflow from Grayscale Bitcoin Trust (GBTC), making it even more noteworthy.
Keys Supports to Watch If Bitcoin Price Enters New Correction
In the past three weeks, Bitcoin has experienced a rebound, rising over 37% from its recent low. However, the price was stalled at $52,000 due to overhead supply. Despite this potential bearish reversal, it could be beneficial for the asset after a strong rally.
If a pullback occurs, key support levels to watch are $49,458 and $47,400 according to Fibonacci retracement tool. Additionally, data from Coinglass shows that Bitcoin futures open interest has increased by 36.84% in two weeks, indicating new money entering the market and potentially influencing Bitcoin’s demand and price positively.
Cardano Futures Surge Signals Soaring Investor Confidence
Despite the overall market trend, Cardano has continued to rise and register a 7.5% gain in the last 24 hours. The recovery initiated in January has resulted in a 36% increase within a month, with Cardano futures open interest also surging by 96.89%.
This significant growth in Cardano futures suggests growing investor interest and confidence in the future price of ADA or as a hedge against volatility. A breakout from the pennant pattern could drive the ADA price to $0.676 and potentially $0.75.
The Graph’s Network Expansion Ignites GRT Price Surge
The Graph token (GRT) has experienced an aggressive recovery, rising by 45% due to the network’s Q4 2023 expansion. The Graph’s official account on X platform highlighted a 65% surge in query volume and advancements in Layer 2 transactions, indicating reinforced infrastructure and investor optimism.
With the debut of the New Era Roadmap and implementation of a Free Query Plan, The Graph’s valuation has increased by 15% in the past day alone. A successful push past the neckline resistance of the ‘cup and handle’ pattern could lead to a significant trend reversal, with GRT’s price potentially climbing to $0.375.
Hot Take: Crypto Market Volatility Continues, but ETF Inflows Provide Hope
The cryptocurrency market remains volatile as Bitcoin faces resistance at $52,000 and altcoins show signs of reversal. However, there is hope as Bitcoin ETFs have seen a substantial inflow of $2.3 billion, surpassing all other ETFs.
This influx of capital indicates continued interest in Bitcoin and suggests that investors are confident in its long-term potential. Additionally, key support levels for Bitcoin have been identified in case of a correction.
Cardano and The Graph have also seen positive developments, with both experiencing price surges due to various factors such as network expansion and growing investor confidence.
Overall, while the market may be volatile, these positive indicators provide optimism for crypto enthusiasts like you who are looking for opportunities in this ever-changing landscape.
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