Bitcoin ETF Sees Second-Highest Inflow As BTC Flashes Buy Signal
The Bitcoin price surged nearly 3% today, driven by a significant inflow into the U.S. Spot Bitcoin ETF. This notable influx, continuing over the last few days, reached nearly $900 million on Tuesday, June 4, marking the second-highest inflow since the ETF’s launch in January. Meanwhile, the investors’ confidence is further bolstered by a recent bullish forecast from 10X Research.
U.S. Spot Bitcoin ETF Inflow Sees Second Highest Inflow
The U.S. Bitcoin ETF recorded an inflow of $886.6 million yesterday, according to Farside Investors. Notably, this substantial investment reflects the growing institutional interest in Bitcoin.
Meanwhile, among the top contributors were Fidelity ETF FBTC with a $379 million influx, and BlackRock ETF IBIT with $274 million. Besides, Grayscale ETF GBTC also noted an inflow of $28.2 million. Notably, in just the first two days of the week, the sector has seen an impressive $1 billion in inflows.
Nate Geraci, the President of ETFStore lauded the significant influx, into the investment instrument. In a recent X post, Geraci said that close to $1 billion inflow after five months of launch signals a bullish sentiment. In addition, Bloomberg analyst James Seyffart said over the next few weeks, investors will increase their focus on Bitcoin ETF.
Also Read: Fed Rate Cut Expectations Push Bitcoin (BTC) Past $71,000, New ATH Soon?
Bullish Predictions Sparks Optimism
Amid the notable influx into the investors’ instrument, 10X Research has further fueled discussions. They have provided several recent bullish reports on Bitcoin’s future trajectory, while predicting, that Bitcoin will hit a new all-time high shortly.
Meanwhile, the bullish prediction comes due to several factors that are driving the current rally, according to the research firm. They pointed to inflation as a major driver, suggesting that Bitcoin’s role as a hedge is becoming increasingly relevant.
In line with these predictions, Bitcoin mining stocks are also on the rise. Bitdeer saw a 13% rally 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 growing interest and substantial inflows into Bitcoin ETFs signal robust institutional confidence in the cryptocurrency. With the U.S. Spot Bitcoin ETF sector attracting significant investments, and various tokens experiencing substantial gains, the market sentiment remains highly positive.
Bitcoin price was up 3.02% and exchanged hands at $71,047.38, while its trading volume soared 22.74% to $36.84 billion. In addition, the Bitcoin Futures Open Interest rose 5.36% to $37.75 billion or 529.64K BTC, CoinGlass data showed. The recent surge in the Bitcoin price, along with the positive OI signals a bullish sentiment for the flagship crypto.
Also Read: Hacked Japanese Crypto Exchange DMM Bitcoin Plans Massive BTC Purchase
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