US Bitcoin ETF Hits New Milestone, What’s Next For BTC Price?
The U.S. Spot Bitcoin ETF has achieved a significant milestone, attracting sustained investor interest with net inflows for 18 consecutive trading days. This record-breaking streak since their launch on January 11 has sparked optimism among investors. Besides, it also highlights growing optimism in the crypto market and has partially contributed to a rally in Bitcoin’s price.
US Bitcoin ETF Records Inflow For 18 Straight Days
Investor interest in U.S. Spot Bitcoin ETFs has surged, evidenced by 18 straight days of net inflows, according to Farside Investors data. This marks the longest streak of continuous inflows since the ETF’s launch on January 11, 2024. On June 6 alone, net inflows reached $218 million, demonstrating robust demand for Bitcoin investment vehicles.
Despite outflows from Grayscale’s Bitcoin ETF GBTC and ARK’s ARKB, which lost $37.6 million and $96.6 million, respectively, the overall market sentiment remained positive. The key driver was BlackRock’s IBIT, which saw a remarkable $350 million inflow in a single day. This pushed IBIT’s total historical net inflow to an impressive $17.431 billion.
With this robust inflow, this week’s total net inflow into U.S. Bitcoin ETF has surged to around $1.7 billion. Such sustained interest reflects investors’ increasing confidence in Bitcoin as an asset class. In addition, the consistent inflows suggest a shift in sentiment as more investors seek exposure to Bitcoin through regulated ETFs, viewing them as safer and more accessible options compared to direct cryptocurrency purchases.
Also Read: Bitcoin Whales Buying $1 Billion Worth BTC on Daily Basis, $80,000 Coming Soon
Where’s BTC Price Is Heading?
The recent influx into Bitcoin ETFs has coincided with a rally in Bitcoin. Prominent crypto analyst Captain Faibik noted that Bitcoin’s momentum hinges on breaking through a crucial resistance level at $71,300. “If Bitcoin bulls can surpass the $71,300 mark, we could see a significant rally,” he commented, drawing parallels to the bullish trends observed in early 2024.
Bitcoin’s price movements often reflect broader market sentiments and investor confidence. Currently, the inflows into U.S. Spot Bitcoin ETF not only indicate current optimism but also suggest potential for further price increases if the trend continues.
In addition, Captain Faibik’s analysis points to the $71,300 resistance as a pivotal level. Overcoming this could trigger substantial bullish activity, potentially leading to a rally to $92,000 for the flagship crypto.
As of writing, Bitcoin price was up 0.63% and exchanged hands at $71,285.02, while its trading volume plunged 9.74% to $25.94 billion. Over the last 30 days, the flagship crypto has added over 12%, while noting a weekly surge of about 5%. On the other hand, the CoinGlass data showed that the Bitcoin Futures Open Interest rose 1.04% to 534.12K BTC or $38.17 billion in the last 24 hours.
Also Read: Meme Coin GameStop ($GME) Jumps 118%, Roaring Kitty Eyes Billionaire Status
The post US Bitcoin ETF Hits New Milestone, What’s Next For BTC Price? appeared first on CoinGape.