Fri June 7, 2024 ▪
3
min reading ▪ acc
Investor enthusiasm for spot bitcoin ETFs continues to grow in the United States. These exchange-traded funds have seen net inflows for 18 consecutive days, a record since their launch. This upward trend reflects growing optimism towards the cryptocurrency queen.
The craze for US Bitcoin ETFs is not abating
US spot bitcoin ETFs are on the rise. According to data from Farside Investors, they have seen net inflows for 18 consecutive trading sessions, which is unheard of. On June 6, these inflows reached $218 million in a single day, demonstrating growing investor interest.
BlackRock’s IBIT is doing well with an impressive $350 million inflow on June 6. Its all-time total net inflows now peak at $17.431 billion. During the week, US spot bitcoin ETFs totaled approximately $1.7 billion in net inflows.
This positive momentum shows that more and more investors are finding these regulated ETFs a safe and convenient way to gain exposure to Bitcoin. There is a shift in perception in favor of the first cryptocurrency.
Will the price of BTC rise?
This craze for Bitcoin ETFs coincides with a BTC price recovery. For renowned analyst Captain Faibik, a key resistance level lies at $71,300. If exceeded, it could trigger a significant rally like early 2024.
Bitcoin is currently trading around $71,285, up 0.63% in 24 hours. It has gained more than 12% in one month and has seen a weekly gain of around 5%. Open interest in Bitcoin futures also increased by 1.04% to 534.12 thousand BTC ($38.17 billion).
All lights seem to be green for the price of Bitcoin. Sustained demand for spot ETFs, breaking through the $71,300 resistance and increasing interest in futures are bullish signals. Next goal according to captain Faibik? $92,000 if the trend continues.
With a new record of 18 consecutive days of inflows, US spot bitcoin ETFs demonstrate growing investor optimism. Buoyed by this momentum, the cryptocurrency queen seems poised to take off again. A confirmed move above $71,300 would open the way to new highs.
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I am passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptocurrency and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.