US Bitcoin ETF Reaches New Milestone, What’s Next for BTC Price?
The US Spot Bitcoin ETF has reached a major milestone, attracting investors with net inflows for 18 consecutive trading days. The record-breaking series has sparked optimism among investors since its launch on January 11. It also underlines the growing optimism in the crypto market and has partially contributed to the rise in Bitcoin price.
US Bitcoin ETF Registers Inflows for 18 Days
According to data from Farside Investors, investor interest in US Spot Bitcoin ETFs has been evidenced by 18 consecutive days of net inflows. This marks the ETF’s longest continuous streak of inflows since its launch on January 11, 2024. On June 6 alone, net inflows reached $218 million, demonstrating the strong demand for Bitcoin investment vehicles.
Overall market sentiment remained positive despite outflows from Grayscale’s Bitcoin ETF GBTC and ARK’s ARKB, which lost $37.6 million and $96.6 million respectively. The key driver was BlackRock’s IBIT, which recorded a significant inflow of $350 million in a single day. This brings IBIT’s total historical net flow to an impressive $17.431 billion.
With this strong inflow, total net inflows into the US Bitcoin ETF this week have risen to approximately $1.7 billion. Such sustained interest reflects investors’ growing confidence in Bitcoin as an asset class. Additionally, the consistent inflows indicate 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.
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Where Is BTC Price Heading?
The recent rush into Bitcoin ETFs has coincided with the rise in Bitcoin. Prominent crypto analyst Kaptan Faibik stated that Bitcoin’s momentum depends on breaking the critical $71,300 resistance level. Drawing parallels with the uptrends observed in early 2024, he commented, “If Bitcoin bulls can break the $71,300 barrier, we could see a significant rise.”
Bitcoin’s price movements often reflect broader market sentiment and investor confidence. Currently, inflows into the US Spot Bitcoin ETF not only indicate current optimism but also indicate the potential for further price gains if the trend continues.
Moreover, Captain Faibik’s analysis points out that the $71,300 resistance is a very important level. Breaking through this could trigger significant bullish activity, potentially leading to a rally to $92,000 for the flagship crypto.
Source: Captain Faibik, X
As of the time of writing, Bitcoin price changed hands at $71,285.02 with an increase of 0.63%, while the transaction volume decreased by 9.74% to $25.94 billion. Over the past 30 days, the flagship cryptocurrency has gained over 12%, with a weekly gain of around 5%. On the other hand, CoinGlass data showed that Bitcoin Futures Open Interest increased by 1.04% in the last 24 hours to 534.12 thousand BTC or $38.17 billion.
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A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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