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On Tuesday, Bitcoin spot ETFs saw over $300 million in inflows, with BlackRock’s IBIT leading at $287.45 million.
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Institutional confidence grows as BTC ETFs see five consecutive days of inflows, reflecting bullish sentiment.
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BTC’s price breaks $107,000, with increased open interest and demand for call options signaling further upside potential.
Bitcoin spot ETFs witness unprecedented inflows and surpass $107,000, highlighting institutional confidence and bullish trends.
Bitcoin ETF Inflows Hit 5-Day Streak
Yesterday, net inflows into BTC spot ETFs totaled $329.02 million, marking the fifth straight day of inflows into these products.
Total Bitcoin Spot ETF Net Inflow. Source: SosoValue
The steady pace of inflows over the past five days indicates a broader shift in market sentiment. Institutional players appear increasingly confident in BTC’s medium-term trajectory, prompting them to consistently allocate capital to the funds backed by the coin despite short-term market fluctuations.
On Tuesday, BlackRock’s ETF IBIT recorded the largest daily net inflow, totaling $287.45 million, bringing its total cumulative net inflows to $46.15 billion.
Fidelity’s spot Bitcoin ETF, FBTC, recorded the second-largest daily inflow that day, attracting $23.26 million. This brings its total historical net inflows to $11.81 billion.
Bitcoin Blasts Past $107,000
Today, the king coin has broken above the psychological $107,000 resistance level, indicating a spike in bullish pressure in the spot markets. As of this writing, the leading cryptocurrency trades at $107,421, noting a modest 2% gain over the past day.
Open interest in BTC futures has also surged as the price climbs, indicating increased capital inflow across its derivatives markets. At press time, this is at $74.24 billion, up 4% during the review period.
BTC Futures Open Interest. Source: Coinglass
When an asset’s price and open interest increase, it signals that new money is entering the market and that the current trend, usually bullish, is gaining strength. This trend reflects growing investor confidence behind BTC’s price move.
Moreover, options market data shows growing demand for call contracts, supporting the bullish outlook above. This indicates that traders continue to position for further upside in BTC’s price.
BTC Options Open Interest. Source: Deribit
If these trends persist, the leading coin may be entering a new phase of accumulation, pushing it to a new all-time high in the near term.
Conclusion
This recent influx of capital into Bitcoin ETFs and the significant price movements highlight a bolstered investor confidence in the cryptocurrency. As institutional engagement increases and bullish sentiment prevails, market participants are keenly observing the potential for BTC to exceed previous all-time highs. Staying informed about these developments will be crucial for those interested in navigating the evolving landscape of cryptocurrency.
