Bitcoin ETF Inflows Surge, BTC Price Rises
Spot Bitcoin exchange-traded funds (ETFs) experienced a significant influx of $667 million on Monday, driven largely by BlackRock's iShares Bitcoin Trust (IBIT). This substantial increase follows a pattern of strong inflows over the past month, suggesting growing investor confidence in Bitcoin.
BlackRock Leads Bitcoin ETF Investment
BlackRock's IBIT accounted for $306 million of the total inflows, dominating the market for the 23rd time in the past 24 trading days, according to market analyst Nate Geraci. The fund's holdings have increased to approximately 636,000 BTC, reflecting $6.5 billion in new investments over the recent period. Other significant contributors included Fidelity's FBTC ($188 million) and Ark Invest's ARKB ($155 million).
Bitcoin Price Strength and Technical Indicators
Bitcoin's price reacted positively to the ETF inflows, rising by 3% to trade above $105,000. This upward trend is further supported by technical analysis, with the potential formation of a 'golden cross' pattern—a bullish indicator suggesting a sustained price rally. Open interest has increased by 7% to $73 billion, while 24-hour short liquidations reached $45 million, according to Coinglass data. Analyst Benjamin Cowen also highlighted the impending 'golden cross', signaling a potential bullish breakout.
Furthermore, CryptoQuant's data shows a positive shift in Bitcoin's spot net volume delta on Binance, indicating reduced selling pressure and increased buyer activity in the spot market.
This renewed bullish sentiment follows Moody's recent downgrade of the U.S. credit rating, which has potentially shifted some investor interest towards Bitcoin as a hedge against economic uncertainty.
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Disclaimer: This analysis reflects market conditions at the time of writing and is for informational purposes only. Conduct thorough research before making any investment decisions. Codeum is not responsible for investment losses.