In a curious twist of fate, the Spot Bitcoin ETFs have managed to cling to their net inflows for a third day, raking in a modest $160 million yesterday. A commendable feat, indeed! Yet, it pales in comparison to the $431 million that danced into the coffers just a day prior. Ah, the fickle nature of fortune!
As our dear BTC flirts with the resistance level of $110,000, it seems to have hit a wall, stalling its upward gallop in the spot market. Perhaps it needs a motivational speech? 🤔
ETF Demand: Steady as She Goes!
On the illustrious Wednesday, net inflows into US-listed spot BTC ETFs reached a respectable $165 million. While this figure reflects a persistent interest from investors, it also reveals a staggering 61% drop from the $435 million that graced the market on June 10. Oh, how the mighty have fallen!
This slowdown can be attributed to BTC’s apparent price stagnation around the $110,000 mark over the last two days. It seems our beloved coin is caught in a web of profit-taking, struggling to break free. 🕸️
Yesterday, BlackRock’s IBIT took the crown with the highest daily inflows, totaling a staggering $131.01 million, bringing its historical net inflow to a jaw-dropping $49.24 billion. Talk about a money magnet!
Meanwhile, VanEck’s HODL ETF managed to secure the silver medal with a commendable $15.39 million on Wednesday. According to SosoValue, its total historical net inflows have now reached a respectable $968.94 million. Not too shabby, eh?
Traders: Unfazed by Bitcoin’s Dips as Derivatives Shine Bright!
Currently, BTC is trading at $107,939, down 2% over the past day. But fear not! Despite this minor hiccup, the sentiment in BTC’s derivatives market remains as bullish as a stampede of charging bulls. 🐂
For instance, the futures markets are still reflecting a positive funding rate, indicating that long positions are outpacing shorts. As of this moment, it stands at a delightful 0.0062%. Who knew trading could be so thrilling?
The funding rate, a recurring payment between long and short positions in perpetual futures contracts, is designed to keep the contract price aligned with the spot price. A positive funding rate means that traders holding long positions are paying shorts, suggesting that bullish sentiment reigns supreme in the BTC market. Who’s laughing now? 😄
Moreover, an analysis of the BTC options market reveals a notable demand for call contracts. It appears that despite the coin’s lackluster performance over the past day, many traders are gearing up for a potential breakout in the near future. Hope springs eternal!
In this grand theater of finance, where fortunes are made and lost in the blink of an eye, one must wonder: will BTC rise again, or is it destined to remain a mere spectator in the grand spectacle of the market? Only time will tell!
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2025-06-12 12:02