As a seasoned crypto investor with years of experience in the market, I’ve seen my fair share of price swings and volatility. But the recent trend of consistent inflows into US-based Bitcoin ETFs has left me feeling increasingly bullish about the future of BTC.
As an analyst, I’ve observed that Bitcoin‘s price experienced a slow and uneventful weekend. However, as the business week commenced, there was a noticeable shift in Bitcoin’s price trend. It began to climb northward and continued its upward trajectory until it peaked at $71,767 on Bitstamp around yesterday evening.
As a crypto investor, I’ve noticed an increasing trend towards US-based Bitcoin spot ETFs. Yesterday alone, over half a billion dollars flowed into these funds. Even Grayscale’s GBTC experienced positive inflows.
The large US Bitcoin exchange-traded funds (ETFs) in terms of USD investment are particularly noteworthy due to their consistent run of growth.
Approximately a month has passed since the last significant withdrawals from these financial instruments occurred, specifically on May 10. Since then, minor withdrawals have transpired sporadically, such as $100 million being withdrawn from Ark Invest’s ARKB on May 30. However, the overall trends have yet to show a net loss.
I’ve experienced an impressive streak of 16 consecutive days with inflows into my crypto investments. The largest inflow occurred on June 4, amounting to $886.6 million. Yesterday, there was another substantial addition of $488.1 million.
As an analyst, I’d rephrase it as: “Once again, Fidelity’s FBTC took the top spot with over $220 million in inflows. BlackRock’s IBIT came in second place with approximately $155.4 million, and even Grayscale’s GBTC, which has experienced significant outflows following its conversion, managed to attract around $14.6 million.”
The recent surge in the prices of these positive numbers might have been the primary cause for yet another price increase of Bitcoin. After reaching a low point of approximately $69,000 on June 4, Bitcoin experienced a resurgence starting yesterday, reaching a new height of $71,767 (according to Bitstamp).
I’ve noticed that bitcoin recently came very close to reaching its record high, which was set on March 14th at $73,737. Even though it has dipped a little since then, dropping approximately $1,000, the crypto community remains optimistic and convinced that breaking through to new heights is only a matter of time rather than an if.
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2024-06-06 08:54