ETFs
US Bitcoin Spot ETFs Set New Record, What’s Next for BTC?
US Spot Bitcoin ETF Recorded massive influx for 18 consecutive days. This record-breaking feat has boosted investor optimism and will likely have a positive impact on BTC price gains.
This is the first time such consecutive inflows have been recorded since Spot ETFs went live on January 11. On June 6, net inflows were estimated at $218 million, confirming that more investors are warming up to Bitcoin ETFs and their potential.
Bitcoin Spot ETF Inflows Continue to Outpace Outflows
According to the data, Grayscale’s ETF, GBTC and ARK’s ARKB saw outflows of $37.6 million and $96.6 million, respectively. Nonetheless, overall market sentiment remained positive. As such, Bitcoin Spot ETFs impressive influxes far exceeded the volume of recorded releases.
Impressively, BlackRock’s IBIT dominated capital inflows with a massive inflow of $350 million recorded in a single day. This huge inflow brought IBIT’s net inflow to $17.431 billion since its launch.
At the same time, the total net inflow recorded for Spot ETF this week increased to approximately $1.7 billion, proving that Bitcoin adoption is growing among investors via regulated ETFs.
This is likely because investors view Spot ETFs as safer and more accessible than direct purchases of BTC.
Additionally, the resurgence in demand for Bitcoin Spot ETFs is linked to a favorable regulatory landscape. These regulations include legislative updates from the US Senate and House of Representatives related to crypto.
Reacting to the impressive performance, Zach Pandl, head of research at Grayscale, noted that growing interest from institutional investors would lead to continued inflows. Also, Pandl believes that these continued inflows will lead to new highs for BTC.
Crypto Analyst Captain Faibik Talks About Crucial BTC Level
As Pandl predicts new highs for BTC, top crypto analyst Captain Faibik recently noted that Bitcoin’s price momentum hinges on its ability to overcome key resistance. According to Faibik, the crucial resistance level is $71,300, and Bitcoin will register a massive rally above this point.
Faibik also noted that Bitcoin is preparing for a bull rally similar to that of the first quarter of 2024. During this period, Bitcoin reached a new all-time high before a brief retracement period.
However, in an article, the analyst Willy Woo noted that this 2024 bull market differs from the 2019-2021 bull market. According to Woo, the 2019-2021 bull market was dominated by futures. However, in 2024, US Spot ETFs dominate the market.
In the article, Willy Woo noted that Spot ETFs are much cheaper than futures for regulated TradeFi investors. As a result, a significant volume of investments is now moving into Spot ETFs.
Based on this, Woo believes that as Spot dominance returns, there will be another chance for a true bull run, a merger between the 2017 bull market and 2020-2021. Thus, Bitcoin can rise even higher than its 2019-2021 bull market peak.
Meanwhile, Bitcoin has performed strongly so far in June and will likely retest its all-time high in the coming weeks. Impressively, Bitcoin is trading above the $71,300 resistance level today.
Bitcoin is trading at $71,910, slightly increasing over the last 24 hours. This confirms that more and more investors are buying Bitcoin ahead of a possible price rise to a new all-time high.
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