Bitcoin ETFs continue to attract institutional interest as BTC hits new highs
Bitcoin ETFs have experienced their second-highest inflow day as institutional interest in Bitcoin (BTC) continues to grow following the cryptocurrency’s recent peak on Monday.
Summary:
– Bitcoin ETFs saw a total net inflow of $1.19 billion on October 6.
– BlackRock’s IBIT led the way with $969.95 million in inflows, followed by Fidelity’s FBTC and Bitwise’s BITB.
– Bitcoin’s price remains above $124,000 and could potentially reach $127,000 and $128,500 with positive sentiment.
The surge in Bitcoin ETF inflows comes amidst a wave of positive sentiment in the crypto market, with Bitcoin’s price holding steady above $124,000. This rally signifies a resurgence in investor interest amid the bullish momentum of October.
Data from Sosovalue reveals that U.S.-listed Bitcoin spot ETFs pulled in a total net inflow of $1.19 billion on October 6, marking the highest inflow for the month and the second-highest since their inception. BlackRock’s IBIT led the way with nearly $970 million in inflows, followed by Fidelity’s FBTC and Bitwise’s BITB with $112.3 million and $60.1 million, respectively.
While some approved ETFs, including Grayscale’s GBTC, Ark & 21Shares’ ARKB, Valkyrie’s BRRR, and Hashdex’s DEFI, saw no inflows, the overall trend indicates a renewed interest from institutional investors.
The funds have now seen a six-day streak of inflows, totaling over $4.43 billion as institutional sentiment strengthens.
Bitcoin’s price surge has been a contributing factor to the increased interest in ETFs. The cryptocurrency reached a new peak of $126,198 on Monday, driven by increased whale accumulation. Despite a slight pullback, Bitcoin continues to consolidate above the key support level of $124,000, currently trading at $124,309, up approximately 9.2% for the week.
Momentum indicators suggest mixed signals, with the RSI entering overbought territory at 71.29, signaling a potential pause or minor correction. The MACD histogram remains positive, although a slight flattening suggests a weakening bullish momentum.
If bulls manage to break and close above $125,000, the next targets to watch are $127,000 and $128,500. However, a deeper consolidation could see $122,000 as a crucial support level, aligning with previous breakout levels.
In conclusion, Bitcoin ETF inflows are surging as institutional interest in BTC grows, fueled by positive sentiment and the cryptocurrency’s price holding firm above $124,000. The ongoing rally and investor interest indicate a promising outlook for Bitcoin in the coming days.