Key Points:
Read more: Bitcoin Spot ETF Explained: All Things You Need To Know!
Despite this significant influx, Bitcoin’s price has yet to reflect the expected surge, leaving both investors and analysts puzzled. In recent weeks, spot Bitcoin ETFs have experienced an unprecedented streak of positive flows, setting a record since their inception. BlackRock’s IBIT leads the pack, which has seen substantial net inflows.
Since their launch, spot Bitcoin ETFs have amassed over $15.6 billion in inflows. However, some traders argue that this amount may still be insufficient to exert significant influence on prices until other markets open up.
Analysts emphasize that continued Bitcoin ETF inflows, among other factors, are poised to drive Bitcoin past key resistance levels into price discovery territory. The surge in flows coincides with a resurgence in demand for digital asset-focused investments, with May witnessing $2 billion in inflows. Investors are increasingly comfortable with these assets, buoyed by a perception of growing regulatory acceptance.
Bitcoin recently traded above $71,000. However, a correction ensued following a report of an increase in the US employment rate. As a result, Bitcoin experienced a nearly 4% decline, currently trading at $69,400.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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