Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin ETF Inflows Soar To Highest Level In Months As BTC Price Surges Past $68,000

Share This Post

After enduring a significant 20% price correction earlier this month that saw Bitcoin fall below $56,400 and increased outflows from the Bitcoin ETF market, the world’s largest cryptocurrency has managed to stage a strong comeback. It has broken above the key $66,000 resistance level and turned it into a new support zone.

BTC Bounces Back As Bitcoin ETF Inflows Soar 

The resurgence in Bitcoin’s price has been closely tied to a rekindling of inflows into the US spot Bitcoin ETF market. Data from Farside shows that spot Bitcoin ETFs saw their best inflow week in two months, with the US fund category collectively notching $948 million in positive net flows from May 13 to May 17.

Interestingly, the majority of these inflows, approximately 89%, occurred in the last three trading days of the week, which industry analysts and researchers such as James Butterfill of CoinShares attribute to a shift in investor sentiment following the release of a lower-than-expected Consumer Price Index (CPI) report on Wednesday. Butterfill stated:

The inflows were an immediate response to the lower-than-expected CPI report, highlighting our view that Bitcoin prices have recoupled to interest rate expectations.

Notably, the Grayscale Bitcoin Trust, which has seen outflows of $16.6 billion since the launch of the first Bitcoin ETF in January, saw small inflows totaling $18 million.

Beyond just spot Bitcoin ETFs, the digital asset investment product space experienced inflows for the second consecutive week, totaling $932 million, according to CoinShares. However, trading volumes remained relatively low at $10.5 billion, compared to the $40 billion seen in March.

Bitcoin Poised For Further Gains?

The renewed institutional interest in Bitcoin ETFs and the broader digital asset space has coincided with a strong price recovery for the leading cryptocurrency. Bitcoin’s ability to firmly hold the $66,250 support level, with over 530,000 BTC traded at this price, has given analysts confidence in the asset’s potential for further gains.

According to crypto analyst Ali Martinez, if the $66,000 support holds, Bitcoin could see strong potential for further gains in the coming days, demonstrating the bullish sentiment surrounding the largest cryptocurrency on the market. 

However, while Bitcoin has managed to bounce back above the crucial $66,000 level after the recent pullback, the leading cryptocurrency still faces a critical test as it attempts to break out of its established trading range.

Crypto analyst Rekt Capital has pointed out that despite Bitcoin recording a bull flag breakout confirmation, the asset still needs to secure a daily close above $67,000 to continue its trend of higher highs and confirm the potential for further upside. 

The analyst further explains that Bitcoin has been oscillating between its low and high range between $60,000 and $70,000 for over two months, a natural consolidation process. As part of this, Rekt Capital believes that Bitcoin should be able to revisit the range high of $71,500 over time.

Bitcoin ETF

At the time of writing, BTC is trading at $68,130, up a substantial 9% in the last week alone and over 8% in the last fourteen days. 

Featured image from Shutterstock, chart from TradingView.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

XRP Analyst Marks XDC For 3,350% Take-Off As Bullish Metrics Emerge

XRP analyst Egrag Crypto, who is well-known for offering bullish predictions about the altcoin, has now drawn the crypto community’s attention to another altcoin, XDC The analyst predicts this

Vice President Vance to Keynote Bitcoin 2025 Conference in Las Vegas

US Vice President JD Vance will deliver a keynote address at Bitcoin 2025 in Las Vegas on May 28, organizers announced Friday Las Vegas Bitcoin Summit Draws VP Vance for ‘Code + Country’ Speech

CryptoQuant CEO revises bearish market outlook, says cycle theory evolving with institutional inflows

CryptoQuant CEO Ki Young Ju has revised his earlier prediction that the Bitcoin (BTC) bull cycle had ended, citing a shift in market structure and significant inflows through exchange-traded funds

When Is A Good Time To Enter Dogecoin? Analyst Says Wait For This To Happen

Dogecoin is again rallying to the upside, sparking bullish sentiments towards the leading meme coin With bulls looking to take advantage of this rally, crypto analyst Kiu has provided insights into

Chainlink Holds Strong At $15.29 Support – Is A New Breakout Imminent?

Chainlink (LINK) continues to showcase resilience, holding firm within a well-established uptrend as the price consolidates near a critical support level at $1529 This zone, which has previously

BlackRock Met With SEC Crypto Task Force on May 9: Here Are Crucial Details

The post BlackRock Met With SEC Crypto Task Force on May 9: Here Are Crucial Details appeared first on Coinpedia Fintech News BlackRock has heavily invested in RWA tokenization to connect TradeFi and