Bitcoin ETFs just recorded their second-highest inflow day as institutional demand for BTC is up after the flagship cryptocurrency’s new record high starting of this week.
Crypto Market Sentiment Swarms Bitcoin ETFs Shortly After Surging Past $124,000. Rejoice as BTC Price Hovers at Current Levels Above $124,000. Bitcoin ETFs Record Second-Highest Day In History With Positive Momentum. The rally indicates a surge in renewed investor interest following October’s bullish run.
According to numbers from Sosovalue, U.S.-listed itcoinbtc0. 44% of spot bitcoin ETFs took in $1.19 billion in total net inflows on October 6, according to semi-monthly data. (That’s the highest so far this month, and ties for the second-highest level since they were introduced.)
IBIT from BlackRock led inflows with about $970 million. Fidelity’s FBTC and Bitwise’s BITB ranked next with $112.3 million and $60.1 million, respectively. On the other hand, four out of 11 approved ETFs saw no inflows—Grayscale’s GBTC, Ark & 21Shares’ ARKB, Valkyrie’s BRRR, and Hashdex’s DEFI. The money is now locked in a six-day inflow series, accumulating more than $4.43 billion while institutional sentiment supplements.
Bitcoin ETF inflows surge as price holds firm
The large inflows into U.S.-listed funds contrast with Bitcoin’s price trends in recent days. The crypto king jumped to a new high of $126,198 on Monday after whales were seen accumulating.
After a slight retracement, BTC remains in consolidation above crucial support at $124000. As of this writing, the asset is changing hands to the tune of $124,309, a rise of some 9.2% from last week.
Momentum indicators are providing mixed messages. The RSI has entered the over-bought zone (71.29) and suggests some room for consolidation/pullback. The MACD histogram is still positive, but a small tendency to flatten means the bullish momentum continues to slowly fade.
If there is a break and close above $125,000, the next targets for bulls might be $127,000 and $128,500. But if consolidation widens, look for a move down to $122K as an important zone to watch (this was the level where the breakout took place).
