Bitcoin Price Rebounds to $78K as BTC ETFs Flip Back to $561M Inflows

The Bitcoin price has been registering some positive movements after the recent decline. This comes after the BTC ETFs recorded some fresh inflows after a huge increase in the outflows of institutional investors.

BTC ETF Inflows Fuel Upside in Bitcoin Price

Bitcoin and other cryptocurrencies are recovering from the recent decline in the market. In the last 24 hours, the token has seen a gain of 4% to trade above $78,000. BTC had been affected by the huge crypto sell-off, which has resulted in a loss of millions of dollars in liquidations.

The recent gain in the Bitcoin price has been attributed to the new inflows recorded by the BTC ETFs. According to SoSoValue, the funds recorded an inflow of $561 million. Fidelity’s FBTC saw an inflow of $153.35 million, while BlackRock’s IBIT recorded $141.99 million.

Another factor that could have contributed to this positivity is that treasury firms are still accumulating this coin. Yesterday, Michael Saylor’s Strategy accumulated BTC despite their treasury trading below the average price.  They bought 855 BTC for $75 million.

On the other hand, Ethereum’s price increased by over 5%. However, the inflows of the ETF remained negative as there was less institutional activity.

According to analysts, this increase in the price of Bitcoin was not the start of a trend. This is because the market is still being affected by the macro uncertainty and tight financial conditions.

What’s Next for BTC?

Most cryptocurrency traders are not confident of where the next price movement will take the token. This is particularly true, especially as more experts are turning out to be bearish.

As CoinGape reported, Peter Brandt shared that he believes that the Bitcoin price crash is not over. He also projected that the coin could potentially go as low as the $66,000 range.

Also, a contributor from CryptoQuant shared that they analyzed how they think that the token will potentially move. They shared that the Bitcoin funding rate has been negative for the past three days. He also said that this is a major buy signal for investors.

“When Bitcoin’s price declines and funding rates remain negative for several days in a row, this is generally considered a buy signal. This can be seen clearly in the first chart,” he shared.

In addition, the expert also mentioned that the Bitcoin price has not yet managed to close the CME gap at $84,000. This only means that the BTC token might have limited potential for growth.

However, it is also important to note that the futures market indicates that stability is near. Based on the data provided by CoinGlass, the total trading volume decreased by 27% to $75.27 billion. In addition, the open interest slightly increased to $51.47 billion.