Highlights
Investors appear to be growing cautious about the Bitcoin rally, with the BTC inflow slowing down. The recent outflow in the US Spot Bitcoin ETF indicates a waning institutional interest, with many seeing it as a potential threat to the ongoing rally.
The US Bitcoin ETF inflow has slowed from its robust performance over the last eight days, Farside Investors data showed. From April 17-29, the BTC inflow totaled $3.93 billion, which has helped in a strong rally for the flagship crypto’s price, sending it to over $95K.
However, on April 30, the investment instruments recorded a combined outflow of $56.3 million. It’s worth noting that BlackRock IBIT has still recorded an inflow of $267 million on Thursday. Also, IBIT has consistently recorded inflows since April 14.
Meanwhile, the recent combined outflow indicates that the institutional interest is fading, which might add pressure on the crypto’s price. Besides, many are also questioning the potential of the Bitcoin rally ahead.
Despite the slowdown in BTC inflow on Thursday, it appears that investors are still putting their bets on the asset. It also indicates that the traders are confident in the long-term potential of Bitcoin, betting on a continuing rally.
Notably, BTC price today was up over 1.3% and traded over $96,000 during writing. However, in the early US hours, the price dropped to $93,796 on Friday. Besides, the future open interest of the asset also rose by over 5%, reflecting the strong confidence of the traders.
According to CryptoQuant analyst Axel Adler Jr, Bitcoin’s on-chain momentum is gaining steam, with three possible scenarios shaping its next rally. The optimistic outlook predicts a price surge to $150-175K if the Ratio breaks above 1.0.
A base case scenario suggests consolidation between $90-110K, while a pessimistic outlook warns of a correction to $70-85K. With the Ratio currently at 0.8, the next six months will be crucial in determining Bitcoin’s trajectory.
Meanwhile, a recent BTC price prediction also showed that the crypto is likely to soar past the $100K mark this month. Considering all these, it appears that the Bitcoin rally may continue in the coming days, especially if the ETF inflow recovers to provide more support to the bullish momentum.
Michael Saylor hinted that Strategy would not be making its routine Bitcoin purchase this week.…
Crypto experts have begun to make bullish projections for Pudgy Penguins’ native token, PENGU. This…
ASTER has announced that the roadmap for its second airdrop phase is set to begin…
El Salvador is now sitting on $482 million in unrealized gains in its Bitcoin holdings.…
The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…
Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…