US Bitcoin ETF Hits New Milestone, What’s Next For BTC Price?

Rupam Roy
June 7, 2024
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Australia's Largest Bank Offers Monochrome Bitcoin ETF To 17M Customers

Highlights

  • U.S. Spot Bitcoin ETF sees net inflows for 18 consecutive trading days, marking longest streak since launch.
  • BlackRock’s IBIT drives inflows on June 6, contributing $350 million in a single day.
  • Total net inflows into U.S. Spot Bitcoin ETFs this week reach around $1.7 billion.

The U.S. Spot Bitcoin ETF has achieved a significant milestone, attracting sustained investor interest with net inflows for 18 consecutive trading days. This record-breaking streak since their launch on January 11 has sparked optimism among investors. Besides, it also highlights growing optimism in the crypto market and has partially contributed to a rally in Bitcoin’s price.

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US Bitcoin ETF Records Inflow For 18 Straight Days

Investor interest in U.S. Spot Bitcoin ETFs has surged, evidenced by 18 straight days of net inflows, according to Farside Investors data. This marks the longest streak of continuous inflows since the ETF’s launch on January 11, 2024. On June 6 alone, net inflows reached $218 million, demonstrating robust demand for Bitcoin investment vehicles.

Despite outflows from Grayscale’s Bitcoin ETF GBTC and ARK’s ARKB, which lost $37.6 million and $96.6 million, respectively, the overall market sentiment remained positive. The key driver was BlackRock’s IBIT, which saw a remarkable $350 million inflow in a single day. This pushed IBIT’s total historical net inflow to an impressive $17.431 billion.

With this robust inflow, this week’s total net inflow into U.S. Bitcoin ETF has surged to around $1.7 billion. Such sustained interest reflects investors’ increasing confidence in Bitcoin as an asset class. In addition, the consistent inflows suggest a shift in sentiment as more investors seek exposure to Bitcoin through regulated ETFs, viewing them as safer and more accessible options compared to direct cryptocurrency purchases.

Also Read: Bitcoin Whales Buying $1 Billion Worth BTC on Daily Basis, $80,000 Coming Soon

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Where’s BTC Price Is Heading?

The recent influx into Bitcoin ETFs has coincided with a rally in Bitcoin. Prominent crypto analyst Captain Faibik noted that Bitcoin’s momentum hinges on breaking through a crucial resistance level at $71,300. “If Bitcoin bulls can surpass the $71,300 mark, we could see a significant rally,” he commented, drawing parallels to the bullish trends observed in early 2024.

Bitcoin’s price movements often reflect broader market sentiments and investor confidence. Currently, the inflows into U.S. Spot Bitcoin ETF not only indicate current optimism but also suggest potential for further price increases if the trend continues.

In addition, Captain Faibik’s analysis points to the $71,300 resistance as a pivotal level. Overcoming this could trigger substantial bullish activity, potentially leading to a rally to $92,000 for the flagship crypto.

Bitcoin price analysis
Source: Captain Faibik, X

As of writing, Bitcoin price was up 0.63% and exchanged hands at $71,285.02, while its trading volume plunged 9.74% to $25.94 billion. Over the last 30 days, the flagship crypto has added over 12%, while noting a weekly surge of about 5%. On the other hand, the CoinGlass data showed that the Bitcoin Futures Open Interest rose 1.04% to 534.12K BTC or $38.17 billion in the last 24 hours.

Also Read: Meme Coin GameStop ($GME) Jumps 118%, Roaring Kitty Eyes Billionaire Status

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.