Sign Up on MEXC
Highlights
- US Spot Bitcoin ETF records an inflow of $978.6 million on Monday.
- Bitcoin price jumped nearly 3% today, sparking market optimism.
- A top analyst predicts that BTC could target a new ATH soon if it holds a crucial support level.
US Bitcoin ETF records inflow for the second consecutive day, sparking optimism among investors. Besides, it also comes amid a significant BTC rally, with the flagship crypto soaring past the $100K mark. So, these recent robust influxes, indicating increased institutional interest, could further push the crypto’s price toward the north.
US Spot Bitcoin ETF Records Strong Inflow
The US Spot Bitcoin recorded an inflow of $978.6 million on January 06, 2024, marking the second consecutive day of influxes. The previously recorded inward flow, according to Farside Investors data was worth $908.1 million and both now contribute to the historical cumulative positive flow of $36.89 billion.
Notably, Fidelity’s FBTC led the charge with an inflow of $370.2 million on Monday, followed by BlackRock’s IBIT bringing in the flow of $209.1 million. Every issuer recorded a positive number for its respective Bitcoin ETF except Invesco, Valkyrie, and WTree which reported muted fund flows. Nevertheless, the trend across the Bitcoin ETF segment shows that there is increasing institutional confidence in the flagship cryptocurrency.
On the other hand, corporations like Michael Saylor’s MicroStrategy, Metaplanet, and others, are also increasing their focus on BTC. MicroStrategy recently acquired 1,070 BTC at an approximate price of $101 million at the time of purchase.
Meanwhile, Vivek Ramaswamy’s Strive Asset Management also showed a strong interest in the flagship crypto. Strive filed to launch a new Bitcoin Bond ETF to invest in bonds that are issued by companies for the purchase of BTC.
Can BTC Hold Its Momentum?
Bitcoin price today was up by 2.76%, hovering around $101,462.39 while adding about 9% in the last 7 days. There is simultaneously an increase in the market cap which is up by 2.60% to $2 trillion along with the 24-hour trading volume showing a soaring value of $48.18 billion.
Some fundamental aspects that are contributing to the bullish momentum are Donald Trump getting closer to taking the US Presidential Chair. It also fuels speculation about the possibility of the US soon having its Bitcoin Strategic Reserve. Besides, several other countries like Hong Kong and Germany are also exploring a similar move ahead.
Adding to the excitement, Michael van de Poppe, a well-known analyst, has hinted that a new ATH is on the horizon if BTC holds a value of $98,000. While he has not mentioned a number on his X post, Michael has hinted that the price’s next stop could be at $104,087. This flurry of positive sentiments like the robust Bitcoin ETF influx and other market trends has fueled market sentiment.
Another factor that strengthens positivity towards holding the momentum is constant support from Whale. A report by Lookonchain published on X highlighted that 3 newly created wallets withdrew 2,173 BTC worth approximately $221.6 million at that time.
However, there is also a different side to the Bitcoin price rally which is driven by bearish sentiments. A BTC price analysis highlights that any sudden spike in the Open Interest often brings a shake-off for buyers or sellers, provided it happens in a short time. The current trend aligns with that, sparking a tale of caution for every BTC enthusiast. Although the anticipation of a BTC rally is high, it is recommended to be cautious as the crypto market is highly volatile.
- SEC’s Paul Atkins Pushes for On-Chain Capital Raising Without Uncertainty
- SEC Delays Decision On Staking For BlackRock’s Ethereum ETF
- SEC Delays Decision on Franklin Templeton’s Solana and XRP ETFs
- BNB Hits New ATH As Binance Partners With $1.6T Franklin Templeton
- Crypto Market, S&P 500 Rally as PPI Data Fuels Rate Cut Hopes
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
