Sign Up on MEXC
Highlights
- Bitcoin ETF inflows resume back after seven consecutive days of outflows.
- Bitcoin ETFs in Hong Kong and Australia are using buy the dip strategy to accumulate.
- Bitcoin price shows uptick to $62,000 amid positive ETF inflows.
After seven days of substantial outflows, spot Bitcoin ETFs recorded a net inflow of $31 million on Tuesday, June 25. Despite net outflows from Grayscale’s GBTC, Fidelity’s FBTC saw significant inflows of $48.8 million, which helped reverse the trend. As a result, Bitcoin’s price surged, surpassing $62,000.
US Spot Bitcoin ETF Inflows – A Dead Cat Bounce?
Although the net inflows have turned positive, they are quite small in size in comparison to the Bitcoin ETF outflows witnessed every over the past week. Also, BlackRock’s IBIT registered zero inflows on Tuesday, which shows less interest from their institutional clients.
However, one positive development is that the spot Bitcoin ETFs showed strong trading volumes yesterday, with each ETF issuer seeing a 4-5% jump. BlackRock’s IBIT trading volumes surged past $1 billion while Fidelity’s FBTC, Grayscale’s GBTC, and Proshares BITO recorded more than $300 million in trading volumes.
JUST IN: BlackRock’s spot #Bitcoin ETF did $1.1 billion in trading volume today 👀 pic.twitter.com/WRNSsIvdAY
— Bitcoin Magazine (@BitcoinMagazine) June 25, 2024
After strong demand for the spot Bitcoin ETFs during Q1, inflows have slowed down as investors have been watching key macro developments in the market. The Federal Reserve has shown its intentions to hold the interest rates higher for a longer-than-expected period amid the strong jobs market. As a result, investors have toned down their expectations to only one rate cut by the end of 2024.
Also Read: Why The Interest Rate Cuts Might Not Happen At All?
BTC ETFs See Healthy Demand In Hong Kong and Australia
While all eyes have been on the US market for spot Bitcoin ETFs, the Hong Kong Bitcoin ETFs have registered healthy inflows. The BTC ETFs in Hong Kong have adopted “buy the dip” strategy. It clearly shows that institutional investors in Hong Kong are showing confidence despite the current Bitcoin price sell-off in the market.
Similarly, Australia’s monochrome Bitcoin ETF has continued to accumulate Bitcoins in small quantities during every stage of the current Bitcoin price dip.
Australia’s 🇦🇺Monochrome Bitcoin ETF, $IBTC w/ 59 $BTC 👇 https://t.co/XPrPZzKYkC
— HODL15Capital 🇺🇸 (@HODL15Capital) June 25, 2024
Also Read: Bloomberg Analyst Predicts $1B Influx from VanEck Spot Bitcoin ETF on ASX
Has Bitcoin Price Bottomed Out?
After falling to a low of $58,000 late Monday, the Bitcoin price has recovered since and is trading around $61,700 as of press time. As long as the Bitcoin price holds above $60,000, there’s no major reason to correct going further, unless there’s another panic trigger in the market.
Yesterday $BTC dumped to 58k$ which was close to the legendary daily 200 MA break of which upside started the bull run
This is most important level to watch for me. Break of it = end of bull / start of long accumulation
But I don’t expect it to breakdown as there is huge panic… pic.twitter.com/ao84BYFsrL
— Crypto Vikings (@CryptoVikings07) June 25, 2024
- Bitcoin Bull Cycle Could Extend To 2026, Arthur Hayes Predicts
- CZ Urges Banks to Adopt BNB as Analyst Predicts $1,300 Price Target
- Shiba Inu Update: Team Freezes 4.6M BONE Amid New SHIB Upgrades
- Trump-Backed WLFI Token Signals Rebound As Team Announces Buyback Plan
- Bitcoin ETF Inflows Shoot $642M Before Fed Rate Cut Catching Up With Gold Rally
- Pepe Coin Price Prediction as the Token Jumps Nearly 20% – Will Whale Accumulation Take it to $0.00003?
- Pi Coin Price Prediction As Adam & Eve Pattern Signals Breakout Rally To $0.45 Ahead
- HBAR Price Prediction Amid DTCC Listing and Archax Expansion — Is $0.50 Next?
- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
- Solana Price Prediction: Ford’s $1.65B Treasury Bet Sets Sights on $320
