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Bitcoin ETFs See $217 Million Inflows Amid ‘Relentless Selling’
The cryptocurrency market has witnessed a notable surge in institutional interest, as Bitcoin (BTC) spot ETFs have recorded an astonishing $217 million in net inflows. This is the third consecutive day of positive flows, indicating a growing appetite among investors for digital assets.
BlackRock’s IBIT led the charge with a massive single-day net inflow of $165 million, taking its cumulative total to $52.81 billion. Fidelity’s FBTC also witnessed significant interest, raking in $66.05 million in fresh capital, and boasting an impressive total influx of $12.275 billion.
However, Grayscale’s GBTC suffered a notable blow, as it recorded the largest single-day outflow at $10.2 million, resulting in cumulative net losses totaling $23.344 billion.
Despite aggressive shorting on Binance Derivatives, Bitcoin has refused to budge, maintaining its price between $107K and $109K. This unwavering resilience suggests that institutional players are accumulating Bitcoin through ETFs and over-the-counter desks.
The cryptocurrency market is expected to witness a major rally as the monthly chart displays a confirmed cup and handle breakout pattern. The target price range for this potential rally has been projected to be between $160,000 and $170,000.
Additionally, technical analysis reveals that the RSI has entered overbought territory at 70.32. However, it is not excessively so, indicating that institutional investors are taking control of the market momentum.
Source: www.coinspeaker.com
