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ETF Bitcoin US: 18 days of euphoria, is the price of BTC about to take off?

Fri 07 Jun 2024 ▪ 3 min of reading ▪ by Fenelon L.
Getting informed Event

Investor enthusiasm for spot Bitcoin ETFs in the United States continues to grow. These exchange-traded funds have recorded net inflows for 18 consecutive days, a record since their launch. This bullish trend reflects a growing optimism towards the queen of cryptos.

Les ETF Bitcoin US explosent

Investor enthusiasm for American Bitcoin ETFs remains strong

The spot Bitcoin ETFs in the US are booming. According to the data from Farside Investors, they have shown net inflows for 18 consecutive trading sessions, a first. On June 6th, these inflows reached 218 million dollars in a single day, demonstrating growing investor interest.

BlackRock’s IBIT stands out with an impressive inflow of 350 million dollars on June 6th. Its total historical net inflows now peak at 17.431 billion dollars. Over the week, US spot Bitcoin ETFs total about 1.7 billion dollars in net inflows.

This positive dynamic shows that more and more investors view these regulated ETFs as a safe and convenient way to gain exposure to Bitcoin. A change in perception is taking place in favor of the first crypto.

Is the BTC price about to soar?

This enthusiasm for Bitcoin ETFs coincides with a resurgence in the BTC price. According to renowned analyst Captain Faibik, the key resistance level is at 71,300 dollars. If it is breached, it could trigger a significant rally, similar to the beginning of 2024.

Bitcoin currently trades around 71,285 dollars, up 0.63% over 24 hours. Over a month, it gains more than 12% and shows a weekly increase of about 5%. Open interest on Bitcoin futures contracts has also increased by 1.04% to 534.12K BTC (38.17 billion dollars).

All signs seem to point to a bullish outlook for the price of Bitcoin. The sustained demand for spot ETFs, breaking the 71,300-dollar resistance, and the growing interest in futures are all bullish signals. According to Captain Faibik, the next target? 92,000 dollars, if the trend continues.

With a new record of 18 consecutive days of inflows, US spot Bitcoin ETFs demonstrate growing investor optimism. Driven by this momentum, the queen of cryptos seems ready to take off again. A confirmed break above 71,300 dollars would open the door to new heights.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.