The Spot Bitcoin ETF of the U.S has started this week positively, maintaining its momentum. Notably, in just the first two days of this week, the Spot Bitcoin ETF has attracted close to $170 million, reversing the trend of three days of outflows from the previous week.
At the same time, the latest data on inflows suggests an increasing investor confidence in crypto and Bitcoin ETFs. Moreover, this recent inflow data appears to have supported the Bitcoin price, keeping it stable.
U.S. Bitcoin ETF Attracts $100M Inflow
The U.S Spot Bitcoin ETF approval has been one of the significant milestones in the cryptocurrency industry this year. At the same time, the remarkable success of Bitcoin ETFs in the U.S. contributed to Bitcoin to achieve its all-time high of $73,750 in mid-March.
However, the overall data indicating an outflux from Grayscale has negatively impacted the crypto market sentiment over the last few weeks. Moreover, the worries about declining institutional interest have further dampened the sentiments.
According to the recent data, the Bitcoin ETFs saw an inflow of over $100 million on May 24 2024. Notably, ARKB has led the list with an inflow of over $130 million, counterbalancing the outflow of $50.9 million from Grayscale. Conversely, BlackRock has seen subdued trading activity during the initial two days of the week.
Bitcoin Price Trends Amidst Current Market Concerns
The recent inflow data for the U.S. Spot Bitcoin ETF has sparked conversations, indicating that market participants’ confidence remains positive despite the latest inflation data.
However, as we found on CoinMarketCap, the Bitcoin price is currently trading at $62,699, with its trading volume increased by 2% to $25.88 billion.
As per our Bitcoin (BTC) price forecast, BTC has the potential to reach a maximum price of $89,319.62 by the end of 2024 if the current market trend continues. On the other hand, the minimum level can fall to $75,837.42 if there is any negative news surrounding the crypto industry.
Also Read: Bitcoin (BTC) Price Drops Toward $61k Amid Coinbase’s System-Wide Outage
Disclaimer: The information in this article should not be considered anything as financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.
