The world of cryptocurrency is constantly evolving, with new coins entering the market and existing ones gaining popularity. While Bitcoin remains the most well-known and widely adopted digital currency, there are countless other altcoins that have gained attention and value.
Interestingly, the U.S. Spot Bitcoin ETF has reached a significant milestone, drawing continuous investor interest with net inflows for 18 consecutive trading days. This record-breaking streak since its launch on January 11 has fueled investor optimism.
Moreover, it underscores growing confidence in the crypto market and has played a role in the recent rally in Bitcoin’s price.
US Bitcoin ETF Sees Record Inflows for 18 Consecutive Days
Crypto investors and traders interest in U.S. Spot Bitcoin ETFs has surged, with Farside Investors reporting 18 consecutive days of net inflows. This is the longest streak since the Bitcoin ETF launched on January 11, 2024. On June 6 alone, the net inflows hit over $218 million.
Additionally, the BlackRock’s IBIT ETF saw an impressive over $350 million inflow in a single day, pushing its total historical net inflow to $17.431 billion.
This week, the U.S. Bitcoin ETFs saw a significant net inflow that surged around $1.7 billion. This steady interest highlights growing investor confidence in Bitcoin (BTC) as an asset class.
Moreover, the consistent inflows indicate a shift in sentiment, with more investors opting for regulated ETFs as a safer and more accessible way to gain Bitcoin exposure, rather than direct cryptocurrency purchases.
A popular crypto analyst Captain Faibik highlighted that Bitcoin’s momentum depends on breaking a key resistance level at $71,300. “If Bitcoin bulls can exceed the $71,300 threshold, a significant rally might ensue,” he remarked, comparing it to the bullish trends seen in early 2024.
Furthermore, Captain Faibik’s analysis highlights the $71,300 resistance as a crucial level. Surpassing this point could ignite significant bullish momentum, possibly driving the flagship cryptocurrency to $92,000 level.
As per our CoinMarketCap, the Bitcoin’s price is currently trading at $71,231, increased by 0.40% in the last 24 hours. While its trading volume decreased by 7.59% to $26.04 billion.
Over the past 30 days, the leading cryptocurrency has gained over 12%, with a weekly rise of about 5%. Additionally, CoinGlass data indicated that Bitcoin Futures Open Interest grew by 1.04% to 534.12K BTC or $38.17 billion within the last 24 hours.
Also Read: Bitcoin ETF Success Signals: Altcoins Primed for a Major Upswing
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
