Bitcoin Bulls Briefly Push Price Past $68,000 As Spot ETF Inflows Top $17 Billion Is $70K Next?
U.S.-listed spot exchange-traded funds (ETFs) that closely track Bitcoins (BTC) spot price have netted over $17 billion in lifetime net inflows on the heels of another successful trading week for the BTC-centric funds. The strong Bitcoin ETF performance helped Bitcoin rise above the $68,000 resistance level on Monday.
The worlds largest crypto by market capitalization is now aiming to hit $70,000 next after spending weeks consolidating.
Record-Breaking Total Inflows
The 11 spot Bitcoin ETFs recently logged a cumulative net inflow of a staggering $17 billion a little over six months after they started trading on January 11, reflecting the increasing institutional interest and confidence in BTC as an asset class.
BlackRocks IBIT accounts for the giant share of the cumulative inflows, amassing almost $19 billion in net new money since its launch. Fidelitys Wise Origin Bitcoin Fund (FBTC) also contributed greatly, taking in nearly $10 billion in inflows.
According to supporting data from Farside Investors, U.S. spot Bitcoin ETFs notched their eleventh consecutive day of positive flows on Friday, with over $383 million in net inflows as several tailwinds continue to buoy renewed investor interest in the alpha crypto.
Can BTC Hit $70K Tomorrow?
Bitcoin has clawed back substantial losses incurred at the beginning of this month. On July 3, the asset tumbled below $62,000, erasing 15% of its value and falling to a low of $53,550 by July 5. Taking the blame for this downdraft in price was worries about a huge rise in supply as the trustee for defunct exchange Mt. Gox kicked off Bitcoin repayments to creditors and German authorities dumped billions of BTC it held.
The ETF inflows came as Bitcoins price jumped on Monday, hitting an intraday high of $68,480. Thats up 7.9% from the week-ago levels and roughly 8.5% from its all-time high above $73,700 registered in mid-March. At the time of writing, BTC has settled around $67,493.
Now traders are looking ahead to this weeks launch of the first tranche of spot Ethereum (ETH) ETFs in the U.S. As ZyCrypto reported earlier, these spot-based Ether products are scheduled to go live on Tuesday, July 23.
While this will be a historic debut for ETH funds, analysts believe it could help turbocharge Bitcoins positive momentum and push it to a fresh monthly high.
If this trend persists, Bitcoin could cross $70,000 tomorrow with the launch of Ethereum ETFs, BRN strategist Valentin Fournier postulated. Although a parabolic acceleration for Bitcoin seems unlikely at this time, positive ETF inflows could sustain the rally longer than previously expected.
Text source: ZyCrypto
