(MENAFN- eTrendy Stock)
The positive net flows into Bitcoin ETFs suggest renewed institutional confidence.
The US Spot Bitcoin ETFs recorded a significant shift in fund flows, according to data from SoSoValue. Fidelity's FBTC led the charge with $254.4 million in inflows, followed by ARK's ARKB with $186.9 million and BlackRock's IBIT with $56.6 million.
The total influx of $475.2 million into these Bitcoin products suggests that investor sentiment has begun to shift positively. The US Spot Ethereum ETFs also saw inflows, recording $117.2 million, with Fidelity's FETH leading at $83 million.
This shows that institutional interest in digital assets is increasing despite the downturn in the broader cryptocurrency market.
BTC's Price Declines Despite Positive Bitcoin ETFs' Inflow
Meanwhile, Bitcoin's (BTC) price is on a slight uptrend, up at around 1% as of the time of writing and trading at $96,633. The inflows into these Bitcoin ETFs haven't influenced BTC's price positively.
The trading volume for Bitcoin is also up at approximately 12%. However, Coinglass data shows that Bitcoin Futures Open Interest had fallen by 3.4% in the last twenty-four hours, indicating a continued bearish sentiment in the broader market.
Despite the ETF inflows, analysts have expressed caution, with some predicting a possible crash to $60,000 for Bitcoin. Various factors have contributed to BTC's downward trend, creating uncertainty in the short term.
However, some market experts believe the current pullback is influenced by the holiday season and would be temporary. Hence, they forecast that BTC could make a strong recovery and hit a new high within the first quarter of next year.
BTC's Price Outlook
Investor profit-taking and traders' bearish sentiment are among the factors that continue to influence BTC's price.
According to popular crypto analyst Ali Martinez, BTC holders realized profits were over $7.2 billion on December 23, and some investors have already transferred some of their holdings to exchanges in the past week.
In addition, Coinglass data noted that the total liquidations in the last 24 hours were $201.14 million, with $122.6 million from long positions while the remaining were from short positions. The data also noted that the largest BTC liquidation ($1.94 million) occurred on the Binance exchange.
MENAFN27122024007158015398ID1109035735
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.