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After registering over $1.4 billion in cash inflows last week, US-based spot Bitcoin ETFs reported over $420 million on Tuesday.
BlackRock’s IBIT emerged as the frontrunner, attracting a staggering $117.25 million in net inflows on Monday, marking it as the most actively traded Bitcoin ETF with $1.24 billion in trading volume.
The supply of Ethereum (ETH) on crypto exchanges is gradually declining as the staked Ether increases, thus escalating the supply crisis.
As the first half of the year drew to an end, Mt. Gox intensified efforts towards the repayment, stating that it would begin in July.
From a technical standpoint, Bitcoin price in the daily time frame broke out of a descending broadening wedge, thus signaling a possible rally towards $70K soon.
Analysts agree that the launch of ETH spot ETFs could act as a major catalyst for Ethereum price in the coming months.
Bitcoin price has signaled a midterm bearish outlook that could lead to further capitulation towards $50K despite the heightened whale demand.
Despite the positive inflows, the overall trading volume on spot Bitcoin ETFs remains considerably lower compared to the peak in March and April 2024, when daily volumes surpassed $12 billion.
The German government continued with its Bitcoin sell-offs but US spot BTC ETF investors and whales accelerated the accumulation pace.
The influx of capital into spot Bitcoin ETFs seemingly coincided with a positive price movement for the underlying asset. Bitcoin rose 2.70% in the past 24 hours.
The heightened crowd fear could lead to a sudden Bitcoin and altcoin price rebound in the near term despite the ongoing Mt. Gox repayments.
While the US crypto ETF market recorded impressive daily inflows on Monday, the global sentiment was different. In Hong Kong, Bitcoin spot ETFs saw less than $200 in daily inflows.
The price action of Solana (SOL), the fifth-largest digital asset by market capitalization, jumped more than 7% in the past 24 hours after the news of the filing.
$28.86 million Ether shorts and $29.61 million ETH longs were liquidated in the past 24 hours.
Bitcoin price action has experienced significant bearish sentiments fueled by the Mt. Gox repayments and ongoing sell-offs by the German government.