More institutional investors have shown higher confidence in Bitcoin and its long-term success amid rising global geopolitical tensions and constant fiat devaluations.
After stagnating in the past two months, the cash inflows to the United States-based spot Bitcoin exchange-traded funds (ETFs) have been on the rise in the past three weeks. According to the latest market data, the US spot BTC ETFs have registered a net cash inflow of more than $1.4 billion in the past three weeks. On Thursday, the US spot BTC ETFs had their best net cash inflow since July 23 of about $365.57 million.
Apart from Grayscale’s GBTC, which registered a net cash outflow of about $7.73 million on Thursday, none other bled. BlackRock’s IBIT had a net cash inflow of about $93.38 million on Thursday, thus a total of $23.68 billion in assets under management.
Fidelity’s FBTC registered a net cash inflow of about 74 million on Thursday, thus currently holding around $11.62 billion in AUM. ARK 22Shares Bitcoin ETF (ARKB) had the highest cash inflow of about $113.82 million on Thursday, thus currently holding about $3.1 billion.
Bitwise’s BITB and VanEck’s registered a net cash inflow of about $50 million and $22 million respectively on Thursday.
Cumulatively, the US spot Bitcoin ETFs now hold about $60.03 billion, which is shy of the net holdings by Satoshi Nakamoto of around 1.1 million units.
US bitcoin ETFs had good day yesterday pushing YTD flows to new high water mark of $17.8b. They’re now 92% of the way to owning 1million bitcoin and 83% of way to passing Satoshi as top holder. Tick tock.. pic.twitter.com/kTxlIzjJy6
— Eric Balchunas (@EricBalchunas) September 25, 2024
Impact on Bitcoin Price Action
Following the notable spike in cash inflows for the US spot Bitcoin ETFs, the underlying value spiked over 3 percent in the last 24 hours to trade about $65,800 on Friday, September 27, during the mid-London session. The flagship coin is about to register one of the best September, which could set the stage for a major bull run in the fourth quarter.
Furthermore, Bitcoin price has already rallied above the August high of about $65K, thus potentially ending the bearish streak in the past six months.
From a technical standpoint, Bitcoin price has already closed above the 200-day Moving Average (MA), thus signaling the return of the bullish sentiment.
Nonetheless, Bitcoin BTC $112 033 24h volatility: 0.2% Market cap: $2.23 T Vol. 24h: $35.90 B price is not yet out of the woods as it must clear the resistance level around $69K, as the daily Relative Strength Index (RSI) attempts to rally above the 70 percent level.
In case of sudden market reversal, Bitcoin price has already established a robust support level around $60K and another above $53K.
Market Picture
The crypto market is gradually following the bullish breakout in top-tier precious metals led by gold. Amid the ongoing global economic shift, triggered by the general rate cuts by several central banks, ahead of the US 2024 general elections, the crypto market is expected to continue in a bullish outlook.
According to a popular crypto analyst alias PlanB, Bitcoin price could reach around $500k in the coming months and potentially peak at $1 million.
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