CDS Crypto News Bitcoin ETF Inflows Top $500 Million, Driving Price Towards $60,000
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Bitcoin ETF Inflows Top $500 Million, Driving Price Towards $60,000

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Bitcoin ETF Inflows Top $500 Million, Driving Price Towards $60,000

Bitcoin ETF Inflows Top $500 Million, Driving Price Towards $60,000

Investors have poured over $500 million into Bitcoin exchange-traded funds (ETFs) this week as Bitcoin (BTC) approaches the critical $60,000 threshold. This substantial influx signals a rebound in investor sentiment towards ETFs.

After a challenging period, Bitcoin ETFs have seen net inflows over the past three trading days.

Investor Accumulation Drives Bitcoin’s Price Towards $60,000

Currently, Bitcoin is trading at $59,000, marking a significant increase from this week’s low of $54,200. Since Monday, the cryptocurrency’s value has surged by over 9%, reflecting a market recovery and a bullish outlook from investors.

ETFs, in particular, have experienced significant inflows, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the charge. Data from Farside Investors shows that IBIT saw impressive inflows of $308.2 million this week, placing it at the forefront of investment activity.

Following closely, Fidelity’s Wise Origin Bitcoin Fund (FBTC) secured the second-highest inflows, totaling $152.5 million. On Monday and Tuesday alone, FBTC saw inflows of $61.5 million and $91 million, respectively. This accumulation demonstrates a strategic approach by investors to “buy the dip” following recent price fluctuations in Bitcoin.

Conversely, the Grayscale Bitcoin Trust (GBTC) faced a downturn, with net outflows amounting to $12.4 million over two days, reflecting a more cautious stance from certain market segments.

Furthermore, the surge in Bitcoin accumulation extends beyond ETFs. According to CryptoQuant, Bitcoin accumulation addresses received approximately 9,900 BTC, worth around $553.4 million, on Monday. This substantial activity suggests widespread confidence in Bitcoin’s potential for continued price increases.

Bitcoin ETF Inflows Top $500 Million, Driving Price Towards $60,000
Bitcoin ETF Inflows Top $500 Million, Driving Price Towards $60,000 1

Despite these optimistic investment trends, overall market sentiment remains mixed. The crypto fear and greed index stands at 29, indicating ongoing fears within the community. This anxiety largely stems from broader economic uncertainties, particularly with the imminent US CPI announcement, which could impact monetary policies and Bitcoin’s price trajectory.

“The crypto market is rebounding as Bitcoin marches towards $60,000. The Fed’s response to inflation, including potential rate hikes, remains a concern. However, if inflation is controlled, it could lead to price increases,” Avinash Shekhar, co-founder of Pi42, a crypto derivatives exchange, told BeInCrypto.

Bitcoin ETF Inflows Top $500 Million, Driving Price Towards $60,000

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