Bitcoin ETF Trading Volume Soars to $5.7 Billion Amid $817.5 Million Daily Net Inflows
After $1.1 billion in inflows the day before, U.S. spot bitcoin exchange-traded funds saw daily net inflows of $817.5 million on Tuesday. According to SoSoValue data, the 12 spot bitcoin ETFs had $5.7 billion in daily trading volume on Tuesday, up from $7.3 billion on Monday and $2.8 billion last Friday.
Tuesday’s inflows were led by $778.3 million into BlackRock’s IBIT, which has now brought in $1.93 billion this week. Additionally, Fidelity’s FBTC provided $37.2 million in inflows. VanEck’s HODL and Grayscale’s Mini Bitcoin Trust saw inflows of more than $10 million.
Bitcoin’s Surge Stalls at $87K After $90K High as Market Awaits Key CPI Data
With Bitcoin hitting new highs several times in the days after President-elect Donald Trump’s victory, the significant inflows into the Bitcoin ETFs coincided with a larger rise in the cryptocurrency market. However, the surge has stalled, as The Block’s bitcoin price page shows that after briefly pushing above the $90,000 threshold on Tuesday, bitcoin has dropped 2.07% over the last day to $87,335 at the time of writing. According to BRN analyst Valentin Fournier, upcoming events and technical signs could indicate a possible market reversal.
Bitcoin’s rally paused with its first red candle appearing yesterday, following an intraday peak at $90,000. We believe this indicates some profit-taking by large investors, potentially leading to a brief correction before prices resume their upward momentum. Currently, the upside potential appears stronger than the immediate downside risk. However, the upcoming CPI release today could introduce market volatility if the number exceeds expectations.
Fournier
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