Bitcoin ETF Fund Inflows Slow Down
Performance on Monday was less than ideal
Bull market is not yet over
According to data from Farside Investors, the Bitcoin spot ETF saw a total inflow of $2.6 billion in new funds last week, but most of the inflow activity was concentrated from Monday to Wednesday, driving Bitcoin to a new all-time high of nearly $74,000. However, the inflow situation significantly slowed down on Thursday and Friday, and Bitcoin fell below $65,000 over the weekend.
In response, Markus Thielen, the founder of 10x Research, stated that he expects the inflow of funds into the US Bitcoin spot ETF to slow down. Currently, the Bitcoin price has found short-term support and stabilized at $67,000, but the “real test” will come on Monday and Tuesday. If the ETF fund inflows disappoint, Bitcoin’s price adjustment may continue.
Preliminary statistics from Farside Investors show that the inflow performance of the Bitcoin ETF on Monday was not ideal. Fidelity’s Bitcoin ETF set a record low daily inflow since its listing (about £5.9 million), while Grayscale’s GBTC set a record high daily outflow (about £642 million), and Bitcoin once again fell below $66,000 this morning.
However, Markus Thielen added that although a deeper correction is possible, the cryptocurrency bull market is not yet over. It is still believed that Bitcoin will rise significantly in the coming months, as the bull market may continue. If Bitcoin recovers above $70,000 (higher than its historical high in 2021), it may open the door for further price increases.
(This article is authorized and reprinted from GT Radar)
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