Bitcoin ETFs Snap Up 7,869 BTC: A Sign of Approaching Bull Market?
Large-Scale BTC Purchase by Bitcoin ETFs: A Possible Precursor to Upward Market Shift?
Key Points
- U.S Spot Bitcoin ETFs record largest single-day inflow in nearly a month, indicating renewed institutional interest.
- Rising Open Interest and bullish price action suggest traders are positioning for a potential breakout.
U.S Spot Bitcoin ETFs recently registered their biggest single-day inflow in almost a month, adding 7,869 BTC. This increase is part of a wider wave of investment momentum returning to the digital asset space, indicating that institutional players may be preparing for a renewed push into Bitcoin.
Bitcoin ETFs Witness Significant Inflows
Last Friday, U.S Spot Bitcoin ETFs experienced one of their largest single-day net inflows of the year, adding 7,869 BTC to their holdings. This was the largest daily inflow since April 29. The 7-day SMA of ETF inflows has also been trending upwards, highlighting a sustained build-up rather than a single event. As confidence in Bitcoin continues to grow, especially among institutional players, these inflows could bring further bullish momentum in the market.
Traders Anticipate Further Upside
Adding to the bullish narrative, Open Interest across all exchanges has also been trending sharply higher. For instance, according to CryptoQuant, Open Interest rose from around $31 billion in late April to over $37 billion by May 26. The simultaneous rise in Bitcoin’s price and Open Interest suggests that capital inflows have not been passive. Instead, they are actively fueling directional bets, potentially setting the stage for further upside volatility.
At the time of writing, Bitcoin was trading at around $109,616, consolidating after a sharp move north. Its daily RSI stood at 67.48, just below the overbought threshold of 70. This suggests strong bullish momentum, with the cryptocurrency not showing signs of exhaustion yet. Bitcoin’s price action revealed a healthy series of higher highs and higher lows, with recent candles forming tight-bodied ranges, a possible continuation pattern. This sideways drift near the highs could be a bullish flag, often preceding further breakout moves. If ETF inflows continue, this technical structure may provide the boost for BTC to test new highs above $112,000 in the short term.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US CPI Exceeds Expectations Again, Waller's Warning Comes True! Wall Street Focuses on Whether December Rate Hike Will Be 25 or 50 Basis Points; "New Fed News Agency": Stop-and-Go Strategy Faces Test
The "New Federal Reserve Newsletter" pointed out that before the release of the CPI, Waller suggested the possibility of a 50-basis-point rate hike in December, and so far, no other Fed officials have publicly responded. In addition to a single 50-basis-point hike, the Fed may also choose to signal consecutive rate hikes in December and January. Wall Street generally believes that inflationary pressures remain stubborn, further strengthening the case for a rate hike in December, though a 50-basis-point increase is not a consensus. The market is concerned about whether the Fed will extend the tightening cycle.
CPI Deals a Blow to US Bonds! 2-Year Yield Surges Over 20 Basis Points Intraday, Gold and Silver Plunge
After the release of the CPI, traders began to expect a lower likelihood of a 50 basis point rate hike in December; this year’s Federal Reserve voting member Logan stated that a faster pace of rate hikes may be needed this winter, with at least two more 25 basis point hikes required before pausing. Subsequently, the rise in U.S. Treasury yields continued to widen, with the 10-year yield climbing back above 5.0% and rising more than 10 basis points intraday; spot gold once fell over 3%, while spot silver at one point dropped more than 4%.
Historical Data Reveals When XRP Could Peak This Cycle
GUCCI’s parent company targets the traditional gold business
Crypto prices
More
