Inflows into the US-regulated spot Bitcoin ETFs have increased after significant sales pressure in the last two months, which sent the biggest cryptocurrency to its 6-month low at $53,500 in July.
The Institutions and Bitcoin ETFs now control 9% of the total supply
According to data provided by analytics providers SoSo Value & Ecoinmetrics, Bitcoin ETFs are consistently adding BTC into their portfolios despite the brief drop in BTC. inflows At the beginning of June. Since July 1, inflows are accelerating at a faster pace than the two-month average.
The Bitcoin spot ETF was released on the 31st of July. saw a net inflow The Grayscale Mini ETF BTC recorded a net inflow amounting to $17.99 millions, whereas the Grayscale ETF BTC received $298 million. BlackRock’s ETF IBIT has also seen an increase of $20.99 millions.
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The following is a list of data Since the US Securities and Exchange Commission’s (SEC) approval of Bitcoin ETFs in January 2023, data analytics company Ecoinmetrics has reported that Bitcoin ETFs now hold nearly 300,000 BTC.
Even though the rate of accumulation is slower than earlier in the calendar year, consistent flows, during even periods of low prices, show the institutional demand. leading cryptocurrency. According to the firm.
ETFs or products similar to ETFs account for around 5.2%. The public companies control another 1.6% of BTC, and private companies at least 2%.
The highest level of sentiment since May
Bitcoin has been unable to break through the resistance of $69,000 in its most recent uptrend. A retracement of more than 5% over the last 24 hours also indicates that the sentiment towards the cryptocurrency is becoming increasingly positive.
According Santiment is a market intelligence platform that tracks the sentiment of the marketplace. According to Santiment the bullish comments on Bitcoin have reached their highest levels since the week ending May 15, 2015. The crypto community is predicting that Bitcoin will soon reach $70,000.
Ali Martinez, a crypto analyst has backed up this statement. noted According to data on-chain, the majority of top Binance trader are now buying Bitcoin at a discount, and almost 70% of those traders have long positions in BTC.
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The short-term volatility of the Bitcoin price is still a concern, as it will be a major issue if Bitcoin does not close above $64,200, its 200-day high. exponential moving average The asset’s price could be affected by the EMA in near-term.
The 200-day EMA, which is marked on the BTC/USDT daily chart by a thick yellow line has traditionally acted both as a support and resistance level.
BTC, at the time this article was written, traded for $62,830. Its gains over last month have been erased, with the crypto only up 1.6% within the 30 day timeframe.
Chart from TradingView.com, image from DALL.E
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Source: www.newsbtc.com
