Spot According to HODL15Capital’s tracking, US Bitcoin ETFs had positive inflows of $132 million on June 7, marking the 19th consecutive day of such activity.
It was the 19th day in a row that spot US Bitcoin ETF inflows hit $132 million on June 7, according to HODL15Capital.
Investors and experts alike are perplexed since Bitcoin’s price has not reflected the anticipated spike, despite this substantial inflow. Spot Bitcoin ETFs have broken all records for consecutive weeks of positive flows since they began. There have been significant net inflows to BlackRock’s IBIT, making it the leader of the group.
Spot Bitcoin exchange-traded funds have received more than $15.6 billion since they began trading. But until other markets reopen, this sum may not be enough to move prices much, according to several dealers.
Among other things, many analysts believe that Bitcoin is about to break through important resistance levels and enter price discovery area, thanks to the ongoing inflows of Bitcoin ETFs. With $2 billion in inflows in May, the jump in flows is happening at the same time as demand for investments centered on digital assets is on the rise again. Perceived regulatory approval is on the rise, which has investors feeling more at ease with these assets.
Not long ago, the price of bitcoin surpassed $71,000. A report of a rise in the US employment rate, however, caused a correction to follow. Consequently, Bitcoin’s value dropped by almost 4% and is now trading at $69,400.
