Bitcoin ETFs are finally making a comeback, with net outflows turning into inflows thanks to the market recovery. After a period of constant outflows, a reversal has occurred indicating a possible trend reversal for Bitcoin.
Bitcoin ETFs are finally making a comeback, with net outflows turning into inflows thanks to the market recovery. After a period of constant outflows, a reversal has occurred indicating a possible trend reversal for Bitcoin.
According to the latest data from SoSoValue, Bitcoin spot ETFs have received a significant net inflow of $15.7 million, breaking a five-day sequence of net outflows. In stark contrast, Grayscale’s Bitcoin Trust (GBTC) saw a single-day net outflow of $350 million.
Leading this influx is Fidelity’s Bitcoin ETF (FBTC), which alone accounted for a remarkable $261 million in net inflows. Not far behind was the BlackRock ETF (IBIT), with a commendable net inflow of $35.48 million in one day.
Such market movements may suggest that we are on the cusp of a major rally reversal, potentially laying the groundwork for Bitcoin’s growth. Investor sentiment, as reflected in ETF inflows, often precedes broader market trends, implying renewed confidence in the asset’s future.
For now, Bitcoin is consolidating at local resistance levels which can be seen at $70,000. A return above that level would practically mark a return to the bullish trend in cryptocurrency markets.
The asset is currently testing resistance near the $64,000 zone. A decisive break above this level could signal continued bullish momentum, which could push prices towards the $71,000 threshold.
However, the journey is not without obstacles. If the resistance proves formidable, a pullback to retest the $59,910 support level would not be out of the question. The strength of this support is crucial; a strong hold may strengthen investor optimism, while a breakout could send prices seeking comfort at lower levels, perhaps around the $53,771 line, indicated by moving averages as a historical pivot point.
