Bitcoin Nears $60,000 as Investors Pour $500 Million into ETFs

Investors have pumped more than $500 million into Bitcoin ETFs this week, as the BTC price approaches the important $60,000 threshold. This sizable investment demonstrates an uptick in ETF investor sentiment.

After a challenging period, Bitcoin ETFs have seen net inflows over the past three trading days.

Investor Accumulation Drives Bitcoin Price Toward $60,000

Bitcoin is currently trading at $59,000, showing a notable rise from this week's low of $54,200. Since Monday, the cryptocurrency's price has risen more than 9%, indicating a market recovery and a bullish outlook from investors.

In particular, ETFs have seen significant inflow, with BlackRock's iShares Bitcoin Trust (IBIT) leading the way. According to data from Farside Investors, this week, IBIT recorded impressive inflows of $308.2 million, putting it at the forefront of investment activity.

Read more: What is a Bitcoin (BTC) ETF? Know the different types

Not far behind, Fidelity's Wise Origin Bitcoin Fund (FBTC) secured the second largest inflows, totaling $152.5 million. On Monday and Tuesday alone, receipts were $61.5 million and $91 million, respectively.

Such accumulation illustrates a strategic approach by investors to “buy the dip” following recent fluctuations in the price of Bitcoin.

On the other hand, the Grayscale Bitcoin Trust (GBTC) faced a decline, with net outflows amounting to $12.4 million in two days. This reflects a more cautious stance by certain market segments.

Furthermore, the increase in Bitcoin accumulation extends beyond ETFs. #BinanceTournament" #BinanceTurns7 #Bitcoin #Binance #Ethereum $BTC $ETH $BNB