The inflow of Bitcoin ETFs in the United States reaches $978 million, triggering optimistic sentiment. Will the BTC rally continue?
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Bitcoin ETF inflows surge, pushing BTC to the $100,000 mark
Recently, Bitcoin (BTC) has entered a strong upward trend, breaking through the $100,000 barrier and attracting significant attention from institutional investors. Particularly on January 6, 2024, the U.S. spot Bitcoin ETF recorded strong inflows, further stimulating optimistic sentiment in the market.
Strong inflow into Bitcoin ETFs
Historic inflow:
According to data from Farside Investors, on January 6, 2024, the inflow into the U.S. spot Bitcoin ETF reached $978.6 million, marking the second consecutive day of recorded inflows. The previous day, the inflow was $908.1 million, together pushing the total inflow into Bitcoin ETFs to $36.89 billion, setting a new historical high.
Fidelity and BlackRock lead the inflows:
Fidelity's FBTC has become the market leader, with inflows of $370.2 million. Following closely is BlackRock's IBIT, with inflows of $209.1 million. Although Invesco, Valkyrie, and WTree have relatively lower inflows, the overall trend still shows that institutional confidence in Bitcoin is continuously increasing.
Growing institutional interest:
In addition to ETF inflows, other institutions such as MicroStrategy and Metaplanet are also actively acquiring Bitcoin. MicroStrategy recently purchased 1,070 BTC for approximately $101 million. Additionally, Strive Asset Management is also actively participating in the cryptocurrency market, applying to launch a Bitcoin bond ETF for bonds issued by companies to purchase BTC.
Can Bitcoin maintain its upward momentum?
Market performance:
As of now, the price of Bitcoin has risen by 2.76%, approaching $101,462, and has increased by about 9% over the past week. The market capitalization has also risen by 2.60%, reaching $2 trillion, with a 24-hour trading volume soaring to $48.18 billion. This increase is related to the imminent return of former U.S. President Donald Trump, with many speculating that the U.S. may quickly establish a Bitcoin strategic reserve, further driving optimistic sentiment in the market.
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