Bitcoin ETFs saw two consecutive weeks of inflows reaching $1.3 billion, completely offsetting April’s outflows. Coupled with the recent slight slowdown in U.S. inflation data, which has driven risky assets such as stocks to continue to reach highs, Bitcoin has also rebounded from the low of 56K in early May and was trading at $67,201 at the time of writing. 10x Research’s trading model based on the Bitcoin ETF has once again generated a buy signal. Does Bitcoin have a chance to challenge the all-time high of 73,777 in the near future?

Bitcoin ETF sees inflows for two consecutive weeks

According to a tweet from Bloomberg ETF analyst Eric Balchunas, as of May 16, the Bitcoin ETF’s two-week inflow reached $1.3 billion, completely offsetting the outflow in April, bringing it back to a net inflow of $12.3 billion since its launch. The dollar is near high water levels.

Balchunas noted that it's best not to get too emotional about the flows in and out because that's what ETFs do on a day-to-day basis, but he argued:

  • They will have a long-term net inflow

  • The amount of traffic now accounts for only 1-2% compared to the asset value (AUM)

Balchunas is optimistic: take this as a guide, it will never end or go backwards!

Bitcoin stands firm at 67K

In fact, the recent inflow of Bitcoin ETF funds has also driven the rise of Bitcoin. Coupled with the recent slight slowdown in US inflation data, it has driven risky assets such as stocks to continue to reach highs. Bitcoin has also risen from the low of 56K in early May. It rebounded from above and was trading at $67,201 as of press time. Judging from the technical line shape, it has broken through multiple moving averages.

10x Research buy signal has been triggered

According to a tweet from 10x Research, its trading signal modeled on a Bitcoin ETF has been triggered. While not every trading signal from this model will be successful, generally speaking, they provide investors with a timely reminder when a flat trading range is likely to end 70-80% of the time. The model last triggered on January 30, 2024, when Bitcoin rose 68.7%.

And does Bitcoin have a chance to challenge the all-time high of $73,777 again this time?

 

This article Bitcoin ETF has seen net inflows for two consecutive weeks, and 10x Research’s buy signal appears again. It first appeared on Chain News ABMedia.