The world’s biggest cryptocurrency, Bitcoin, is experiencing massive upside momentum following the release of United States CPI data (Consumer Price Index) and a significant inflow into spot Bitcoin ETFs. On May 17, 2024, the on-chain analytics firm Spot on Chain made a post on X (previously Twitter) noting that the Spot Bitcoin ETF saw a substantial $258 million inflow across various ETF issuers.
US Bitcoin ETF market sees $258 mln inflow
With this massive inflow, the market saw consecutive net inflows for four trading days, highlighting investors’ and traditional investors’ interest in Bitcoin, resulting in a price surge observed on the chart. Spotonchain also highlighted that the asset management giant BlackRock’s iShares Bitcoin Trust (IBIT) made a strong comeback, experiencing a massive inflow of $94 million after zero inflow for the last three days. Meanwhile, the asset management giant Grayscale saw small inflows of $4.6 million.
The single highest ETF inflow was experienced by BlackRock’s iShares Bitcoin Trust (IBIT), which saw an inflow of $94 million. Meanwhile, the Bitwise Bitcoin ETF (BITB) saw a substantial inflow of $1.4 million. The ARK 21Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust (GBTC) saw net inflows of $62 million and $4.6 million, respectively.
Bitcoin price performance analysis
With this significant net inflow, Bitcoin is currently trading near the $66,300 level, experiencing a decent upside momentum. Looking at the performance of Bitcoin over a longer period, in the last seven days, Bitcoin has seen a price surge of 5%. Over the last 30 days, Bitcoin’s price is up by over 2%.
However, despite this massive upside momentum, the 24-hour trading volume has decreased by a significant 27% and currently stands near $30 billion. This lower trading volume highlights a slight decrease in interest from both investors and traders in Bitcoin.
According to expert technical analysis, Bitcoin is currently experiencing strong resistance near the $66,570 level. If the Bitcoin daily candle closes above the $66,600 level, there is a high chance that Bitcoin will surge to $70,000. Bitcoin is currently bullish as it is trading above the 200 EMA (Exponential Moving Average) on both the daily and 4-hour time frames. If Bitcoin fails to breach the $66,570 level, there is a chance it may fall to the $64,600 level.
