Bitcoin ETF inflows in the US reached $978 million, sparking optimistic sentiment. Will the BTC uptrend continue?
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The surge in Bitcoin ETF inflows has driven BTC to soar past 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 US spot Bitcoin ETF recorded strong inflows, further fueling market optimism.
Strong inflows into Bitcoin ETFs
Historic inflow:
According to data from Farside Investors, on January 6, 2024, inflows into the US spot Bitcoin ETF reached $978.6 million, marking the second consecutive day of recorded inflows. The previous day saw inflows of $908.1 million, together pushing the total inflow of Bitcoin ETFs to $36.89 billion, setting a new historical high.
Fidelity and BlackRock lead the inflows:
Fidelity's FBTC emerged as the market leader with inflows of $370.2 million.
Following closely is BlackRock's IBIT, with inflows of $209.1 million.
Although the inflows from Invesco, Valkyrie, and WTree were relatively modest, the overall trend indicates that institutional confidence in Bitcoin is steadily increasing.
Increasing institutional interest:
In addition to ETF inflows, other institutions like MicroStrategy and Metaplanet are also actively acquiring Bitcoin. MicroStrategy recently purchased 1,070 BTC for approximately $101 million. Additionally, Strive Asset Management is also active 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:
So far, Bitcoin's price 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 surging to $48.18 billion. This rise is related to the imminent return of former US President Donald Trump, with many speculating that the US may swiftly establish a Bitcoin strategic reserve, further driving market optimism.
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