Bitcoin bull sentiment returns with a $31 million net inflow in the BTC ETF market
Many Bitcoin analysts noted that Bitcoin is now getting in a better position ahead of a big bull rally, as investors increase their investment despite recent corrections.
The current trade price of Bitcoin (BTC), the top crypto asset by market cap, is $61,287 & this price is neutral over the last 24 hours.
In the last three days, the Bitcoin market faced very high sell pressure but now the situation is changing drastically.
For the last 7 days, the US BTC spot ETF market saw a net outflow of money every day but yesterday the market saw a net inflow of $31 Million.
On June 25, Bitcoin spot ETFs saw a total net inflow of $31.0131 million. This was the first net inflow after seven days of net outflows.
-Grayscale ETF (GBTC): Experienced a single-day outflow of $30.2866 million.
-Fidelity ETF (FBTC): Recorded a single-day inflow of $48.7897 million.
-Bitwise ETF (BITB): Had a single-day inflow of $15.1967 million.
This is a strong indication that major players are becoming bullish about the market again. It is expected that we will see a significant increase in the trade price of Bitcoin and other leading crypto assets.
Popular Crypto analyst Titan of Crypto also shared his opinion & prediction for this market & suggested that Bitcoin’s price is likely to increase significantly soon.
He points out that a “hidden bullish divergence” is forming on Bitcoin’s daily Relative Strength Index (RSI), a technical indicator used to measure momentum.
Also, analysts noted that RSI has reached the “oversold” territory, which often indicates that the asset is undervalued and may be due for a price increase. The analyst notes that on the last two occasions when these conditions occurred, Bitcoin’s price surged dramatically (“went berserk mode”).
