When this indicator turns bullish, Bitcoin ETFs attract $886 million
On Tuesday, US spot Bitcoin exchange-traded funds (ETFs) recorded record inflows, totaling an impressive $886.6 million.
This flow marks the second-best day ever for net inflows into US spot Bitcoin ETFs. With these elements in play, crypto analysts and members of the community consider a bullish market outlook for Bitcoin.
Bitcoin rose to $71,200.
Leading the pack, Fidelity Wise Origin Bitcoin Fund (FBTC) saw inflows of $378.7 million. Not far behind, BlackRock's iShares Bitcoin Trust (IBIT) added $274.4 million. Additionally, ARK 21Shares Bitcoin ETF ( ARKB ) reported strong earnings with net income of $138.7 million.
Meanwhile, the price of Bitcoin rose to $71,200 in early trading on Wednesday and is currently trading at $71,166. On the other hand, the Greyscale Bitcoin Trust (GBTC) had a significant earnings day, bringing in $28.2 million. This marks one of the few days since it switched from a closed-end fund to a spot ETF earlier this year.
Read more: How to trade Bitcoin ETF: A step-by-step approach
In contrast, Bitcoin ETFs managed by Invesco Galaxy, Franklin Templeton, WisdomTree and Hashdex showed no new inflows on June 4, according to data from Farside Investors.
Despite this, the cryptocurrency community is full of optimism. Bloomberg ETF analyst Eric Balchunas highlighted the massive inflows.
“The third wave is turning into a tidal wave,” Balchunas said.
Moreover, the Hash Ribbon indicator from Capriol Investments has recently indicated a mining countdown period. Mining occurs when the 30-day moving average (DMA) drops below the 60 DMA, indicating long-term buying opportunities.
Charles Edwards, founder of Capriol Investments, emphasized the importance of the index.
“Every time we buy a hash ribbon, he makes fun of it. But the last one happened when Bitcoin was in the $20,000 range. It's time to pay attention,” Edwards said.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Miners are facing challenges after Bitcoin's halving—where block rewards are reduced, less efficient mining operations will reduce profitability.
Miners are often attuned to broader market volatility and volatility. However, they coincide with large market recoveries and are considered strategic investment points. The reliability of Hash Ribbons is supported by its historical performance, which suggests that it remains a strong metric for predicting Bitcoin's long-term value prospects.
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