Bitcoin ETFs Witness 18 Straight Days Of Inflows, Options Traders Eye $100,000

Name	Symbol	Market	Market Cap ($)	Algorithm
Flow	FLOWUSD	Crypto	940,602,093	Unknown

Name

Symbol

Market

Market Cap ($)

Algorithm

Flow

FLOWUSD

Crypto

940,602,093

Unknown

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00691	1.11%	0.631	0.631	0.632

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00691

1.11%

0.631

0.632

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.632	0.619	0.621	0.62409	0.385000 - 1.70

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.632

0.619

0.621

0.62409

0.385000 - 1.70

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	03:24:38	1.59	0.629	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

03:24:38

1.59

0.629

USD

Price x Volume	Volume	Base Symbol	Related Pairs
18,599.12	29,770.69	FLOW	FLOWEUR	FLOWGBP	FLOWBTC

Price x Volume

Volume

Base Symbol

Related Pairs

18,599.12

29,770.69

Bitcoin ETFs Witness 18 Straight Days Of Inflows, Options Traders Eye $100,000

07/06/2024 7:00pm

NEWSBTC

US spot Bitcoin ETFs have experienced a noteworthy streak of net inflows for 18 consecutive days, contributing to the upward momentum of the leading cryptocurrency as it inches closer to its all-time high levels set in March. According to Bloomberg data, these ETFs, managed by some of the world’s largest financial institutions, have attracted net subscriptions of $15.6 billion since their launch on January 11, bringing total assets under management to a substantial $62.3 billion. Record-Breaking Demand For Bitcoin ETFs According to Bloomberg, the success of Bitcoin ETFs introduced by BlackRock and Fidelity Investments has made them some of the most successful launches in the ETF sector’s history. These products have significantly influenced the center of gravity for cryptocurrency investments, shifting it from Asia to the United States. Related Reading: Buy Now, Crypto Bull Market Returns, Says Arthur Hayes Sean Farrell, Head of Digital Asset Strategy at Fundstrat, noted the significant inflows into spot Bitcoin ETFs and highlighted that the macroeconomic environment favors the cryptocurrency market. Economic growth is advancing at a “non-recessionary pace” and signs of disinflation persist. Recently, BlackRock’s iShares Bitcoin Trust, with $21.4 billion in assets, became the world’s largest Bitcoin fund, surpassing Grayscale’s $20.1 billion Bitcoin trust (GBTC). On the other hand, the Fidelity Wise Origin Bitcoin Fund (FBTC), with $12.3 billion in assets, currently holds the third position. The US Securities and Exchange Commission (SEC), which had been cautious about digital assets, reluctantly permitted spot Bitcoin ETFs in January due to a court reversal in its lawsuit against Grayscale in 2023. Although the SEC remains critical of the digital asset industry’s compliance with regulations, recent efforts in Congress to establish clearer legislative frameworks for cryptocurrencies have gained momentum. BTC Options Traders Target $100.00 In addition to the Bitcoin ETF inflows, options traders are increasingly optimistic about Bitcoin’s future. Open interest is concentrated on call options with strike prices of $75,000, $100,000, and $80,000. Luuk Strijers, CEO of Deribit, the largest crypto options exchange, noted the bullish sentiment in the BTC options market. Traders anticipate new all-time highs, driven by strong Bitcoin ETF flows, expectations of US interest rate cuts, the European Central Bank’s rate cuts, and the recent approval of an ETH ETF. Related Reading: Bitcoin Coinbase Premium Index Has Turned Positive At 0.006, Why This Is Important While Bitcoin experienced a minor retreat from its record high of $73,700 set in March, renewed inflows into Bitcoin ETFs and expectations of interest rate cuts have reignited optimism among traders. Call options expiring in late June and December are particularly active, indicating a positive short- and long-term outlook. As of press time, the largest cryptocurrency on the market has successfully consolidated above the $70,000 milestone. Its gains over the past seven days amount to 5%, favoring the price of BTC and resulting in a current value of $71,320. Featured image from DALL-E, chart from TradingView.com

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