The U.S. Spot Bitcoin ETFs recorded massive inflows on June 4, reaching nearly $900 million. This marks the second-highest inflow recorded since the Spot ETFs’ launch.
Notably, this inflow coincides with a resurgence in Bitcoin’s price today. Bitcoin has climbed above the psychological resistance level of $70,000, trading at $70,920 as of 5:04 AM EST, with a 2.9% increase in the past 24 hours.
U.S. Spot ETF Record Second Highest Massive Inflows Since Launch
According to a report by Farside Investors, the U.S. Bitcoin ETFs recorded a total inflow of $886.6 million on June 4. Fidelity’s FBTC led the inflow, with $379 million in inflow.
BlackRock’s IBIT followed with a $274 million inflow, while Grayscale’s GBTC recorded a $28.2 million inflow. This massive inflow confirms the rising institutional interest in BTC.
Nate Geraci, the President of ETFStore, commended the massive inflow into the Spot ETFs and called it a bullish signal.
Also, popular Bloomberg analyst James Seyffart noted that investors will flood the Bitcoin ETFs over the next few weeks. He noted that critics would say demand was not strong enough during periods of outflows. However, the analyst believes inflows and outflows for the BTC Spot ETFs are normal.
The general sentiment for Bitcoin investors today is quite bullish. Also, a bullish prediction by 10x Research on Bitcoin likely contributed to today’s price surge.
10x Research Share Update on Bitcoin Scarcity
10x Research, in an article, noted that traders complained that although Bitcoin was just 7% away from its ATH, the trend had not changed. Moreover, crypto exchanges have recorded significant outflows in BTC tokens, leading to declining Bitcoin exchange volumes.
According to 10x Research, the sharp decline in BTC balances on trading platforms shows that whales are moving BTC tokens. These large investors hope to gain from a price increase or the next Bitcoin rally.
In the past month, 88,000 BTC has been transferred from exchanges, with just 2.5 million left. Interestingly, this is the lowest level of Bitcoin supply recorded on exchanges since March 2018.
The outflows on exchanges began on May 15, precisely 45 days after the quarter-end 13F filing for U.S. registered investors. So, 10x Research’s analysis suggests a possible breakout for Bitcoin in the coming weeks.
The analysts also noted that low interest rates, Federal Reserve policy, and inflation data are key metrics that may aid Bitcoin’s subsequent rally. In addition to 10X Research analysts, renowned crypto analyst Ali Matinez believes BTC is poised for significantor breakout. According to Martinez, Bitcoin appears to be breaking out from a symmetrical triangle.
He said a sustained close for BTC above the $69,330 resistance level could help the asset rally to $74,400. However, the analyst warned investors of a possible BTC price correction based on the TD sequential indicator.
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