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- Bitcoin ETFs saw the highest inflows in six weeks on Tuesday at $422 million, with BlackRock’s iBIT dominating the sector with $260 million in inflows.
- BTC has failed to recapture $65,000, but one key metric shows that a 30% surge is in the offing, possibly taking the token to a new all-time high above $84,000.
After a dip at the start of the month, Bitcoin ETFs have picked up steam and investors have invested nearly $1.5 billion in the past ten days. On Tuesday, daily inflows hit $422 million, the highest it has hit in six weeks as Bitcoin hit $64,000 for the first time this month after dipping below $55,000.
According to data from Farside Investors, the ETFs opened the week on a high, attracting $300 million on Monday, and marking the second consecutive day they had hit that figure. The next day, this figure surged to $422 million. On those three days, the ETFs brought in over $1 billion.
The highest figure recorded in inflows was back in March when they brought in over a billion dollars. Since then, the highest they have hit was in mid-June when they recorded over $885 million, as we reported.
BlackRock continues to dominate. On Tuesday, it brought in $260 million, accounting for 61% of the day’s inflows. At $61 million, Fidelity’s FBTC was second for the day, with Ark, Invesco, and VanEck the other companies that exceeded $20 million. WisdomTree’s ETF and the Grayscale GBTC didn’t record any net flow, which is good enough on most days for the latter as it means no outflows.
BlackRock overtook Grayscale towards the end of May to become the largest Bitcoin ETF, as we reported. It currently boasts $2023 billion in assets under management, with Grayscale second at $17.5 billion.
iBIT has set new records for the best debut for an American ETF, with its success being so outlandish that it converted BlackRock CEO Larry Fink from a Bitcoin critic to a believer who this week said he’s “a major believer that there is a role for Bitcoin in portfolios.”
Bitcoin Rejected at $65,000 Despite ETF Frenzy
Despite its spot ETFs seeing their best one-week period in over a month, Bitcoin has failed to rally above key short-term resistance levels.
At press time, the top coin trades at $64,900, trading sideways over the past day as trading volume dipped by 25% to $28 billion. BTC set the pace for the market, with most tokens trading 1% lower today with a few standouts like WIF which gained 13% and THORChain’s RUNE which is up 9%. The overall market cap is down by 0.22% today to stand at $2.38 trillion.
No coins selectedThis could all change soon. CryptoQuant analyst J. A. Maartunn took to Twitter to reveal a key bull market trendline that has historically ushered in massive gains for the top coin—the short-term holder’s (SHT) realized price.
In Bitcoin, short-term holders are defined as those who have held the crypto for less than 155 days. Historically, Bitcoin trades above the aggregate STH realized price (or the price the short-term holders bought it on average). Whenever it has dipped below this level over the past two years, it has quickly recovered.
As Maartunn pointed out, BTC had dipped below this long-term price support but has bounced back, and it could signal a surge to $84,000.
He stated:
This is a positive sign because short-term holders often add to their positions when Bitcoin returns to their average cost basis, creating a support level. Since 2023, Bitcoin has reclaimed the short-term holder Realized Price twice, each time resulting in at least 30% profits.
