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Bitcoin ETF fund inflows slow down on Monday, performance less than ideal
Bull market is not over yet
According to data from Farside Investors, Bitcoin spot ETF received a total of $2.6 billion in new funds last week, but most of the inflows were concentrated from Monday to Wednesday, driving Bitcoin to a new all-time high of nearly $74,000. However, the inflows on Thursday and Friday significantly slowed down, and Bitcoin fell below $65,000 over the weekend.
In response to this, Markus Thielen, the founder of 10x Research, stated that the inflows into US Bitcoin spot ETFs are expected to slow down. Currently, Bitcoin has found short-term support and stabilized around $67,000, but the “real test” will come on Monday and Tuesday. If the ETF inflows are disappointing, Bitcoin’s price adjustment may continue.
Preliminary statistics from Farside Investors show that the inflow performance of Bitcoin ETF on Monday was not ideal. Fidelity’s Bitcoin ETF set a new record low in daily inflows since its listing (about £5.9 million), while Grayscale’s GBTC set a new record high in daily outflows (about £642 million), and Bitcoin also fell below $66,000 this morning.
However, Markus Thielen added that despite the possibility of a deeper correction, the cryptocurrency bull market is not over yet. It is still believed that Bitcoin will rise significantly in the next few months because the bull market may continue. If Bitcoin recovers above $70,000 (higher than the historical high in 2021), it may open the door for further price increases.
(This article is authorized for reprint from GT Radar)
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