US-based Bitcoin exchange-traded funds (ETFs) have experienced an unprecedented influx of more than $17 billion in investments, primarily due to the influence of BlackRock’s IBIT.
The presence of Bitcoin whales has diminished the downward pressure on selling, which has played a role in maintaining Bitcoin’s price stability above $67,000. On July 17th, 11 Bitcoin ETFs in the US experienced a combined daily net inflow of $53.35 million.
This marks the ninth consecutive day of positive inflows for these ETFs. Nevertheless, this amount was significantly less than the $422 million in net inflows observed on July 16.
BlackRock’s IBIT maintained its leading position, with the highest net inflows of the day amounting to $110.37 million and attaining a trading volume of $1.21 billion. Fidelity’s FBTC was the sole fund to record positive net inflows on July 17, with an addition of $2.83 million.
Grayscale’s GBTC and Bitwise’s BITB experienced net outflows of $53.86 million and $6 million, respectively. Seven other funds, such as ARK Invest and 21Shares’ ARKB, recorded no inflows for the day.
The aggregate trading volume for US spot Bitcoin funds on July 17 amounted to $1.79 billion, representing a significant decline from the peak in March, where daily volumes surpassed $8 billion.
This unprecedented influx of funds demonstrates the growing recognition and incorporation of Bitcoin into conventional investing portfolios. Bitcoin whales have reduced their selling activity since Bitcoin has experienced a recent increase in value and managed to maintain a price of over $67,000.
Julio Moreno, the head of research at CryptoQuant, said that the realized profits are significantly lower compared to March and May, during which Bitcoin surpassed $71,000.
Traders are intently analyzing if Bitcoin can remain above the important support level of $65,000 and speculating on its ability to hit $69,000. Crypto trader Milkybull Crypto predicts that Bitcoin’s next target to fulfill the weekly megaphone price pattern is $69,000, with the price pattern’s ultimate goal falling between $84,000 and $88,000. According to CoinGlass statistics, if the price reaches $69,000, it would result in the elimination of $261.9 million worth of short positions.
Although the price has not surpassed $67,000 since June 12, traders are observing multiple positive signals indicating that the upward trend may persist.
