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Home»BITCOIN NEWS»Bitcoin ETF sees 18th straight day of inflows, options traders eye $100,000.
BITCOIN NEWS

Bitcoin ETF sees 18th straight day of inflows, options traders eye $100,000.

By Crypto FlexsJune 7, 20243 Mins Read
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Bitcoin ETF sees 18th straight day of inflows, options traders eye 0,000.
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US spot Bitcoin ​​ETFs have experienced notable net inflows for 18 consecutive days. upward momentum It has become the leading cryptocurrency, inching closer to the all-time high set in March.

According to Bloomberg dataThe ETF, managed by some of the world’s largest financial institutions, has attracted $15.6 billion in net subscriptions since its launch on January 11, bringing total assets under management to $62.3 billion.

Record Demand for Bitcoin ETFs

The success of the Bitcoin ETF introduced by BlackRock and Fidelity Investments makes it the most successful launch in the history of the ETF sector, according to Bloomberg.

These products have had a significant impact in shifting the focus of cryptocurrency investment from Asia to the United States.

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Sean Farrell, Head of Digital Asset Strategy at Fundstrat, noted significant inflows into spot Bitcoin ETFs and emphasized: macroeconomic environment I prefer the cryptocurrency market. Economic growth is advancing at a “non-recession pace” and signs of disinflation persist.

This is the longest continuous inflow in the Bitcoin ETF market. Source: Bloomberg

Recently, BlackRock’s iShares Bitcoin Trust, with $21.4 billion in assets, surpassed Grayscale’s $20.1 billion Bitcoin Trust (GBTC) to become the world’s largest Bitcoin fund. On the other hand, Fidelity Wise Origin Bitcoin Fund (FBTC), with $12.3 billion in assets, currently holds third place.

The U.S. Securities and Exchange Commission (SEC) has taken a cautious stance so far. digital assetsIt reluctantly allowed spot Bitcoin ETFs in January following a court defeat in its 2023 lawsuit against Grayscale.

While the SEC remains critical of the digital asset industry’s compliance, recent efforts by Congress to establish a clearer legislative framework for cryptocurrencies have gained momentum.

BTC Option Trader’s Target $100.00

In addition to Bitcoin ETF inflows, options traders are increasingly optimistic about Bitcoin’s future. Open interest is concentrated. currency options Offer prices are $75,000, $100,000, and $80,000.

Luuk Strijers, CEO of Deribit, the largest cryptocurrency options exchange. famous Bullish sentiment in the BTC options market. Traders expect Bitcoin to hit new all-time highs due to strong Bitcoin ETF flows, expectations of a U.S. interest rate cut, a rate cut from the European Central Bank, and the recent approval of the ETH ETF.

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While Bitcoin has fallen slightly from its record high of $73,700 last March, inflows into Bitcoin ETFs have resumed and expectations of an interest rate cut have risen. Optimism has been reignited among traders. In particular, call options expiring in late June and December are active, indicating a positive short-term and long-term outlook.

Bitcoin ETF
The 1D chart shows the BTC price consolidating above $70,000 over the past three days. Source: TradingView.com BTCUSD

As of press time, the largest cryptocurrency on the market has successfully consolidated above $70,000. The rise over the past seven days amounts to 5%, which is a favorable outcome for the BTC price, which is currently worth $71,320.

Featured image of DALL-E, chart from TradingView.com

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