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US Spot Bitcoin ETF Sees Record-breaking Influx of $2 Bln, Boosting Market Sentiment
The US Spot Bitcoin ETF has recorded a remarkable influx of over $2 billion this week, catching the attention of investors. This surge in interest has also had a positive impact on the broader market, as evident from the recent jump in the price of BTC to nearly $69,000. Additionally, a renowned analyst has shared a bullish chart for the flagship player, indicating that the largest crypto by market cap is gearing up for a rally to over $130,000.
US Spot Bitcoin ETF Sees $2 Bln Weekly Inflow
The US Spot Bitcoin ETF has been on the radar of investors lately, with robust inflows over the past few days. Notably, the investment instruments have recorded inflows for the sixth consecutive day through Friday, October 18, indicating growing confidence from Wall Street players.
According to Farside Investors data, the Spot BTC ETFs noted a combined inflow of $273.7 million on Friday, with no outflow recorded. On a weekly basis, the overall inflow totaled $2.12 billion, while over the last six days, the inflow stood at $2.38 billion.
BlackRock’s IBIT was the leader in terms of inflows this week, recording a $1.14 billion inflow, followed by Ark’s ARKB, which noted a $306.1 million fund coming in. It’s worth noting that the robust institutional interest has pushed the overall inflow of the Spot BTC ETF to $21 billion since it started trading in January 2024.
BTC Price to Hit $130K Next?
Amidst the soaring institutional interest in BTC, as evidenced by the robust inflow in the US Spot Bitcoin ETF, speculations are also growing about the crypto hitting a new high soon. For context, the flagship crypto, along with the broader crypto market, tends to show a positive performance in October. Additionally, the digital assets space tends to give positive returns in the final quarter of the year.
Having said that, the market is anticipating a robust rally for the crypto in the coming days. Besides, the upcoming US Presidential Election is also likely to boost market sentiment towards digital assets, given the growing influence of crypto in politics.
Meanwhile, veteran trader and renowned crypto market expert, Peter Brandt, has recently highlighted a BTC analysis, which indicates a potential rally to over $130,000. Brandt has shared a post on the analyst internbrah, hailing the "McRib" indicator.
Conclusion
In conclusion, the record-breaking inflow into the US Spot Bitcoin ETF, coupled with the growing institutional interest, has sparked optimism about the potential for a significant rally in the price of BTC. While there are many factors that can impact the market, the current sentiment suggests a promising outlook for the digital assets space.
FAQs
Q: What is the current price of BTC?
A: The current price of BTC is approximately $68,348.
Q: What is the total inflow into the US Spot Bitcoin ETF?
A: The total inflow into the US Spot Bitcoin ETF stands at $21 billion since its launch in January 2024.
Q: Who is the leader in terms of inflows this week?
A: BlackRock’s IBIT is the leader in terms of inflows this week, with a $1.14 billion inflow.
Q: What is the predicted price target for BTC?
A: Peter Brandt, a renowned crypto market expert, has predicted a potential price target of over $130,000 for BTC.
