However, the impressive flows from BlackRock’s IBIT and Fidelity’s FBTC haven’t been enough to gain on the leading ETF asset manager by total flows, Vanguard.
BlackRock’s $20 billion spot Bitcoin ETF recorded inflows of over $102 million on May 28, while Grayscale’s ETF bled again.
MilkyBull, a well-known personality in the world of cryptocurrency analysis, has drawn attention lately for his analysis of Bitcoin’s price trajectory and his prediction of a situation that might cause more fear in the market. MilkyBull’s analysis delves into the subtleties of Bitcoin’s movement, identifying patterns and trends that could have a big impact on investor mood. Bitcoin Triggering Anxiety In The Market According to the analyst, the market will get even more fearful of the Bitcoin price path before it bottoms out and continues to rise. The analyst claimed that because of the current price of BTC, Blackrock iShares Bitcoin Trust (IBIT) saw its first-ever outflows since the approval of the Bitcoin Spot Exchange-Traded Funds (ETFs). Related Reading: Bitcoin Euphoria Cools Off As BTC Distribution Enters Fear Zone Furthermore, he reminded us that positive news always denotes the peak of a Bitcoin bull cycle, while negative news denotes the bottom. With this notion, investors could position themselves for the next trajectory BTC takes. To further explore his narrative, MilkyBull drew attention to a previous analysis regarding Bitcoin’s final local bottom in this cycle. Given that BTC is following the PA (Price Action) of 2017, MilkyBull believes that the crypto asset might have bottomed out or come close to it. Historically, the bull market support band strongly sustains the Bitcoin market in bull cycles. As a result, the analyst is confident that Bitcoin’s price may wick through the support and recover. Another aspect highlighted by the expert is the Global liquidity during past bull cycles. Presently, Global liquidity is closely linked to Bitcoin at a level where it recovered in October 2022 and October 2023, which led to the inception of a massive surge in the digital assets markets, sparking a massive surge in the whole cryptocurrency market. With the macro volatility on Tuesday, MilkyBull stated that Bitcoin is at a pivotal juncture for the last local bottom before it resumes its rise to the cycle peak. Though the market does not always respond to such expectations, the majority of members in the crypto space are requesting a correction to $48,000. BTC Poised For A Breakout On The Upside Another crypto analyst Captain Faibik has also spotted the largest cryptocurrency asset undergoing a price recovery lately. According to the expert, although BTC is currently seeing a rebound, it is still moving inside the falling wedge formation. Related Reading: Bitcoin Loses Historical Level, Analyst Says “Reclaim And Bounce, Or Die” Thus, Bitcoin’s bullish investors must overcome the $61,000 resistance level for the digital asset to break out from this formation. Should BTC break out from this formation successfully, Captain Faibik anticipates a notable move on the upside toward $78,000. Given that BTC is already trading above $61,000, all eyes are now set on the $78,000 price level. At the time of writing, BTC was situated at $61,701, indicating a rise of over 5% in the past day. Data from CoinMarketCap shows that its market cap has increased by 5%, while the trading volume is down by 21%. Featured image from iStock, chart from Tradingview.com
Bitcoin price revisits recent lows as the BTC futures premium falls to a 5-month low. Is the bull market over?
Popular economist and vocal opponent of Bitcoin Peter Schiff has issued a warning to the cryptocurrency community, predicting that BTC Spot Exchange-Traded Funds (ETFs) buyers will soon start bailing out as they become overwhelmed by the volatility in the market. Bitcoin ETF Buyers Will Soon Bail Out Being known for holding unconventional opinions, investors are […]
Over 2,000 United States ETFs see no inflows on any given day — something thats “very normal,” says ETF analyst James Seyffart.
Amid the buzzing excitement following the approval of Bitcoin and Ethereum Spot Exchange-Traded Funds (ETFs) in Hong Kong, Bloomberg Intelligence analyst Eric Balchunas has made a post highlighting the explosive growth of the products in the United States. US Bitcoin ETFs Assets Surpasses Hong Kong’s According to Eric Balchunas, the combined asset pool held by […]
BlackRock’s CEO Larry Fink says he’s been “pleasantly surprised” at the level of retail demand for his firm’s spot Bitcoin ETF.
The ETF’s record outflow day came as Bitcoin hit a U.S. trading day low of nearly $62,000 as it continues to slide after hitting a high last week.
Kole Lee, the leader of Stanford’s Blockchain Club pitched the student-run fund to invest in BlackRock's spot Bitcoin ETF as early as February.
Grayscale’s ETF bleeding has slowed again while other funds have seen another strong day of inflows lifting them to a fortnightly high.
BlackRock’s IBIT made up more than 50% of the daily trading volume and even smashed its own daily record by more than 30%.
Investors keep accumulating spot Bitcoin ETF shares as combined daily inflows broke another record at $631.3 million.
Bitcoin price hovers near the $43,000 level. Do bulls have plans to press BTC higher?
Analysts from JPMorgan believe the majority of “profit taking” from Grayscale’s Bitcoin Trust is now likely over, while U.S. Bitcoin funds have just recorded their biggest day of net outflows.
Grayscale GBTC outflows find a counterpart in net inflows to the remaining spot Bitcoin ETF funds. Here’s why it’s important.