Bitcoin ETFs Scoop Up Over 14,000 BTC in a Week!

With a massive start to the week, the Bitcoin ETFs brought in $235 million in inflows yesterday with a total volume of $2.48 billion USD.

Bitcoin ETFs had a stellar week, scooping up over 14,000 BTC. On Monday alone, the ETFs brought in a hefty $235 million, with a total volume of $2.48 billion.

As the price of Bitcoin held steady at the weekly close at approximately $66,300, we saw a significant push last night with Bitcoin closing the day up 8%. Currently, Bitcoin is trading within an order zone between $71,500 and $70,800.

According to market analysts, we can expect a potential swing high to approximately $74,300. This would not only create a new All-Time High (ATH) for Bitcoin but could also trigger a major liquidation event of nearly $1.45 billion in short positions, based on data from Coinglass.

Meanwhile, the approval of ether ETFs by the U.S. SEC is highly anticipated. Standard Chartered analysts predict that the SEC will announce the approval this week.

“I think ether ETF will get approved. I’m putting it at 80% to 90%.”

According to the bank’s Head of FX Research and Digital Assets, Geoff Kendrick, this approval could lead to inflows of 2.39-9.15 million ETH in the first year post-approval. At current prices, this translates to approximately $15 billion to $45 billion.

“If you annualize that over a five-year period, that’s 1.2-4.65 billion in inflows, which would put it ahead of the largest Bitcoin ETF, the ProShares Bitcoin Strategy ETF.”

Fresh off the approval of Bitcoin futures ETFs in October 2021, the approval of ether ETFs would mark another significant milestone for the cryptocurrency industry. Stay tuned for further updates on the approval status.

After a period of consolidation, altcoins have surged once again. This week, we saw major moves across the board.

While Bitcoin’s strong performance and the approval of Bitcoin futures ETFs have fueled the recent rally, it’s essential to pay attention to the Bitcoin Dominance Chart. This chart shows Bitcoin’s share of the total cryptocurrency market cap.

When BTC.D is high, Bitcoin tends to significantly outpace most altcoins, which usually causes altcoin prices to drop. Conversely, when BTC.D is low, altcoins gain more market share and often see price increases.

Monitoring Bitcoin Dominance can help traders understand market trends and make better trading decisions. However, it’s important to note that there are no guarantees in the markets. Ideally, I would love to see BTC.D drop while Bitcoin maintains its price range. You can download your FREE cheat sheet regarding BTC.D here.

I hope this week’s segment has provided valuable insights. Join us for an Empire Live Market Scan every Wednesday night at 7 pm for a FREE session with a coach. To participate, simply register on the Empire Crypto Trading Social Media and Educational Platform.

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