BlackRock Bitcoin ETF (IBIT) is once again leading the overall ETF inflows, scooping 2250 BTC from the market worth $232 million
BlackRock’s iShares Bitcoin Trust ETF (IBIT) continues to be a dominant force in the ETF market, as it drove the majority of the $319 million in net inflows into US Bitcoin ETFs on Wednesday. According to data from Farside Investors, IBIT alone contributed $223 million in inflows, while other ETFs like Fidelity’s FBTC and Grayscale’s mini Bitcoin ETF (BTC) saw $35 million in inflows each.
The strong institutional demand comes amid the recent double-digit gains in the BTC price, which have pushed it to new highs for the year and flirted with the $103,000 mark. As of Wednesday, the IBIT share price has also surged 23% over the last month, highlighting renewed interest among institutional players.
The new price point also comes with a change in the Bitcoin Long-Term Holder (LTH) realized price, which has risen to $45,340, according to on-chain analytics firm Glassnode. This reflects the aging of coins purchased in the $90,000-$100,000 range, which are now transitioning into the long-term holder category. The rising cost basis highlights the growing maturity of BTC holders for the long term.
Moreover, highlighting the strength of the current Bitcoin price rally, popular analyst Miles Deutscher stated that the BTC funding rate has not spiked this time. This shows that most of it has come through spot buying and not leverage, with giants like BlackRock Bitcoin ETF contributing to this.
BTC Price Needs to Clear This Resistance For ATH
At the time of writing, Bitcoin price is trading 1.2% in the last hour at $102,388. Its daily trading volume has dropped 10% to reach $44.5 billion.
Popular crypto analyst Ali Martinez has noted that BTC could see a brief pullback to $100K, with the Relative Strength Index (RSI) now signaling overbought conditions.
On the other hand, crypto analyst Captain Faibik has identified an ascending triangle pattern on Bitcoin’s hourly chart. According to him, if Bitcoin successfully bounces from its current level, it could test the key horizontal resistance at $104,900.
Clearing this resistance is critical for bulls to confirm a breakout and move towards new all-time highs.
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