Inflows into spot Bitcoin ETFs skyrocketed once again on Monday

Inflows into spot Bitcoin ETFs skyrocketed once again on Monday, to a total of $667 million. BlackRock's iShares Bitcoin Trust (IBIT) led the inflow

As the cryptocurrency market continues to show strength, new data from Farside Investors reveals massive inflows into Bitcoin ETFs on Monday.

The post Bitcoin ETFs Record $667 Million Inflows as BTC Price Hits $105K Amid Golden Cross Pattern appeared first on Benzinga.

As the cryptocurrency market continues to show strength, new data from Farside Investors reveals massive inflows into Bitcoin ETFs on Monday.

According to the data, the total net inflows into BTC ETFs amounted to $667 million. Among the ETFs, BlackRock’s iShares Bitcoin Trust (NYSE:IBIT) led the way with $306 million in inflows. IBIT has been consistently receiving large contributions for 23 out of the last 24 trading days.

In total, the ETF has seen an influx of about $6.5 billion in new investments over the past period, showcasing strong confidence in Bitcoin’s prospects.

Over the past four trading days alone, the fund received an additional $1.1 billion. On Monday, BlackRock Bitcoin ETF IBIT scooped a total of 2910 Bitcoin, taking it total holdings to 636,000 BTC.

But data from Farside Investors shows that on Monday, Fidelity Bitcoin ETF (FBTC), and Ark Invest’s (NYSE:ARKK) ARKB also contributed significantly with $188 million and $155 million in inflows, respectively.

The recent ETF inflows come amid strong upside in BTC price, which is now trading another 3% up today, as bulls target fresh all-time highs.

BTC Eyes Golden Cross For Bullish Breakout

After consolidating for around a week, Bitcoin price is once again showing strength gaining 3% and moving past $105,000. Furthermore, the Coinglass data shows that the open interest is up 7% to $73 billion, with 24-hour short liquidations having surged to $45 million.

Renowned crypto analyst Benjamin Cowen has highlighted an impending “golden cross” for Bitcoin, expected to materialize within the coming days. This cross occurs when the 50-day moving average (MA) crosses above the 200-day MA. According to Cowen, this technical indicator setup is often associated with a strong bullish rally.

Additionally, data analytics firm CryptoQuant reports a positive shift in Bitcoin spot net volume delta (USD) on Binance, indicating a resurgence of buying activity in the spot markets. According to CryptoQuant, this development marks a reduction in selling pressure. The renewed interest in spot purchases is seen as a potentially bullish indicator for Bitcoin’s short-term price movement.

Bitcoin is showing greater strength as last week, Moody’s downgraded the U.S. credit rating, highlighting escalating debt obligations and increasing vulnerabilities within the nation’s economy.