In an unusual twist, Bitcoin ETFs pulled in $870 million in fresh inflows yesterday, marking a massive push as BTC’s price teetered close to its all-time high. BlackRock’s iShares Bitcoin Trust (IBIT) saw a staggering $3.36 billion in trading volume—the highest level reached in six months, Coinglass reported. Right now, the IBIT fund controls $17.2 billion in Bitcoin, making it a heavyweight among institutional players.
But what raised more than a few eyebrows is the timing. Bloomberg’s ETF analyst, Eric Balchunas, noted that such surges in ETF trading volume are typically a bearish signal. “ETF volumes usually spike in downturns,” he tweeted, hinting that yesterday’s action hints at big players caught up in FOMO—fear of missing out—as BTC edges closer to uncharted price territory.
Bitcoin Inches Toward ATH While Investors Watch U.S. Economic Data
With Bitcoin’s price dancing around $71,740 as of today, just shy of its record high of $73,737, the crypto market appears primed for another big move. BTC rose 0.8% over the past day and scored an 8.1% gain this week, based on CoinGecko data. Market movers are watching more than just the charts, though; the U.S. economic landscape might be laying the groundwork for the next price surge.
Friday’s upcoming Non-Farm Payroll (NFP) report—an influential data point for gauging the U.S. economy—could add fuel to Bitcoin’s momentum, especially if it influences the Federal Reserve’s stance on interest rates. Singapore-based trading firm QCP Capital weighed in, noting that “Friday’s NFP report is key, with estimates around 110k—half of last month’s number.” The firm believes this report could confirm traders’ expectations for a Fed rate cut.
GDP Slows While Bitcoin’s “Acceleration Phase” Grips Market
Today’s U.S. GDP report revealed a 2.8% growth in Q3, slightly lagging the 3% growth in Q2. Some analysts see this as Bitcoin’s “acceleration phase,” aligning with the pre-election economic cycle and a slew of other bullish catalysts. BRN analyst Valentin Fournier observed that Bitcoin is heading for uncharted waters, advising investors to keep heavy positions in BTC as the macro environment hints at a break over the ATH.
With all eyes glued to Bitcoin’s near-record price, questions over the Fed’s upcoming rate decision, and intensifying institutional interest, the crypto space is bracing for a potential breakout. It’s the kind of setup Bitcoin bulls have long awaited, and institutions aren’t hesitating to jump in as BTC inches toward new heights.
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