Several Bitcoin ETFs just recorded inflows of 999 million USD in only one day.
This figure is equivalent to nearly 12,000 BTC. However, ETF demand is only part of the price rally.
The specific developments are as follows:
- Spot demand was very strong. Then, short positions were forced to close. $345 million worth of Bitcoin short positions were liquidated within a single day, adding momentum to the uptrend.
- In addition, resistance along the way was not significant. URPD shows that historical trading activity in the $80,000–$85,000 zone was quite low, helping BTC quickly break through that area. Bitcoin is now testing the next major resistance zone: $85,000–$95,000.
- As a result, Bitcoin rose from $81,146 to $86,600, equivalent to +6.7% in just one day. Demand from spot ETFs + short-position liquidations + low historical supply.
- The focus has now shifted to higher levels. BTC needs ETF inflows to continue in order to break through this zone. However, the Coinbase Premium Gap has turned negative, indicating that spot demand in the US has cooled down. All eyes are on the US trading session to see whether the ETFs can trigger another day of strong gains.
Source: CryptoQuant
🌍 Updated by GemCrypto
$BTC
#Bitcoin #Crypto
This figure is equivalent to nearly 12,000 BTC. However, ETF demand is only part of the price rally.
The specific developments are as follows:
- Spot demand was very strong. Then, short positions were forced to close. $345 million worth of Bitcoin short positions were liquidated within a single day, adding momentum to the uptrend.
- In addition, resistance along the way was not significant. URPD shows that historical trading activity in the $80,000–$85,000 zone was quite low, helping BTC quickly break through that area. Bitcoin is now testing the next major resistance zone: $85,000–$95,000.
- As a result, Bitcoin rose from $81,146 to $86,600, equivalent to +6.7% in just one day. Demand from spot ETFs + short-position liquidations + low historical supply.
- The focus has now shifted to higher levels. BTC needs ETF inflows to continue in order to break through this zone. However, the Coinbase Premium Gap has turned negative, indicating that spot demand in the US has cooled down. All eyes are on the US trading session to see whether the ETFs can trigger another day of strong gains.
Source: CryptoQuant
🌍 Updated by GemCrypto
$BTC
#Bitcoin #Crypto
