Bitcoin ETF funds have just recorded inflows of 999 million USD in only one day.
This figure is equivalent to nearly 12,000 BTC. However, demand from ETFs is only one of the factors driving the upward momentum.
The developments are as follows:
- Spot demand remains strong. Then, short positions were forced to close. $345 million in Bitcoin short positions was liquidated within a single day, adding fuel to the rally.
- Along the way, Bitcoin encountered little resistance. The URPD indicator shows that past trading activity in the $80K–$85K range is fairly low, allowing BTC to quickly break through this area. Bitcoin is currently testing the next major resistance zone: $85K–$95K.
- As a result, Bitcoin rose from $81,146 to $86,600, equivalent to +6.7% in one day. Demand from spot ETF funds + short position liquidations + historically low supply.
- The focus is now shifting to higher price ranges. 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 off. All attention is turning to 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, demand from ETFs is only one of the factors driving the upward momentum.
The developments are as follows:
- Spot demand remains strong. Then, short positions were forced to close. $345 million in Bitcoin short positions was liquidated within a single day, adding fuel to the rally.
- Along the way, Bitcoin encountered little resistance. The URPD indicator shows that past trading activity in the $80K–$85K range is fairly low, allowing BTC to quickly break through this area. Bitcoin is currently testing the next major resistance zone: $85K–$95K.
- As a result, Bitcoin rose from $81,146 to $86,600, equivalent to +6.7% in one day. Demand from spot ETF funds + short position liquidations + historically low supply.
- The focus is now shifting to higher price ranges. 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 off. All attention is turning to the US trading session to see whether the ETFs can trigger another day of strong gains.
Source: CryptoQuant
🌍 Updated by GemCrypto
$BTC
#Bitcoin #Crypto
