Bitcoin Price Prediction: BTC Hits $61,000 Amid $31M ETF Inflows and Market Confidence
Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, managed to halt its overnight declines and regained some positive traction, reaching an intra-day high of $62,322.
This upward trend is attributed to reports suggesting that US Spot Bitcoin ETFs recorded net inflows, boosting BTC prices due to increased investor demand and market confidence.
Although the net inflows have turned positive, they are still quite small compared to the Bitcoin ETF outflows witnessed over the past week.
US Spot Bitcoin ETFs saw a positive shift with $31 million in net inflows after seven days of outflows. This included $48.8 million into Fidelity’s FBTC, while Grayscale’s GBTC experienced outflows. Bitcoin’s price responded by rising above $62,000 amid these ETF inflows. However, the inflows are modest compared to recent outflows, and BlackRock’s IBIT reported no new inflows, indicating muted institutional interest.
Strong trading volumes were observed across major ETFs, with BlackRock’s IBIT exceeding $1 billion. Hong Kong and Australia also showed robust demand for Bitcoin ETFs, reflecting ongoing institutional confidence despite market fluctuations.
Therefore, the positive net inflows into US Spot Bitcoin ETFs, despite being modest compared to recent outflows, pushed Bitcoin’s price above $62,000. Meanwhile, strong trading volumes and institutional confidence from Hong Kong and Australia further supported market stability amid fluctuations.
Key Points:
Grayscale Bitcoin Trust (GBTC) saw substantial outflows, totaling $30 million in the past 24 hours, reflecting ongoing market uncertainty. This continued trend involves GBTC selling 490 Bitcoin, worth about $30 million, bringing total exits to 340,000 BTC since the launch of US
