Bitcoin ETFs Flooded with $996M as Risk Appetite Returns
Bitcoin exchange-traded funds (ETFs) saw significant net inflows last week, totaling $996 million. This is the highest weekly total since early January, when $1.4 billion flowed into spot Bitcoin ETFs.
The standout session was Friday, with $663.9 million flowing in. Tuesday and Wednesday also saw substantial inflows of $411.5 million and $186 million respectively. The week began on a down note Monday, with an outflow of $291 million before sentiment reversed.
Total net assets across spot Bitcoin ETFs rose above $101 billion by Friday, while daily trading volumes approached $4.8 billion.
Analysts at Bitunix attribute the increased interest in Bitcoin to a shift away from traditional safe havens and toward alternatives due to reduced geopolitical tensions and the Federal Reserve's cautious stance on rate cuts.
Bitunix analysts described Bitcoin as being in a 'classic liquidity redistribution phase,' trading between resistance above $75,000 and support near $72,000. They also noted that liquidation data suggests the market is forming a new price range rather than trending in a single direction.