Bitcoin, Ethereum ETFs Soar Amid Sustained Demand
On August 28, Bitcoin ETFs experienced a significant surge in net inflow, reaching $238.36M over the course of one day, with a total of +3,006 BTC being added. Over the past week, this trend continued, with a net inflow of $1.43B and an additional +18,011 BTC.
Ethereum ETFs also saw substantial growth, adding +88,938 ETH ($223.06M) daily and +338,771 ETH ($849.64M) weekly. This increased demand for both Bitcoin and Ethereum has had a notable impact on their respective prices.
The current price of BTC sits at $78,930.59, within the Bollinger band with upper resistance at $80,422.88. Despite this, analysts warn that a MACD death cross is looming, indicating a possible test of the 50-EMA before any further price growth.
The sustained ETF demand has led to an increase in near-term predictions for BTC's price, but it remains to be seen whether this trend will continue or if there are potential risks on the horizon. The crypto market is closely watching these developments as they unfold.