Bitcoin Price Breakout Ahead as Institutional Demand Surges
Bitcoin's price has been on the rise after a prolonged slump, driven by growing institutional demand and significant inflows into spot Bitcoin ETFs. The current positive trend is particularly noteworthy as it follows a long negative trend for the cryptocurrency.
According to SoSoValue, from August 17 to 21, Bitcoin ETFs have seen a total flow of about $1.92 billion. On August 21 alone, the funds saw net inflows of $307 million, pushing the total net inflows to $53.71 billion. BlackRock's IBIT leads this positive trend, reporting nearly $240 million in inflows on August 21 and a remarkable $503 million on August 20.
The Ethereum ETFs have also recorded net inflows over the past few days, indicating that institutional crypto demand goes beyond Bitcoin. Since August 17, the funds have recorded a total net inflow of nearly $700 million.