Bitcoin Price Poised for Rebound to $100k Amid Surging ETF Inflows

Bitcoin's price has been on the rise, reaching a multi-month high of $87,270 on Monday before pulling back to around $84,000 due to increasing US bond yields.

Despite this temporary retreat, analysts believe that Bitcoin is poised for further gains. One reason for this optimism is the surge in ETF inflows, which have reached over $134 million in assets for spot BTC ETFs as of Friday.

The largest contributors to these inflows were BlackRock's IBIT, adding $97 million, and Fidelity's FBTC, adding $49 million. Meanwhile, Bitwise saw investors redeeming ETFs worth $11.8 million.

These inflows have been substantial, with spot Bitcoin ETFs adding $2.4 billion in inflows for the week and $2.7 billion for the month. This marks the third consecutive month of gains, which has helped them turn positive for the year despite earlier outflows.

The influx of funds into these ETFs suggests that American investors are expecting Bitcoin to continue rising despite the increasing US bond yields.