BTC, ETH ETFs Absorb Record Weekly Inflow
Bitcoin and Ethereum exchange-traded funds (ETFs) have resumed their weekly inflows after months of outflows. According to recent data, $1.6 billion has flowed into these funds this week alone.
The Bitcoin ETF took in a significant portion of this amount, absorbing $884 million, while the Ethereum ETF attracted $713 million.
This marks an end to nine consecutive sessions of positive flows, which had been a departure from months of outflows. The current inflows are a welcome sign for investors and could have implications for the broader crypto market.
A look at the price action on the 4-hour chart shows Bitcoin holding a bullish structure above its EMA50 at $76,851.33. However, it's testing the upper Bollinger Band resistance at $80,672.7. Technical indicators suggest that the price may pull back toward the lower band support at $77,107 before any sustained push higher.
The near-term price prediction scenarios for Bitcoin are now being shaped by this development, which has helped avoid a deeper crypto market crash.