ETF Inflows Boost Bitcoin as Inflation Fears Loom
Bitcoin has been experiencing significant fluctuations over the past week, reaching its highest level since May at around $82,000 before falling back below $80,000.
Despite this decline, data shows that US spot Bitcoin ETFs have recorded net inflows for the third consecutive week, indicating a recovery in institutional demand.
The IBIT fund from BlackRock stood out with total net inflows reaching approximately $3.8 billion over the past three weeks, marking the strongest three-week inflow streak for Bitcoin ETFs this year.
Presto Research analyst Min Jung considers higher-than-expected US inflation data a significant risk that could dampen the upward trend in Bitcoin, while Zeus Research analyst Dominic John believes the bullish pattern will remain valid as long as $80,000 is maintained, predicting prices to rise towards $82,000-$85,000.