Record-Breaking Bitcoin ETF Inflows Send Price Up 5%
Bitcoin's price has seen a significant boost after a record-breaking week of ETF inflows. According to market analyst Darkfost, Bitcoin ETF wallets took in 11,792 BTC worth approximately $754 million during the past week.
This is the second-best weekly inflow of the year, and it marks a clear change from recent trends where ETF flows had been mostly negative since May.
The strong buying pressure sent the price of Bitcoin up by 5%, but it remains below the short-term holder cost basis of $67,523. This has led to mixed signals in the market, with some analysts pointing to a potential bottom near $60,000.
Market analyst Astronomer believes that boredom and lack of interest in trading can be part of the process in forming a bottom, rather than extreme negative sentiment.
However, short-term holders are facing pressure below their cost basis, which could potentially lead to selling. The next moves in BTC price will show whether ETF demand can keep up with selling pressure from recent buyers.