Bitcoin ETF

Bitcoin

Rekt

After enduring a significant 20% price correction earlier this month that saw Bitcoin fall below $56,400 and increased outflows from the Bitcoin ETF market, the world’s largest cryptocurrency has managed to stage a strong comeback. It has broken above the key $66,000 resistance level and turned it into a new support zone. 
<h2 id="btc-bounces-back-as-bitcoin-etf-inflows-soar">BTC Bounces Back As Bitcoin ETF Inflows Soar&nbsp;</h2> 
The resurgence in Bitcoin’s price has been closely tied to a rekindling of inflows into the US spot Bitcoin ETF market. <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">Data </a>from Farside shows that spot Bitcoin ETFs saw their best inflow week in two months, with the US fund category collectively notching $948 million in positive net flows from May 13 to May 17. 
Interestingly, the majority of these inflows, approximately 89%, occurred in the last three trading days of the week, which industry analysts and researchers such as James Butterfill of CoinShares attribute to a shift in investor sentiment following the release of a lower-than-expected <a href="https://www.newsbtc.com/xrp-news/crypto-analyst-xrp-price-explosion-over-18/" target="_blank" rel="noopener ">Consumer Price Index</a> (CPI) report on Wednesday. Butterfill stated: 
<blockquote>
 The inflows were an immediate response to the lower-than-expected CPI report, highlighting our view that Bitcoin prices have recoupled to interest rate expectations.
</blockquote> 
Notably, the <a href="https://www.newsbtc.com/analysis/doge/dogecoin-take-off-0-1540/" target="_blank" rel="noopener ">Grayscale Bitcoin Trust</a>, which has seen outflows of $16.6 billion since the launch of the first Bitcoin ETF in January, saw small inflows totaling $18 million. 
Beyond just spot Bitcoin ETFs, the digital asset investment product space experienced <a href="https://blog.coinshares.com/volume-183-digital-asset-fund-flows-weekly-report-21f5ffa273a5" target="_blank" rel="noopener nofollow">inflows </a>for the second consecutive week, totaling $932 million, according to CoinShares. However, trading volumes remained relatively low at $10.5 billion, compared to the $40 billion seen in March. 
<h2 id="bitcoin-poised-for-further-gains">Bitcoin Poised For Further Gains?</h2> 
The renewed institutional interest in Bitcoin ETFs and the broader digital asset space has coincided with a strong <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-whales-not-selling-btc-strong-support-60000/" target="_blank" rel="noopener ">price recovery</a> for the leading cryptocurrency. Bitcoin’s ability to firmly hold the $66,250 support level, with over 530,000 BTC traded at this price, has given analysts confidence in the asset’s potential for further gains. 
<a href="https://x.com/ali_charts/status/1792479944586448945" target="_blank" rel="noopener nofollow">According </a>to crypto analyst Ali Martinez, if the $66,000 support holds, Bitcoin could see strong potential for further gains in the coming days, demonstrating the bullish sentiment surrounding the largest cryptocurrency on the market.&nbsp; 
However, while Bitcoin has managed to bounce back above the crucial $66,000 level after the recent pullback, the leading cryptocurrency still faces a critical test as it attempts to break out of its established trading range. 
Crypto analyst Rekt Capital has <a href="https://x.com/rektcapital/status/1792591437269172722" target="_blank" rel="noopener nofollow">pointed out </a>that despite Bitcoin recording a bull flag breakout confirmation, the asset still needs to secure a daily close above $67,000 to continue its trend of higher highs and confirm the potential for further upside.&nbsp; 
The analyst further <a href="https://x.com/rektcapital/status/1792548255537954937" target="_blank" rel="noopener nofollow">explains </a>that Bitcoin has been oscillating between its low and high range between $60,000 and $70,000 for over two months, a natural consolidation process. As part of this, Rekt Capital believes that Bitcoin should be able to revisit the range high of $71,500 over time. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/ic8WjUPK/" alt="Bitcoin ETF" width="1815" height="858"> 
At the time of writing, BTC is trading at $68,130, up a substantial 9% in the last week alone and over 8% in the last fourteen days.&nbsp; 
Featured image from Shutterstock, chart from TradingView.com

Bitcoin ETF Inflows Soar To Highest Level In Months As BTC Price Surges Past $68,000

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