Bitcoin’s price saw a significant boost as spot Bitcoin ETFs experienced their largest single-day inflows since early June, with $556 million pouring into the funds on Monday. The surge in investment comes as the cryptocurrency market regains momentum, breaking through critical resistance levels.
Fidelity’s ETF (FBTC) led the charge, attracting $239 million in new investments, followed by Bitwise’s ETF (BITB) with an additional $100 million. Ethereum spot ETFs also saw positive movement, with a net inflow of $17 million, reflecting a growing interest from institutional investors in both Bitcoin and Ethereum, according to data from SoSo Value.
Out of the twelve ETFs, WisdomTree and Hashdex’s spot Bitcoin ETFs reported no inflows, but none of the funds experienced outflows, highlighting the overall positive market sentiment. Bitcoin is currently trading at $65,780, up 2.5% for the day, while Ethereum has risen to $2,620, marking a 3.5% increase, as reported by CoinGecko.
The crypto market witnessed $183 million in liquidations over the last 24 hours, with most coming from short positions. Open interest in Bitcoin derivatives reached a record $19.8 billion, signaling increased liquidity and investor interest.
Market analysts from 10x Research observed a growing bullish sentiment, with traders employing strategies to capitalize on potential price gains. They noted that if Bitcoin holds above its current resistance, a move toward the $70,000 mark is possible, potentially setting new all-time highs as the U.S. Presidential election nears.
A dovish stance from the Federal Reserve and recent rate cuts from other central banks are expected to support Bitcoin’s price in the short term. Analysts believe the next 48 hours will be critical for solidifying Bitcoin’s breakout above its resistance level, with a target of $70,000 within reach if conditions remain favorable.