Bitcoin ETFs in the U.S. show a continuing trend of 10-day inflows, illustrating growing demand for crypto assets among institutional investors.
Steady Inflows Into Bitcoin ETFs
Despite market volatility, Bitcoin ETFs continue to see steady inflows. Fidelity's FBTC product recorded the largest inflow of $97.14 million, cementing its dominant position in the market. BlackRock’s IBIT had capital inflows of nearly $4 million. However, Invesco’s BTCO and WisdomTree's BTCW showed negative funding results, losing $7 million and $5 million respectively. Overall, despite some withdrawals, the overall market trend remains positive given a 10-day streak of net inflows totaling $1.06 billion, indicating sustained investor interest.
Market Sentiment and Resistance Testing
Bitcoin's price failed to sustain recent highs, dropping 1.5% over the past 24 hours. It encountered resistance when attempting to rise above $89,000 and failed to overcome this rejection zone. The current trend appears bearish, as Bitcoin trades below its primary exponential moving averages over 20, 50, 100, and 200 days. The Relative Strength Index (RSI) has decreased to 46.54, showing a slowing trend and approaching oversold territory.
Surge in Futures Open Interest
Bitcoin futures market activity has surged, with Open Interest (OI) nearing record highs above $90 billion. This growth indicates rising speculative interest and greater institutional involvement in Bitcoin's derivatives space. Open interest holds significance as it serves as an indicator of market price volatility.
Current trends demonstrate sustained interest from institutional investors in Bitcoin despite market volatility and existing challenges. Open interest and ongoing ETF inflows indicate hope for further growth in the future.
