U.S. Bitcoin Spot ETFs Sets New Record, What Next for BTC?

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The United States Spot Bitcoin ETF has recorded massive inflows for 18 consecutive days. This record-breaking feat has boosted investor optimism and will likely positively affect BTC’s price gains. 

This is the first time such consecutive inflows have been recorded since the Spot ETFs went live on January 11. On June 6, the net inflows were estimated at $218 million, confirming that more investors are warming up to Bitcoin ETFs and their potential.

Bitcoin Spot ETFs Inflows Continue to Soar Outweighing Outflows 

According to data, Grayscale’s ETF, GBTC, and ARK’s ARKB recorded $37.6 million and $96.6 million outflows respectively. Nevertheless, the general market sentiment remained positive. As such, Bitcoin Spot ETFs’ impressive inflows far outweighed the volume of outflows recorded. 

Impressively, BlackRock’s IBIT led the inflows with a massive $350 million inflow recorded in a single day. This enormous inflow moved IBIT’s net inflow to $17.431 billion since its launch. 

Meanwhile, the total net inflow recorded for Spot ETFs this week has increased to approximately $1.7 billion, proving that Bitcoin adoption is growing among investors through regulated ETFs. 

This is likely because the investors view the Spot ETFs as safer and more accessible than direct BTC purchases. 

Also, the resurgence in Bitcoin Spot ETF demand is linked to a favorable regulatory landscape. These regulations include the U.S. Senate’s and House’s crypto-related legislative updates. 

Reacting to the impressive performance, Grayscale’s head of research, Zach Pandl, noted that the rising interest of institutional investors will lead to continuous inflows. Also, Pandl believes that these continuous inflows will result in new highs for BTC. 

Crypto Analyst Captain Faibik Talks About Crucial BTC Level 

While Pandl forecast new highs for BTC, top crypto analyst Captain Faibik recently noted that Bitcoin’s price momentum rests on its ability to overcome a key resistance. According to Faibik, the crucial resistance level is $71,300, and Bitcoin will record a massive rally above this point. 

Faibik also noted that Bitcoin is preparing for a bullish rally similar to Q1 of 2024. During this period, Bitcoin attained a new all-time high before a brief retracement period. 

However, in an article, analyst Willy Woo noted that this 2024 bull market differs from the 2019-2021 bull market. According to Woo, the 2019-2021 bull market was dominated by futures. However, in 2024, the U.S. Spot ETFs are dominating the market. 

In the article, Willy Woo noted that Spot ETFs are much cheaper than futures markets for regulated TradeFi investors. As a result, a large volume of investment is now moving to Spot ETFs. 

Based on that, Woo believes that as Spot dominance returns, there will be another chance for a proper bull run, a merger between the bull market 2017 and 2020-2021. So, Bitcoin can rise even higher than its peak in the 2019-2021 bull market. 

Meanwhile, Bitcoin has performed strongly so far this June and will likely re-test its all-time high in the coming weeks. Impressively, Bitcoin is trading above the $71,300 resistance level today.

Bitcoin trades at $71,910, slightly increasing in the last 24 hours. This confirms that more investors are buying Bitcoin before a possible price surge to a new all-time high.  

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