Bitcoin ETFs Attract $667 Million in Inflows Amid Bullish Momentum
Bitcoin's price experienced a short-term correction on Monday, yet institutional interest remained robust. Spot Bitcoin ETFs recorded $667 million in net inflows on May 19, indicating strategic buying during market dips.
Key points include:
- Outflows occurred on only three trading days over the past month.
- BlackRock's IBIT ETF led inflows with $306 million, totaling approximately $6.5 billion since launch.
- Fidelity's FBTC and Ark Invest's ARKB attracted $188 million and $155 million, respectively.
- The BTC price recovered by 3% following these inflows.
Analyst Insights
Analysts suggest continued bullish momentum. Benjamin Cowen noted Bitcoin is approaching a "golden cross," a technical indicator historically linked to upward trends.
Concerns of a double-top reversal arise if Bitcoin surpasses $107,000. Swissblock Technologies stated that current trends remain intact, with no signs of bearish divergence in their Bitcoin Fundamental Index (BFI).
Bitcoin maintains strong momentum, attracting attention to a new meme coin, Bitcoin Bull (BTCBULL), which has raised over $6 million in its presale. The presale includes rewards tied to Bitcoin’s price movements.
Key details of BTCBULL presale:
- Token Price: $0.00252
- Funds Raised: $6 million
- Payment Methods: ETH, USDT
- Ticker: BTCBULL