Bitcoin ETFs start week strong with hundreds of millions of inflows

The US Bitcoin (BTC) spot Exchange-Traded Funds (ETFs) have started the new week well. In fact, the stock exchanges saw more than $200 million in net inflows yesterday. Although a lot more capital has often been raised in recent weeks, it is a big improvement compared to the last two trading days of last week.

Bitcoin funds back to old rhythm

Last Thursday and Friday ended in deep red. A total of $400.7 million flowed from the eleven funds on Thursday, followed by another $370 million a day later.

But yesterday the funds picked up where they left off with an inflow of $254.8 million, according to data from Farside Investors.

BlackRock’s IBIT fund, as is the case almost every day, came out on top by raising $89.3 million. Next came Fidelity’s FBTC fund and Grayscale’s BTC fund with $60 million and $54.4 million in inflows, respectively.

Bitcoin funds have been doing quite well since October 11. In these more than five weeks, an average of $339 million per day has flowed into the funds. And while on some trading days significant outflows of hundreds of millions of dollars have been recorded.

It is the best run since launch for the funds, which has also been awarded several records. For example, last Monday the highest trading volume so far was recorded of more than $7 billion. And on November 7, the highest ever net inflow of almost $1.4 billion was recorded.

Major price movement lurking for BTC

The Bitcoin price, just like the ETFs, has been flaming for weeks, with one record after another being shattered. The most recent all-time high was reached last Wednesday and is around $93,300.

Since then, the price has been moving in a symmetrical triangle – characterized by lower and lower highs and higher and higher lows – with $92,000 as crucial resistance. Once this is broken, the price could make a big jump to perhaps the magical barrier of $100,000. But if a breakout goes the other way, a drop to $82,000 is on the table.

A breakout from the pattern could occur today or tomorrow. At the time of writing, the digital currency is selling for $92,000.

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