- Interest in Bitcoin ETFs grew significantly as inflows soared.
- The price movement remained neutral, the holders remained profitable.
Bitcoin [BTC] ETF volumes have grown significantly over the past month, indicating increasing interest in BTC from the traditional financial sector.
Will Bitcoin Rise?
Bitcoin ETFs rose in June, marking a record-breaking start to the month.
This strong performance was reflected in several key metrics, including fund flows, assets under management (AUM), trading volumes and individual fund AUM reaching new highs.
Source: SQRR
Fueled by investor enthusiasm, all Bitcoin ETFs witnessed net inflows of approximately $1.75 billion during the week.
IBIT and FBTC were the main drivers, together driving a staggering net inflow of $1.63 billion. Interestingly, GBTC was the only fund to see net outflows of -$0.12 billion this week.
It’s important to remember that this comes amid a record-breaking 18 consecutive days of total net inflows for all funds, reaching a total of $15.66 billion.
Source: SQRR
Total assets under management (AUM) for Bitcoin ETFs also surpassed a major milestone, reaching $62.33 billion by the end of the week, a clear indication of growing investor confidence in this asset class.
Despite the price increase, BTC has not broken past the $70,000 mark in recent days. At the time of writing, BTC was trading at $69,388.69 over the past 24 hours, with a minimal increase of 0.06%.
Since May 21, after testing the $72,245.64 mark, Bitcoin has been moving sideways. While BTC’s price movement was largely neutral, the CMF (Chaikin Money Flow) for the king coin fell.
This meant that the flow of money into BTC had decreased.
In addition, the Awesome Oscillator (AO) had become negative. This indicator measures momentum by comparing recent price movements with historical data.
A decline suggests that BTC’s recent price gains could be losing steam, possibly signaling a shift toward bearish sentiment with more sellers or less buying pressure.
Source: trading view
What should holders do?
Most BTC holders remained profitable at the time of writing. This was indicated by the MVRV ratio for BTC remaining high.
Read Bitcoin’s [BTC] Price forecast 2024-25
The long/short difference for BTC had also decreased significantly, indicating that the number of short-term holders accumulating BTC had decreased.
The temperament of these short-term holders and their willingness to sell or hold their holdings will play a large role in determining the price of BTC.
Source: Santiment