- Bitcoin has entered the $69,000 price zone.
- The new price zone could impact the week’s ETF flow.
The latest Bitcoin ETF update revealed that most ETF companies experienced positive capital inflows over the past week, indicating strong investor interest.
Only one major ETF firm reported a negative flow, marking it as an outlier in an otherwise bullish trend in ETF investing. Moreover, there were positive flows on every day of the week except for one day.
The Bitcoin ETF flow trend
According to the latest Bitcoin ETF update data from Soso valuespot ETFs saw net inflows of $535 million last week.
However, not all funds experienced positive movements; Grayscale (GBTC) reported net outflows of $120 million, making it the only ETF with negative flows for the week.
On the other hand, BlackRock’s Bitcoin ETF (IBIT) recorded the highest inflows, with $758 million in income during the week. Fidelity’s Bitcoin ETF (FBTC) also saw healthy inflows, adding $29.61 million.
Source: Sososwaarde
The total net asset value of Bitcoin spot ETFs now stands at $62.095 billion. The ETF net asset ratio, which measures the market value of these ETFs relative to the total market value of Bitcoin, currently stands at 4.67%.
Furthermore, historical cumulative net inflows into Bitcoin spot ETFs have reached $17.587 billion, indicating significant and growing interest in Bitcoin through these investment vehicles.
Bitcoin starts the week strong
The price development of Bitcoin has started the week on a positive note, with the current trading price around $69,500, which means an increase of more than 1.8%. This increase brings it back into the $69,000 price range for the first time in more than a month.
It also came closer to the significant $70,000 threshold.
Source: TradingView
Furthermore, this upward move has also moved the fund closer to overbought territory, as evidenced by the Relative Strength Index (RSI), which currently stands at around 69.
Read Bitcoin’s [BTC] Price forecast 2024-25
How Price Could Affect Bitcoin ETF Trends
Given this strong start to the week, we can expect a reactive move in the Bitcoin ETF market, as ETFs often respond to significant price movements in the underlying asset.
This could also increase trading volumes and potential adjustments in ETF investments and strategies.