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What’s Going on With Bitcoin ETFs? Will BTC Break $70K This Week?

What’s Going on With Bitcoin ETFs? Will BTC Break $70K This Week?

99bitcoins99bitcoins2024/10/23 17:30
By:Isaiah MccallSam Cooling

What’s Going on With Bitcoin ETFs? Will BTC Break $70K This Week? image 0

What’s going on with Bitcoin ETFs? Can shaky inflows push BTC to break $70k in October? Dive into Bitcoin price analysis to discover BTC USD prospects over the coming week.

The honeymoon phase for U.S. spot Bitcoin ETFs is over, as they slip back into negative territory with $79.09 million in outflows. This comes after a week-long surge of $2.67 billion in inflows. Ark and 21Shares’ ARKB fund were hit hardest, facing a $134.74 million withdrawal.

BlackRock’s IBIT defied the trend as some funds faltered, pulling in $42.98 million. Fidelity’s FBTC wasn’t left behind, securing $8.85 million in new money, reflecting steadfast confidence in the major funds.

BTC ETF Outflows Dominate Bitcoin Price Action in Recent Days

Bitcoin ETF flows are a litmus test for the crypto world. Monday saw Bitcoin’s price break $69,400, yet the pivot to net outflows underscores the ETFs’ weight in shaping market trends and investor attitudes.

‘Even as overall outflows hit the sector, BlackRock and Fidelity’s funds pulled in significant inflows, stabilizing the market. During the recent bullish run, BlackRock’s IBIT alone took in a whopping $1.5 billion, solidifying its central role.

Becoming comical now…

iShares Bitcoin ETF has taken in *$1.5bil* over past 6 trading days.

That $1.5bil alone would make it a top 5 launch of 2024 (out of 570 ETFs).

But of course… it’s taken in a total of *$23bil* since January.

Are there really still naysayers out there? https://t.co/UjBGugg0Zx

— Nate Geraci (@NateGeraci) October 22, 2024

Even with Bitcoin ETF flows taking a downturn, Bitcoin’s price steadied around $67,000, reflecting its resilience amidst fluctuating volumes.

Meanwhile, remember when we all thought spot Ether ETFs were dead on arrival? That, too, is changing. Spot Ether ETFs in the U.S. are quietly gaining traction , highlighting a steady interest in a broader crypto play.

Looking Forward: What’s Next for Bitcoin ETFs?

Adoption is never a straight line. The Bitcoin ETF trends suggest waves of volatility as we approach the US Presidential election in November, yet they underscore crypto’s march toward maturity.

We have spot Ethereum ETFs! I feel like that actually just sunk in for me today.

The ability of these funds to quickly shift capital reveals an astute investor base responding to overall caution as we hit election season. However, in the long term, Bitcoin ETFs are poised to offer a structured path for engagement, possibly inviting regulatory clarity and greater adoption.

How is Bitcoin Price Shaping Up Amid Growing BTC ETF Activity?

What’s Going on With Bitcoin ETFs? Will BTC Break $70K This Week? image 1

As Bitcoin What’s Going on With Bitcoin ETFs? Will BTC Break $70K This Week? image 2 What’s Going on With Bitcoin ETFs? Will BTC Break $70K This Week? image 3 Price Trading volume in 24h Last 7d price movement tumbles following a graze with overhead resistance, BTC is currently trading at a market price of $66,029 (representing a 24-hour change of -2.04%).

The downside shift comes after Bitcoin’s retest of upper trendline resistance was rejected, muting crypto markets’ hopes following the emergence of a ‘golden cross’ pattern on October 17th.

Yet, all is not lost just yet; the rejective move seems set to see lower BTC price re-test support at key moving average support from the 20DMA, which has been playing catch-up on over-excited price action this past week.

With a potential bounce at $63,479 on the cards, bulls await an opportunity to bounce back towards the upper trendline, possibly posing BTC USD for its highly anticipated breakout move.

This theory is affirmed by the movement in Bitcoin’s RSI indicator, which suggests a shift back towards a more bullish footing as the indicator tumbles from a strong overbought signal back towards neutrality.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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