Bitcoin ETF Sees Two Consecutive Weeks of $1.3 Billion Inflows, Fully Offset Outflows in April. Combined with recent data showing a slight slowdown in US inflation, which has driven risk assets such as stocks to new highs, Bitcoin has rebounded from its early May low of $56,000 and is currently trading at $67,201 as of the deadline. The trading model based on the Bitcoin ETF from 10x Research has once again triggered a buy signal. Does Bitcoin have the opportunity to challenge its historical high of $73,777 in the near future?
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Bitcoin ETF Sees Two Consecutive Weeks of Inflows
Bitcoin Stabilizes at $67,000
10x Research Buy Signal Triggered
According to Eric Balchunas, an ETF analyst at Bloomberg, as of May 16, Bitcoin ETF has seen two consecutive weeks of $1.3 billion inflows, fully offsetting the outflows in April and bringing it back to the high level of $12.3 billion in net inflows since its launch.
Balchunas pointed out that it’s best not to be too emotional about the flow of funds in and out, as it’s just the daily routine of ETFs. However, he believes:
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They will be net inflows in the long run
The amount of the current flow accounts for only 1-2% of the assets under management (AUM)
Balchunas optimistically believes that, as a reference, it will never end or regress!
In fact, the recent inflows into Bitcoin ETF have also driven the rise of Bitcoin. Combined with the slight slowdown in US inflation data, which has driven risk assets such as stocks to new highs, Bitcoin has rebounded from its early May low of $56,000 and is currently trading at $67,201 as of the deadline. From a technical perspective, it has crossed multiple moving averages.
According to a tweet from 10x Research, the trading signal based on the Bitcoin ETF (GBTC) model has been triggered. Although this model is not successful with every trading signal, generally, they provide timely alerts to investors with a probability of 70-80% when the flat trading range may end. The last time the model was triggered was on January 30, 2024, when GBTC rose by 68.7%.
So, does Bitcoin have the opportunity to challenge its historical high of $73,777?
10x research
BTC
Bitcoin ETF
Further reading:
DTCC Clearing House: Bitcoin and Cryptocurrency ETFs will no longer be accepted as collateral starting from April 30
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