Bitcoin ETF Inflows Hit $223M as Institutional Demand Grows | Airdrop Alert Pro

Bitcoin (BTC) Price It rose more than 5% on Wednesday after bouncing off a key support range between $94,300 and $96,600 earlier in the week. The flagship coin retested the all-time high (ATH) range between $101,219 and $101,998 before easing back slightly to around $100,780 during the mid-London trading session on Thursday, December 12.

At the time of this report, Bitcoin futures open interest (OI) increased by 6% and hovered around $62.8 billion. With the recent massive daily liquidations in the leveraged market, Bitcoin funding rates have dropped significantly below recent normal levels.

Bitcoin whales keep accumulating

Bitcoin supply Centralized exchange The sharp decline has continued over the past year, driven by increased demand from institutional investors. Over the past 30 days, the supply of Bitcoin on CEX has dropped by approximately 120,000 coins, hovering around 2.23 million coins at the time of writing.

According to market data Crypto quantificationLast year, Bitcoin attracted about $80 billion per month from long-term investors. Notably, recent inflows into Bitcoin significantly exceed inflows over the past 15 years.

Additionally, whale investors have been relentlessly Accumulate Bitcoin The United States is expected to approve a Bitcoin strategic reserve. According to the latest market data, US Spot Bitcoin ETF A net cash inflow of approximately US$223 million was recorded on Wednesday, with the cumulative net inflow totaling approximately US$34.58 billion.

• Also read:
• Cryptocurrency Market Trends: Why Prices Are Rising but Activity Slowing
• ,

What’s next?

From a technical perspective, Bitcoin price has been developing signals that differ from current fundamentals. Looking at the daily chart, Bitcoin price has formed a potential double top against the US dollar, and there is a bearish divergence on the daily chart. relative strength index (RSI), thereby signaling a possible mid-term correction.

If the close above $102,000 persists in the coming weeks, the next target for Bitcoin price will be $120,000, which is consistent with the daily 0.618 Fibonacci Extension. However, Bitcoin price could easily recover to support above $85,000 in the coming weeks before continuing its bullish run early next year.

FAQ