US Spot Bitcoin ETF Weekly Influx Hits $2B, BTC Price To $130k Incoming?

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed numerous bull and bear cycles, from dot-com bubbles to housing crises. The current surge in institutional interest towards Bitcoin, as evidenced by the record influx into US Spot Bitcoin ETFs, is indeed reminiscent of the early days of the internet or the dawn of the mobile era.

This week, the U.S. Spot Bitcoin Exchange-Traded Fund (ETF) has seen unprecedented inflows exceeding $2 billion, drawing investor attention. Remarkably, this increased interest among Wall Street players seems to have positively influenced the general market mood, as suggested by Bitcoin’s recent price surge to around $69,000. Additionally, a well-respected analyst has recently published a bullish graph for the leading crypto, suggesting that it could potentially rally beyond $130,000.

US Spot Bitcoin ETF Sees $2 Bln Weekly Inflow

Recently, there’s been a lot of interest among investors in the U.S. Spot Bitcoin ETF, as it has seen significant investments over the past few days. Remarkably, this trend continued for six consecutive days up to Friday, October 18, suggesting that the major financial players on Wall Street are becoming increasingly confident in these investment tools.

Based on Farside Investors’ data, Spot BTC ETFs collectively received approximately $273.7 million on Friday, with no money being withdrawn. On a weekly basis, the total inflow amounted to around $2.12 billion, and over the past six days, the accumulated influx was about $2.38 billion.

This week, Blackrock’s IBIT took the lead with a $1.14 billion investment, and ARK‘s ARKB trailed closely behind with a $306.1 million influx. It’s important to mention that the strong institutional interest has contributed to a massive $21 billion in total inflows for the Spot BTC ETF since it began trading in January 2024.

Furthermore, it seems that this robust influx of funds is not only present, but also appears to be contributing to market growth. For example, Bitcoin has surged close to $69,000, while leading altcoins are exhibiting similar trends, suggesting an increasing faith among investors in the digital assets sector.

BTC Price To Hit $130K Next?

With increasing institutional investment in Bitcoin, as demonstrated by the strong flow into US Spot Bitcoin ETF, there’s growing speculation that the cryptocurrency could reach new heights soon. Notably, October has historically been a favorable month for Bitcoin and the overall crypto market. Furthermore, the digital asset sector often sees positive returns during the last quarter of the year.

In simple terms, it’s expected that the cryptocurrency market will see a strong surge over the next few days. Additionally, the approaching U.S. Presidential Election could further enhance the market’s optimism about digital currencies, considering the increasing political clout of cryptocurrencies.

As I delve deeper into the intricacies of the crypto market, I’m intrigued by the latest insights from seasoned trader and Bitcoin guru, Peter Brandt. His recent analysis hints at a potential BTC surge to an impressive $130K. Brandt has given a shout-out to the “McRib” indicator, as shared by analyst internbrah.

To be precise, internbrah has shared a chart of BTC price movements and highlighted a return of the “McRib” indicator in the chart. He said that this indicator often leads to a 2X rally for the crypto. Having said that, Bitcoin has the potential to hit over $130K soon, given its recent trading level between $65K-$68K.

Currently, Bitcoin’s price stands at approximately $68,348, marking a 0.6% increase. Simultaneously, its one-day trading volume decreased by 15%, reaching $30.31 billion. It’s worth mentioning that in the past 24 hours, Bitcoin peaked at $68,969.75. Additionally, a recent comment from internbrah mirrors a similar Bitcoin price forecast made by another expert, who anticipates BTC to reach $110K soon under certain conditions.

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2024-10-19 11:08