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Bitcoin ETFs have just experienced their second-highest inflow day as institutional interest in BTC continues to grow following the cryptocurrency’s recent peak on Monday.
Summary
- On October 6, Bitcoin ETFs saw a total of $1.19 billion in net inflows.
- Leading the charge was BlackRock’s IBIT with $969.95 million, followed by Fidelity’s FBTC and Bitwise’s BITB.
- Bitcoin price has found support at $122,000 and could rise to $127,000 and $128,500 if bullish sentiment persists.
Bitcoin ETFs have marked their second-highest inflow day as optimistic sentiment envelops the crypto space and BTC price remains above $124,000. This rally indicates a resurgence of investor confidence amid October’s bullish trend.
As per data from Sosovalue, Bitcoin (BTC) spot ETFs on U.S. exchanges garnered $1.19 billion in total net inflows on October 6. This is not only the highest for this month but also the second-largest since their launch.
BlackRock’s IBIT topped the inflow list with about $970 million, while Fidelity’s FBTC and Bitwise’s BITB followed with inflows of $112.3 million and $60.1 million, respectively. Notably, four out of the 11 approved ETFs reported no inflows, including Grayscale’s GBTC, Ark & 21Shares’ ARKB, Valkyrie’s BRRR, and Hashdex’s DEFI.
The funds have maintained a six-day inflow streak, amassing over $4.43 billion as institutional confidence grows.
Bitcoin ETF inflows rise as price remains stable
The significant inflows into U.S.-listed funds coincide with Bitcoin’s upward price trend in recent days. The leading cryptocurrency rose to a new peak of $126,198 on Monday, driven by increased whale accumulation.
Although there has been a slight pullback, BTC continues to hold above critical support at $124,000. As of now, the asset is trading at $124,309, reflecting an approximate 9.2% gain for the week.
Momentum indicators are providing mixed signals. The Relative Strength Index (RSI) has entered overbought territory at 71.29, hinting at a potential pause or minor correction. Meanwhile, the MACD histogram remains in positive territory, though a slight flattening indicates waning bullish momentum.
If the bulls manage to break and close above $125,000, attention will shift to $127,000 and $128,500 as the subsequent targets. Conversely, if consolidation deepens, $122,000 will be a key support area to monitor, aligning with previous breakout levels.
