Bitcoin (BTC) Price Tries to Hit Highs, But Faces Hurdles, Including Lack of Investor Interest in Spot ETFs
- Patricia ArquetteOriginal
- 2024-10-08 00:56:10803browse
The price of Bitcoin (BTC) is trying to hit the next highs, but there are a plethora of hurdles in its path. The market witnessed a selling trend today
Bitcoin (BTC) price is attempting to reach new highs, but several obstacles stand in its way. The market experienced a selling trend today, which is slowing down the price appreciation. Another major obstacle is the lack of investor interest and confidence in Bitcoin spot ETFs, which has resulted in significantly higher outflows.
According to the latest data from SosoValue, Bitcoin ETFs had a difficult time last week. The market experienced outflows of $301 million between Sept. 30 and Oct. 4. During this time, Grayscale’s GBTC saw an outflow of about $47 million, while ARK & 21Shares ETF ARKB had an outflow of $206 million.
Interestingly, BlackRock’s IBIT bucked the trend and continued to attract a lot of investor interest and confidence. While its competitors were struggling to get any inflows, the BlackRock Bitcoin ETF saw a massive inflow of $135 million during the same period. This interesting trend highlights BlackRock's importance in Bitcoin investments.
Future outlook
The total daily net inflow of Bitcoin Spot ETFs was $25.59 million as of Oct. 4, and the total value traded was about $1.19 billion. Despite recent outflows, the cumulative total net inflow is around $18.5 billion, showing the strong growth of these investment products in the broader outlook.
Meanwhile, the total net assets stand around $57.73 billion, which is about 4.68% of the entire Bitcoin market cap. These figures show that despite the negative trend last week, Bitcoin ETFs have performed well in the long term. Additionally, the price of Bitcoin has also performed well in recent days.
At the time of writing, BTC is trading at $62,974 after gaining 1.41% over the past 24 hours. However, it's worth noting that Bitcoin failed to clear $64,000 and has now even dropped below $63,000. Holding the support level of $63,000 is crucial for the BTC price as it will help in aiming for the next highs.
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