December 1, 2024
Bitcoin

Spot Bitcoin ETFs Record $870M Inflows as BTC Tests All-Time High | Video


The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 100 million users worldwide. Let’s take a look at the chart of the day. Bitcoin ETF S are recording $870 million worth of inflows as BT C near an all time high. Tuesday, Blackrock’s IBIT logged over 629 million in inflows. So, so value data shows followed by Fidelity’s F BT C at 133 million V Wise’s B I TB at 52 million scales mini Bitcoin Trust at 29 million. Then X huddle at 16 million and arc ARC B at 12 million grey scales. Bitcoin Trust G BT C was the only ETF recording net outflows at 17 million total trading volumes crossed four and three quarters of a billion. The highest since March with IBIT accounting for over 3 billion alone. The ETF demand comes as Bitcoin falls just shy of its $73,798 lifetime high hit back in March. Traders consider next week’s us elections a booster for Bitcoin and a harbinger of volatility in the near term. Some target an $80,000 price level in November regardless of a Democrat or Republican win with options bets for that price range seeing a surge in demand. Last week, one last chart to consider is daily OTC desk inflows which are dropping to year lows seen here in purple, which is a good sign for Bitcoin price coin. Eks James Van Straaten reporting that for Bitcoin to go higher this cycle daily inflows into OTC desks need to start reducing. As is observed. Currently OTC desks are primarily used by institutions or high net worth individuals who prefer to avoid having their transactions appear on crypto exchange order books, allowing them to transact large quantities without affecting the market price. If demand for BT C continues accelerating amid low inflows into OTC desks. This could propel Bitcoin to new highs. That’s it for today’s chart of the day. I’m Christine Lee will see you next time to unpack more of the data behind top news stories.



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