BlackRock’s IBIT amassed over $260 million, accounting for a giant share of the cumulative inflows. FBTC drew $61.1 million, while others, except GBTC, DEFI and BTCW, pulled in less than $30 million each.
These investment products have seen cumulative inflows of over $1 billion in just the last three days, underscoring investors’ confidence in Bitcoin’s price prospects.
Bitcoin price outlook
BTC has surged 22% to $65,420 since hitting a low near $53,500 on July 5, as shown on the daily chart below. In addition to the ETF inflows, the price recovery may be linked to the exhaustion of selling pressure from Germany’s Saxony state.
In addition, the dramatic improvement in the probability of pro-crypto Republican candidate Donald Trump winning the U.S. presidential election on Nov. 4 and Trump’s decision to appoint a pro-crypto and Ohio Republican senator James David Vance as running mate also added to Bitcoin’s hindwings.
BTC now sat on strong support provided by the 50-day exponential moving average (EMA) and the 100-day EMA around $62,600. Bulls were required to keep the price above this level and produce a decisive close above the $65,00 psychological level.
If they succeed, they will be able to push BTC toward the stiff supplier congestion zone between $68,000 and $72,000. Breaching this level will bolster the bulls to drive BT higher toward the all-time highs at $73,835.
