Bitcoin ETFs just bought 7,869 BTC – Bullish momentum incoming?

• U.S Spot Bitcoin ETFs logged 7,869 BTC inflows, exhibiting renewed institutional curiosity and momentum
• Rising Open Curiosity and bullish worth motion instructed merchants could also be positioning for a possible breakout

U.S Spot Bitcoin [BTC] ETFs have simply logged their largest single-day influx in almost a month – Including 7,869 BTC.

This surge is a part of a broader wave of funding momentum returning to the digital asset house, an indication that institutional gamers could also be gearing up for a renewed push into Bitcoin.

Bitcoin ETFs – One of many yr’s greatest inflows

Final Friday, U.S Spot Bitcoin ETFs noticed one in every of their largest single-day internet inflows of the yr, including 7,869 BTC to their holdings. In truth, this marked the most important every day influx since 29 April.

Supply: Glassnode

Supporting this development, the 7-day SMA of ETF inflows has additionally been trending upwards, underlining a sustained build-up quite than a one-off occasion.

As confidence in Bitcoin continues to develop, particularly amongst institutional gamers, these inflows might deliver additional bullish momentum available in the market.

Merchants place for additional upside

Including to the bullish narrative, Open Curiosity throughout all exchanges has additionally been trending sharply larger.

For instance – In accordance with CryptoQuant, Open Curiosity rose from roughly $31 billion in late April to over $37 billion by 26 Might.

Supply: Cryptoquant

The parallel rise in Bitcoin’s worth and Open Curiosity instructed that capital inflows haven’t been passive. As a substitute, they’re actively fueling directional bets – Doubtlessly setting the stage for additional upside volatility.

Technical momentum builds close to overbought zone

Bitcoin was buying and selling at round $109,616, at press time, consolidating after a pointy transfer north.

Its every day RSI stood at 67.48 – Hovering slightly below the overbought threshold of 70. This hinted at sturdy bullish momentum, with the crypto not flashing warning indicators of exhaustion simply but.

Supply: TradingView

Bitcoin’s worth motion revealed a wholesome collection of upper highs and better lows, with current candles forming tight-bodied ranges – A doable continuation sample.

Such a sideways drift close to the highs may very well be a bullish flag, typically previous additional breakout strikes. Ought to ETF inflows persist, this technical construction might present the increase for BTC to check new highs above $112,000 within the quick time period.