Bitcoin spot ETFs have recorded the highest levels of investment receipts in nearly 3 months, in a surge that suggests renewed institutional interest as the price of Bitcoin (BTC) hits all-time highs.
According to data from Farside Investors, these Bitcoin Spot ETFs attracted investments worth $1.19 billion last Monday, marking the highest daily investment volume since July 10, when it reached $1.18 billion, led by BlackRock’s iShares Bitcoin Trust (IBIT). (BlackRock) alone received investments exceeding 81% of the total investments coming into these funds combined in one day, amounting to $970 million, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC), receiving net investments worth $112.3 million, while Bitwise’s BITB fund invested $60.1 million of dollars.
BlackRock’s IBIT fund tops the list of most invested crypto exchange-traded funds, with an unprecedented value of $6 billion.
The renewed interest in investing in Bitcoin coincided with a significant achievement for BlackRock’s IBIT fund, which surpassed some of the firm’s older funds, becoming its highest-revenue-generating fund.
Eric Balchunas, an ETF analyst at Bloomberg, noted that the IBIT fund is now “just steps away from reaching $100 billion in assets under management” just 21 months after its launch.
The fund currently manages assets worth $98.47 billion across 1.38 billion shares with a 0.25% fee, generating estimated annual revenues of approximately $244 million for the world’s largest asset management companies.
The value of investments received by the fund last Monday also revealed an unprecedented weekly spike for Bitcoin-related investment products. Data from CoinShares showed that all digital asset funds attracted investments worth $5.95 billion last week, representing the largest volume of investments received in a week on record.
While the investment volume in Bitcoin (Bitcoin) reached $3.55 billion of the above-mentioned value, the investment volume in Ethereum (Ethereum-ETH) reached $1.48 billion, followed by Solana-SOL and Ripple-XRP with $706.5 million and $219.4 million, respectively.
Bitcoin is trading near its highest levels on record, with the price fluctuating around $124,500 yesterday, Tuesday, after briefly surpassing $126,000 earlier this week. The recent rise is driven by strong institutional demand over the weekend, which pushed Bitcoin’s value above $125,000 for the first time since August.
October is one of the best performing months in Bitcoin history. In fact, the price of the digital currency has increased by more than 10% since its creation.
For its part, SoSoValue data shows that as of October 6, total investments flowing into Bitcoin Spot ETFs in the United States stood at $61.26 billion, with total assets under management combined to date reaching $169.54 billion, representing approximately 6.8% of Bitcoin’s total market capitalization. (Bitcoin).
At the same time, Ethereum Spot ETFs also benefited from the recovery of the entire crypto markets; As of October 6, these funds have attracted a net daily investment of $181.7 million and a cumulative investment of $14.6 billion, bringing total assets under management currently to $32 billion, or approximately 5.6% of Ethereum’s market capitalization.
Bitcoin (Bitcoin) price is facing a short-term correction after an unprecedented start, and analysts’ eyes are on key support levels.
The price of Bitcoin fell 4.2% yesterday, Tuesday, to settle around $122,000 after recording a new high of $126,219 a day earlier, ending a wave of weekly gains that sent it up around 12.5%. Although this drop raises fears of a deeper correction, data on derivatives markets and institutional investor movements indicate that the general upward trend persists.
As a result, monthly Bitcoin futures are still trading at an 8% premium to their price in spot markets, reflecting continued optimism with no signs of a sharp increase in speculation. Analysts believe this moderation helps reduce the risks of forced liquidation if prices continue to fall.
The rebound following Bitcoin’s retest of $109,000 in late September appears to be supported by strong investing, with bulls defending the $120,000 support zone.
Platform data also reinforces this view, as the Glassnode platform reported a decline in the supply of Bitcoin available on platforms to 2.38 million BTC coins, compared to 2.99 million coins the previous month, recording its lowest levels in 5 years, suggesting continued accumulation activities of investors for currency balances.
The platform identified strong support for the price around $117,000, as around 190,000 Bitcoins recently traded at this level.
On the other hand, the total volume of active derivative contracts (with open interest) for Bitcoin reached $72 billion, down slightly during the day but still showing broad market participation. VanEck analysts expect Bitcoin’s market value to ultimately be half that of gold, which could push its price to $644,000.
Technically, Bitcoin price is testing a key support level near the 200-day exponential moving average (200-EMA) around $122,900, and analyst Ted Pillow noted that momentum weakened after the price failed to hold above $125,000.
On the other hand, a close below the $122,900 level could lead to a decline towards $121,000, while a further breach of the $125,500 barrier could restore the bullish momentum.
Short time frame charts show relative stability in Bitcoin price between a selling range in the $123,000-$125,000 region and a strong buying range in the $112,000-$114,000 region. Multiple pullbacks around the upper range also indicate an exhaustion of buying momentum for the foreseeable future despite the overall trend remaining upward.
Finally, market analysts believe that a correction to the $118,000 level would appear to be a “healthy dip” in Bitcoin’s overall upward trend, a step that could reset the use of leverage and prepare the market for a fresh start.
The post Bitcoin ETF Investment Proceeds Exceed $1.19 Billion, Led by BlackRock, in July. Is a correction on the horizon? appeared first on Cryptonews Arabic.