The world’s biggest cryptocurrency, Bitcoin, for the first time in the last 20 days, hit nearly $66,500 following the release of the United States CPI (Consumer Price Index) data and a massive inflow into the spot Bitcoin ETF. On May 16, 2024, the on-chain analytic firm Spot on Chain made a post on X (previously Twitter) noting that the Spot Bitcoin ETF saw a massive $303 million inflow across various ETF issuers.
Bitcoin ETF sees $303 million of net inflow
With this, the net inflow has been positive for three consecutive trading days, resulting in a significant price surge observed on the chart. Spot on Chain also highlighted that 9 out of 10 US Bitcoin ETF issuers, including the asset management giant Grayscale, saw inflows. In contrast, another asset manager, BlackRock’s iShares Bitcoin Trust (IBIT), continues to have zero inflow for the third consecutive day.
The single highest ETF inflow was experienced by the Fidelity Wise Origin Bitcoin Fund (FBTC), which saw an inflow of $131.3 million. Meanwhile, the Bitwise Bitcoin ETF (BITB) saw a massive inflow of $86.3 million. The ARK 21Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust (GBTC) saw net inflows of $38.6 million and $27 million, respectively.
Bitcoin price performance analysis
With this massive net inflow, Bitcoin is currently trading near the $66,000 level and it experienced nearly 7% of upside momentum. If we look at the performance of Bitcoin over a longer period, in the last 7 days Bitcoin sees a 7% upside momentum. Whereas, in the last 30 days Bitcoin is still 2% down.
However, with this massive upside momentum, the 24-hour trading volume has also increased by a massive 73% and it currently stands near $42 billion. This massive trading volume highlights investors’ as well as traders’ interest in Bitcoin after the release of CPI data in the United States.
According to expert technical analysis, Bitcoin is currently experiencing strong resistance near the $66,570 level. If the Bitcoin daily candle closes above the $66,600 level, there is a high chance that Bitcoin will surge to $70,000.
Bitcoin is currently bullish as it is trading above the 200 EMA (Exponential Moving Average) on both the daily and 4-hour time frames. If Bitcoin fails to breach the $66,570 level, there is a chance it may fall to the $64,600 level.
