Today, the world’s biggest cryptocurrency, Bitcoin (BTC), gathered massive attention following its breakout above the major resistance zone at the $67,500 level and a continuous inflow into the spot Bitcoin ETF (Exchange Traded Fund). On May 20, 2024, an on-chain analytic firm lookonchain made a post on X, that the spot Bitcoin ETF in the United States experienced a massive inflow of over $207 million, which is equivalent to 3,077 Bitcoin.
Bitcoin ETF sees $207 million of Bitcoin inflow
This significant inflow highlights investors’ and traders’ interest and confidence in Bitcoin. As a result, Bitcoin also saw substantial support from the crypto community and gained 2.25% in upward momentum.
One notable development is the asset management giant Fidelity ETF, specifically the Fidelity Wise Origin Bitcoin Fund (FBTC), which experienced a massive inflow of over 1,487 Bitcoin, worth more than $100 million. With this influx, Fidelity’s FBTC now holds a substantial 158,259 Bitcoin, worth nearly $11 billion.
Meanwhile, another asset management giant, BlackRock’s iShare Bitcoin Trust (IBTC), experienced the second highest Bitcoin inflow, with 569 Bitcoin added. Following this inflow, IBTC’s current Bitcoin holdings amount to 276,759 Bitcoin. However, the largest Bitcoin holder, Grayscale’s GBTC, also saw a notable inflow of 59 Bitcoin, bringing Grayscale’s GBTC holdings to 288,954 Bitcoin.
Bitcoin’s upcoming level and technical analysis
This significant inflow into Bitcoin ETFs underscores the current bullish market sentiment, reflected in Bitcoin’s price. After struggling to gain momentum, Bitcoin has now broken through the major resistance level at $67,500, experiencing a price surge of nearly $2,000 in the last 24 hours, which equates to a 3% increase, according to data from TradingView.
Following this breakout, there is a high likelihood that Bitcoin will reach the $71,500 level, with continued inflows into Bitcoin ETFs. Currently, Bitcoin is trading near $68,300 and has seen a 3% increase in the last 24 hours. Over the past seven days, Bitcoin’s performance has been remarkable, with a nearly 10% upward move.
