Bitcoin ETFs Hit $1 Billion; Help BTC Price Hold Steady

Quick overview

Last week Bitcoin ETF inflows were recorded at $996.4 million, beating months of market movements and keeping the BTC rate above $75K while the Iran conflict escalates.

Inflows for Bitcoin ETFs have been on the rise for weeks, and now the year-to-date total is above $1 billion. Those gains follow previous weeks of outflows. These numbers indicate rising support for Bitcoin (BTC), which hit a price of $75,655 (BTC/USD) on Monday, losing just 0.06% from the previous day.

Bitcoin’s ability to hold its current rate is surprising considering that the Iran conflict has worsened over the weekend, with both Iran and the United States struggling to keep the ceasefire. However, investor sentiment points to hope of an imminent conclusion to the war, keeping both the crypto and stock markets from losing much of their recent gains this week.

ETF Inflows and Positive Investor Sentiment Keep Bitcoin Afloat

Inflows are high for both Bitcoin and Ethereum (ETH), with Ethereum spot ETFs reported as $275.8 million for the week. The impressive performance of the exchange traded funds in recent weeks has spurred hopeful analysts to predict gains for Bitcoin in the coming months.

Most Bitcoin ETFs have recorded a 2% or more increase over the last day. Many of these same ETFs record losses of around 11% for the year, but the market is somewhat bullish for now.

Over the last 30 days, Bitcoin has added 7.25% to its total, and it is down just 10% over the last 12 months. Now, the coin is well below its record high from last October, having lost about 40% of its value since then, but there is great potential that the coin can regain that high later this year.

ETF net flows are around $58 billion cumulatively for bitcoins, but that is down from the $62.8 peak, and yet it is still a huge improvement over the ETF record from earlier in the year that saw weeks of outflows and  sharply dropping BTC price. As investor sentiment improves for the cryptocurrency market, Bitcoin may be able to hit $80K quickly despite the ongoing conflict in the Middle East causing concern over the price of oil and other commodities.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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