CandleFocus Bitcoin ETFs hit $1b weekly inflows, analysts expect FOMO-driven rally
2024-09-28
Author: Content Editor
Liquidity flowing into spot Bitcoin exchange-traded funds (ETFs) has surpassed $1 billion as analysts predict a new all-time high for the top cryptocurrency in the next three months. Weekly inflows into spot Bitcoin ETFs reached $1.11 billion, pushing the total cumulative net inflows across the 12 offerings to $18.8 billion, an all-time high. The increase in inflows coincided with Bitcoin breaking past a key resistance level at $65,000, which some analysts believe could spark FOMO-driven buying and lead to new all-time highs. Analysts believe factors such as a rise in stablecoin minting and potential capital outflows from China could further fuel Bitcoin's bullish momentum. The Bitcoin Fear and Greed Index surged to 64, indicating strong market optimism. Bitcoin was trading at $65,757, just 10.8% below its all-time high.
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