CandleFocus

$500 Million Bitcoin in 24 Hours: ETFs Waking Up

Bitcoin ETFs have seen a significant increase in activity, with a net inflow of 7,494 BTC worth $490 million in just one day. Fidelity, one of the largest holders of Bitcoin ETFs, received deposits totaling 3,627 BTC worth $237 million. Fidelity's total Bitcoin holdings now value at 183,695 BTC, equivalent to $12.02 billion.

Ethereum ETFs also experienced inflows, with 2,485 ETH worth $6.38 million going into these funds. The iShares Ethereum Trust added 5,453 ETH worth $14.01 million, increasing its total holdings to 419,621 ETH, valued at over $1 billion.

Growing recognition of Bitcoin and Ethereum as investment vehicles, along with regulatory clarity, has sparked increased institutional interest in these digital assets. Bitcoin's breakout from a 220-day downturn after surpassing the crucial resistance level of $67,000 is seen as a positive development. To confirm the beginning of a new uptrend, bulls must maintain confidence above $67,000. Key levels to monitor are $62,000 as a strong support level and $70,000 as potential psychological resistance. Continued momentum and institutional adoption of ETF investments could lead to further price growth.

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