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Bitcoin ETF Daily Inflow Hits $556M as BTC Appears Primed for Breakout
Weekly inflows might challenge records as technical pointers suggest a BTC rally in the works.
Updated Oct 15, 2024, 8:29 a.m. Published Oct 15, 2024, 6:41 a.m.
- BTC posted inflows of $555.86 during the Monday trading day, which is a multi-month high.
- Traders are becoming increasingly optimistic that BTC will challenge its all-time high by the end of the year.
Bitcoin exchange-traded funds (ETFs) posted inflows of $555.86 million on Monday, according to data provider SoSoValue, amid signs of a possible bitcoin rally.
This is a multi-month record for ETF inflows, as the last time the asset class posted higher inflows was on June 4, when it hit $886.75 million.
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BTC is up 2.2% in the last 24 hours, according to CoinDesk Indices data, matching the CoinDesk 20, an index tracking the performance of the largest digital assets.
As CoinDesk reported earlier, one technical indicator called the "three-line break chart" shows Bitcoin could be on track to break past $73,000, signaling a return to an upward trend after months of back-and-forth price movement.
Prediction market traders have become more optimistic about BTC's price potential in the last week. On Polymarket, the 'yes' side of a contract that asks if BTC will hit a new all-time high in 2024 is trading at 64% up 9 percentage points in the last week.
On Kalshi, bettors are giving a 46% chance that bitcoin's price hits $75,000 this year, up 7 percentage points. Bitcoin hit an all-time high of over $71,000 in March of this year.
However, historical data from Glassnode shows that when bitcoin ETF inflows exceed $450 million, it signals a local top in the market.
For example on Mar. 12, there was an inflow of $905 million before bitcoin reached its all-time high. Other dates include Mar. 29 ($760 million), June 3 ($1.2 billion), July 22 ($579 million) and Sept. 27 ($454 million), where inflows over $450 million coincided with local tops.
UPDATE (Oct. 15, 08:23 UTC): Adds additional details on bitcoin local tops.
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