Bitcoin Climbs Above $73,000 After Reversing Tuesday's Losses
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| Illustration: todayincrypto.com |
Bitcoin's Price Reversal
Bitcoin (BTC) reversed Tuesday's decline and climbed above $73,000 early Wednesday, adding 2.5% in 24 hours. This gain came after a $360 million liquidation event that caused prices to tumble. Despite this setback, bitcoin quickly recovered and resumed its upward trajectory.
Record Inflows for Bitcoin ETFs
On Tuesday, exchange-traded funds (ETFs) tracking the spot bitcoin market received record inflows in both dollars and bitcoin. According to data from BitMEX Research, these ETFs attracted 14,706 BTC, equivalent to over $1 billion, surpassing the previous record of $673 million set in February. Notably, Blackrock reported inflows of $849 million, while Grayscale saw outflows of $79 million. The total inflows for bitcoin ETFs surpassed the $4 billion mark.
Institutional Investors Leading the Market
Many observers believe that the price behavior of bitcoin indicates the involvement of institutional investors. Some traders noted that the intraday nature of the price move resembled the behavior of large institutional traders, with trading algorithms intercepting the move and retail traders following suit. This suggests that institutional buying is driving the market activity. Overall, market sentiment remains bullish, and bitcoin is approaching its previous highs.
Anticipating a "Sell-Side Crisis"
Professional investors maintain a positive outlook on the market, with some anticipating a potential "sell-side crisis" later in the year due to increased buying demand from ETFs. As more investors pour money into bitcoin through ETFs, the market could face a shortage of available supply, leading to further price increases. This optimistic sentiment among professional investors contributes to the overall bullish outlook for bitcoin.
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