The US Spot Bitcoin ETF has recorded a record influx of over $2 billion this week, catching the eyes of investors. Notably, this surge in the Wall Street players’ interest also appears to have boosted the broader market sentiment, as evidenced by the recent jump of BTC price to nearly $69K. Besides, a renowned analyst has recently shared a bullish chart for the flagship player, that indicates that the largest crypto by market cap is gearing up for a rally to over $130K.
US Spot Bitcoin ETF Sees $2 Bln Weekly Inflow
The US Spot Bitcoin ETF has been on the investors’ radar lately, with robust inflow over the last few days. Notably, the investment instruments have recorded inflows for the sixth consecutive day through Friday, October 18, indicating the growing confidence of the Wall Street players.
According to Farside Investors data, the Spot BTC ETFs noted a combined influx of $273.7 million on Friday, with no outflow recorded. On a weekly basis, the overall inflow totaled $2.12 billion, while over the last six days, the influx stood at $2.38 billion.
Meanwhile, Blackrock’s IBIT was the leader in terms of inflows this week, recording a $1.14 billion influx, followed by Ark’s ARKB noting a $306.1 million fund coming in. It’s worth noting that the robust institutional interest has pushed the overall inflow of the Spot BTC ETF to $21 billion since it started trading in January 2024.
In addition, this strong fund flowing in has also appears to have helped gains in the market. For instance, BTC has recently rallied to near the $69K mark, while the top altcoins also follows suit, indicating the growing confidence of the investors towards the digital assets space.
BTC Price To Hit $130K Next?
Amid the soaring institutional interest in BTC, as evidenced by the robust inflow in US Spot Bitcoin ETF, speculations are also soaring if the crypto could hit a new high soon. For context, the flagship crypto, along with the broader crypto market, tends to showcase a positive performance in October. In addition, the digital assets space also tends to give positive returns in the final quarter of the year.
Having said that, the market is anticipating a robust rally for the crypto in the coming days. Besides, the upcoming US Presidential Election is also likely to boost the market sentiment towards digital assets, given the growing influence of crypto in politics.
Meanwhile, amid this, veteran trader and renowned crypto market expert, Peter Brandt, has recently highlighted a BTC analysis, which indicates a potential rally to $130K. Brandt has shared a post of the analyst internbrah, lauding the “McRib” indicator.
To be precise, internbrah has shared a chart of BTC price movements and highlighted a return of the “McRib” indicator in the chart. He said that this indicator often leads to a 2X rally for the crypto. Having said that, Bitcoin has the potential to hit over $130K soon, given its recent trading level between $65K-$68K.
Meanwhile, BTC price today was up around 0.6% to $68,348, while its one-day trading volume fell 15% to $30.31 billion. Notably, the crypto has touched a high of $68,969.75 in the last 24 hours. Besides, the recent hint from internbrah also echoes a similar Bitcoin price analysis by another expert, who predicts BTC to hit $110K in the near term citing several conditions.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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