- Interest in Bitcoin ETFs grew, with the same indicated by soaring inflows
- Whale interest in BTC surged too while retail investors took profits
Bitcoin [BTC] has remained stagnant around the $67,000-level for quite some time now. And yet, interest in BTC hasn’t dipped on the charts. In fact, recent data suggests that to the contrary, interest in BTC ETFs has soared over the past few days.
Bitcoin ETF inflows on the rise
Bitcoin spot ETFs continued to attract investors on 31 May, with total net inflows of $48.74 million. This marked the 14th consecutive day of net inflows for these funds, indicating sustained investor interest in gaining exposure to Bitcoin through financial products available on the fiat markets.
However, the inflows weren’t evenly distributed across all Bitcoin spot ETFs. Grayscale’s GBTC registered net outflows of $124 million, while BlackRock’s IBIT and Fidelity’s FBTC saw inflows of $169 million and $5.9047 million, respectively. This suggested that investors are shifting their preferences in favor of newer entrants in the Bitcoin spot ETF market.
Source: sosovalue
Rising interest in BTC ETFs indicates that users who are not primarily from the crypto space per se have also shown interest in the cryptocurrency. If this trend continues, it could lead to BTC becoming even more mainstream, fueling greater adoption too.
At press time, Bitcoin was trading at $67,732.76, with its price up by 1.43% in the last 24 hours. The velocity of BTC dipped materially over this period, indicating a slowdown of BTC transfers. This also implied that most addresses have been willing to hold their BTC.
Source: Santiment
AMBCrypto’s analysis of Santiment’s data also revealed that whale interest in BTC has grown significantly over the last few days. A high amount of whale interest can drive BTC’s price further up in the future. However, retail interest in BTC declined significantly during the same period, indicating that not all holders were equally optimistic.
Read Bitcoin (BTC) Price prediction 2024-25
If retail investors continue to sell their holdings, it could spur downward pressure on BTC’s price charts.
Source: Santiment
Another factor that could impact selling pressure on BTC would be the state of miners.
According to recent data, miner revenue has plummeted over the last few weeks. Miners would have to sell their holdings to remain profitable – Contributing to a surge in selling pressure on BTC.
Source: Blockchain