- Interest in Bitcoin ETFs grew, which was also reflected in rising inflows
- Whales’ interest in BTC also rose as retail investors took profits
Bitcoin [BTC] has been stagnant around the $67,000 level for quite some time. And yet interest in BTC has not dropped in the charts. In fact, recent data shows that interest in BTC ETFs has actually increased dramatically in recent days.
Bitcoin ETF inflows are increasing
Bitcoin spot ETFs continued to attract investors on May 31, with total net inflows of $48.74 million. This marked the 14th consecutive day of net inflows for these funds, indicating continued investor interest in gaining exposure to Bitcoin through financial products available in the fiat markets.
However, the inflows were not evenly distributed across all Bitcoin spot ETFs. Grayscale’s GBTC recorded 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 participants in the Bitcoin spot ETF market.
Source: sosowaarde
The increasing interest in BTC ETFs indicates that users who are not primarily from the crypto space have also shown interest in the cryptocurrency. If this trend continues, it could lead to BTC becoming even more mainstream, also driving greater adoption.
At the time of writing, Bitcoin was trading at $67,732.76, with a price increase of 1.43% in the last 24 hours. The velocity of BTC dropped significantly during this period, indicating a slowdown in BTC transfers. This also implied that most addresses were willing to keep their BTC.
Source: Santiment
AMBCrypto’s analysis of Santiment’s data also revealed that whale interest in BTC has increased significantly in recent days. High interest in whales could further drive the price of BTC higher in the future. However, private interest in BTC dropped significantly over the same period, indicating that not all holders were equally optimistic.
Read Bitcoin (BTC) Price Prediction 2024-25
If retail investors continue to sell off their holdings, it could put downward pressure on BTC price charts.
Source: Santiment
Another factor that could influence the selling pressure on BTC is the condition of the miners.
According to recent data, miner revenues have fallen sharply in recent weeks. Miners would have to sell their assets to remain profitable – which would contribute to strong selling pressure on BTC.
Source: Blockchain