Yesterday was also positive in terms of inflow for the spot Bitcoin ETF market, which recorded capital inflows of 488 million dollars, continuing the trend of the BTC price.
Despite this, it seems that retail interest has not yet exploded, with Google Trend data indicating little attention to searches on the theme “Bitcoin”.
In any case, at a speculative level, the crypto seems to be projected towards the search for new all-time highs, and is currently being traded in the range high zone that goes from 70,000 dollars to 73,700 dollars.
Let’s see everything in detail below.
Summary
Great day on the spot Bitcoin ETF market: inflows of around $500 million, the price aims high
The spot Bitcoin ETFs continue to grind out positive numbers, especially after the latest inflows that brought a breath of fresh liquidity into the market, pushing the price of the cryptocurrency above $70,000.
Yesterday these exchange-traded funds saw capital inflows of 488 million dollars, while on Tuesday the inflows amounted to as much as 886 million dollars: it is worth noting that it had not been since mid-March, when Bitcoin was being traded at its all-time highs, that similar metrics were recorded.
Yesterday, leading the market was Fidelity which brought inflows of 220 million dollars, followed by BlackRock with 155 million dollars and Ark Invest with 71 million dollars. Even the fund of Grayscale, known for being the king of outflows in the early months of ETF listings, yesterday recorded positive inflows of about 15 million dollars.
The positive streak of Bitcoin ETFs has now continued for 17 consecutive days, with inflows that have collectively exceeded 3.6 billion dollars, bringing the total AUM of these investment instruments to 62.56 billion dollars.
The excellent data on the front of the US funds market, despite having supported the bullish spirit in speculations bringing Bitcoin above $71,000, did not lead to an increase in retail interest for the cryptocurrency.
The data from Google Trends highlight how compared to 2021, almost no American is conducting searches related to “Bitcoin”, Bitcoin ETF, its price, or crypto in general”.
In particular, analyzing the data on the search engine for the period from June 2 to 8, we notice very very low scores, lower in all cases than the medium-low score of 31.
Even on June 5, the query “Bitcoin ETF” had a score of 1, while other searches like “Bitcoin price” and “crypto” had slightly higher scores, 18 and 13 respectively, but still low compared to the interest recorded in the bull market of 2021.
The last time we observed a retail interest in the market comparable to that period was on January 11, when the Bitcoin spot ETFs were approved by the United States Securities and Exchange Commission.
Most likely the attention from retail will return at the least opportune moment, that is after (a few weeks/months) Bitcoin surpasses the previous all-time high of 73,700 dollars, bringing the interest of the parco buoi just as other smart investors are taking profit.
Usually, in fact, retail investors arrive late compared to the market timing, ending up being the exit liquidity of whales much more prepared and skilled, fulfilling the famous motto: “buy high, sell low”.
In this regard, when the butcher down the street or the cashier at the supermarket (maximum respect for these professions) talks to you about Bitcoin indicating the rise in its price, proceed to sell.
BTC price analysis: attack on the range high above 70,000 dollars
Even with retail interest at historic lows, Bitcoin seems to be in excellent shape with its price having almost entirely recovered the dip from March and April, bringing the quotations back above 70,000 dollars, near the range high that separates from new all-time highs.
Obviously, the data from ETFs on Wall Street have contributed to elevating the sentiment positive among industry insiders, bringing new liquidity and high volumes of trading.
From the low of May 1st, Bitcoin has grown by about 25% in just over a month, immediately bringing prices back above the daily 50 EMA without affecting the macro bull structure.
Now it is being traded in the upper part of the wide lateral range that started with the retracement in March, with only a future 4% growth separating it from reaching new highs and the “price discovery” phase.
At the moment, the odds are heavily in favor of the bull, with the bear that could have a chance only if Bitcoin fell below $66,500 with a violent candle, liquidating part of the traders exposed long.
In the meantime, even the open interest on Bitcoin is approaching new highs, settling above 20 billion dollars of open positions: this indicates strong attention from speculators towards the evolution of the cryptocurrency’s price.
The positive funding rate, at 0.017%, highlights an imbalance in the demand for leverage on the buyers’ side rather than the sellers’, fueling theories of a rise in the crypto market.
Very interesting to report what was observed by Satoshi Club regarding the metric of “global liquidity” which has just reached a new all-time high, fueling risk-on assets like stocks and Bitcoin.
If the trend of global liquidity were to repeat the same pattern observed in 2021, with the initial conditions appearing to match, we could expect a major rally in the price of Bitcoin in the coming months, with targets exceeding $100,000 by the end of the year.
