Investors are Pouring Billions Into BTC ETFs Despite Ongoing Consolidation
Meanwhile, investors have not been deterred by Bitcoin’s range-bound trading lately as exchange-traded funds (ETFs) linked to the token have received billions of dollars in the past two weeks.
Data from Farside Investors shows that these products brought in $2.9 billion since September 8 and have only seen one day of negative net inflows during that period. Today’s figures have not yet been published but it is safe to say that we may end the week above the $3 billion mark.
At a point when BTC is obviously consolidating, this is evidence of an ongoing phase of consolidation that could precede a big move for the top crypto in the next few days.
Market conditions are quite favorable amid the Federal Reserve’s latest moves but investors’ sentiment remains relatively cautious. That’s what keeps BTC and most other tokens from climbing higher but these should change within the next few days.
Open interest (OI) in BTC futures remains quite high at around $87 billion. This figure is nearly twice as high as the levels seen in March this year, meaning that the market is heavily positioned for a bullish outcome.
Daily Chart Favors $145K Target for BTC
Looking at the daily chart we can see that the token broke its latest downtrend and started to surge after hitting the $108K support. It first rose above $112K and this latest pullback could now be heading there.
