After a massive $520 million inflow on Monday, spot Bitcoin exchange-traded funds (ETF) are trading higher in pre-market hours on Tuesday. Will a robust Bitcoin ETF performance today lead to BTC price hitting another high of $60,000?
Bitcoin ETFs Strong Performance Shows Resilience
The surge in spot Bitcoin ETF volumes and inflow underscores the growing interest in Bitcoin ETF and indicates a notable shift in investor sentiment toward the crypto market. Bitcoin and Ethereum, two largest cryptocurrencies, have recorded 30-36% gains year-to-date (YTD).
Matrixport predicts crypto returns will drive FOMO among Wall Street investors, as BTC and ETH perform better than oil, Nasdaq, S&P 500, gold, and bond ETF, clearly leading the wider asset groups. Nvidia is leading with over 64% ROI YTD.
Also Read: BTC Price Shoots to $57,000 As Nine Bitcoin ETFs Set New Records
BlackRock iShares Bitcoin ETF (IBIT) and Grayscale’s GBTC are trading at 3.73% and 3.80% higher in pre-market hours on Tuesday. Wall Street investors pouring money into GBTC will help
Other major Bitcoin ETFs, Fidelity Wise Origin Bitcoin Fund (FBTC), Ark 21Shares Bitcoin ETF (ARKB), and Bitwise Bitcoin ETF (BITB) trade at 4.11%, 4.07%, and 3.63%, respectively. Fidelity was the higher gainer on Monday with a $243.3 million inflow. Experts predict ETFs will continue to hit new volume records this year, with halving as a trigger button.
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BTC Price to $60K?
Along with spot Bitcoin ETF, crypto stocks such as MicroStrategy, Coinbase, and Robinhood are also trading higher in pre-market hours. MSTR price jumped 6.09% to $845 after they purchased 3000 more bitcoins and increased holdings to 193,000 BTCs. COIN price hit a new 52-week high of $203.63 in pre-market hours.
Crypto mining stocks including CleanSpark, Riot Platforms and Marathon Digital also continue to trade higher in 5-10% after a more than 20% jump when Bitcoin price surpassed $57,000.
According to CryptoQuant, Bitcoin upside is likely as it breaks above 2-3 year long term holder resistance price. BTC price has rallied significantly, rising to $57K, the only price that may act as resistance going forward is the last cycle high of $68K.
Bitcoin could face resistance to the upside amid other factors such as funding rates and PCE inflation. Crypto research firm Kaiko said “Order books are heavily imbalanced towards the ask side, a switch which first emerged early February.”
BTC price jumped over 11% in the last 24 hours, with the price currently trading at $56,784. The trading volume has increased by more than 200%, indicating traders are bullish for further upside.
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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.
