Altcoins, for the most part, present slight corrections after recent increases. Tokens such as Binance Coin (BNB), Solana (SOL), , respectively.
Bitcoin seems ready to take a new leap, with the possibility of breaking the all-time highs reached in March. Optimism in the market is on the rise, and blockchain data supports this perception. According to CoinGlass, more than $5 billion in Bitcoin open interest (OI) has been added since last Monday, reaching a total of $37.7 billion at the end of Thursday, a new record for the cryptocurrency. The Chicago Mercantile Exchange (CME) leads with $11 billion, followed by Binance with $8 billion.
The long-short ratio also shows a clear bullish bias, having risen from 0.94 on Thursday to over 1 on Friday, indicating positive market sentiment towards Bitcoin.
Cryptocurrencies: what the market analyzes
In parallel, Bitcoin exchange-traded funds (ETFs) have continued to attract investments. These products have closed their eighteenth consecutive day with net capital inflows. Farside Investors reports that the funds raised a net $217 million in the last 24 hours. In particular, BlackRock’s iShares Bitcoin Trust (IBIT) has attracted close to $350 million, while ARK Invest’s ARKB funds and 21Shares, as well as Grayscale’s GBTC, have seen a reduction in their total gains.
Since launching in January, the 11 Bitcoin ETFs have accumulated approximately $15.6 billion in net inflows, bringing total assets to $62.3 billion, according to Bloomberg. These figures reflect the growing institutional interest in cryptocurrency assets.
BlackRock’s IBIT fund has had a significant impact, attracting nearly $780 million worth of Bitcoin in just three days. This increase in investment positions IBIT as a major influence on the crypto market and investor sentiment.
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On Monday, IBIT recorded no inflows, but on Tuesday it attracted $274.43 million, followed by $155.43 million on Wednesday and $350 million on Thursday, totaling nearly $780 million for the week. This has made IBIT the largest Bitcoin ETF in the world, with $21.4 billion in assets, surpassing Grayscale’s $20.1 billion.
Other funds, such as the Fidelity Wise Origin Bitcoin Fund with $12.3 billion, and the Fidelity and VanEck Bitcoin ETFs, with net inflows of $3.1 million and $2 million, respectively, have also seen significant activity. However, ARK Invest’s ARKB saw net withdrawals of $96.6 million, and both Grayscale’s GBTC and Bitwise’s BITB suffered outflows of $37.6 and $3.1 million, respectively.
Despite these fluctuations, Bitcoin ETFs have continued to attract investors, maintaining the longest streak of net inflows since their inception. Together, these funds have accumulated a total of $15.55 billion since January.
Bitcoin price has risen slightly amid these inflows, currently trading around $71,219, an increase of 0.41% in the last 24 hours. Market analysts are optimistic and predict that Bitcoin could surpass its March high of $73,798, driven by strong demand for ETFs and anticipated interest rate cuts from the Federal Reserve.
