The post $440 Million in Nine Days: Bitcoin Not Done appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Bitcoin’s resilience has been demonstrated once more by the consistent inflows into spot ETFs. A record $440 million net inflow was recorded by Bitcoin spot ETFs on Dec. 10, the ninth day in a row of steady inflows. With Fidelity’s FBTC ETF coming in second with $210 million daily inflow and BlackRock’s IBIT ETF leading the way with $296 million daily inflow, this momentum shows that BTC still has some resources for growth. The steady flow of institutional investments shows growing faith in Bitcoin’s potential, particularly as regulations surrounding spot ETFs become more clear. The price of Bitcoin receives a lot of support from these inflows, which counteract recent market corrections and confirm the cryptocurrency’s long-term upward trend. BTC/USDT Chart by TradingView According to a price chart, Bitcoin is consolidating close to the $97,000 mark following a brief retreat from the psychological $100,000 resistance. Interestingly, the price continues to hold above the 26 EMA, indicating strong support and a possible base for a subsequent rally.  Even though market volume has somewhat dropped, the continuous inflows imply that institutional demand might serve as a spur for a new rally. Nevertheless, there are obstacles in the way. Bitcoin has struggled to break above $100,000, which suggests that profit-taking and overly leveraged positions are putting a lot of pressure on…

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Filed under: News - @ December 11, 2024 1:20 pm