Five-Day Inflow Streak Signals Investor Confidence

Bitcoin ETFs posted five straight days of inflows starting June 9, with over $1.3 billion entering the market. According to Farside Investors, Friday alone saw $301 million in net inflows, signaling robust confidence in Bitcoin despite recent shocks.

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While the cryptocurrency briefly dropped 3% following Israel’s airstrikes on Iran, it bounced back quickly from $103,000 to hover around $105,000 — reflecting market resilience under pressure.

Falling Dollar Boosts Bitcoin’s Outlook

Nic Puckrin of Coin Bureau emphasized the macroeconomic view: “It’s not geopolitics, but the U.S. dollar index (DXY) that truly drives Bitcoin. With DXY falling below 100 — a three-year low — Bitcoin stands to benefit.”

Still, the risk of Iran closing the Strait of Hormuz, through which 20% of the world’s oil flows, could trigger short-term price shocks across risk-on assets like cryptocurrencies.

New Highs on the Horizon?

Despite global uncertainty, Bitcoin is trading just 6% below its all-time high of $112,000, reached on May 22. This resilience has analysts predicting that a breakout could be imminent.

As macroeconomic instability grows and trust in traditional finance weakens, capped-supply assets like Bitcoin are becoming increasingly attractive to both retail and institutional investors.

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Record-Breaking Inflow Momentum

On June 6, spot Ether ETFs saw $25.3 million in net inflows, marking the third straight trading week of uninterrupted capital movement into these funds. If the trend continues, the current streak could surpass $1 billion next week.

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By contrast, spot Bitcoin ETFs saw a break in their inflow pattern on May 29, posting $346.8 million in outflows. Since then, Bitcoin ETF flows have been volatile.

ETH Price Surge Aligns With ETF Demand

Ether’s price is also strengthening. As of publication, ETH is trading at $2,490, up 31.23% over the past 30 days, according to CoinMarketCap. The bullish trend may be fueling investor interest in Ethereum-related ETFs.

Some analysts, including Crypto Eagles, believe Ether is mirroring historical gold fractals — possibly heading toward a $6,000 price target in the current cycle. ETH’s all-time high of $4,878 was recorded in November 2021.

Staking-Enabled ETFs Could Be Next

While spot Ether ETFs have gained traction, industry voices argue that staking functionality would greatly enhance long-term returns. On May 31, Cointelegraph reported that REX Shares had filed to launch the first Ethereum and Solana staking ETFs in the U.S., possibly within weeks.

ETF analyst James Seyffart noted that while an official launch date is still pending, REX used “regulatory workarounds” to fast-track the product.

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This significant inflow occurred despite the leading BlackRock iShares Ethereum Trust fund showing a net zero flow. The majority of the inflows went to the Fidelity Ethereum Fund, with $26.9 million, while the remaining $25.4 million was allocated to the Grayscale Ethereum Mini Trust. The other seven spot Ethereum ETFs saw no inflows. However, the total net balance of all these products fell to negative $490 million due to continued outflows from Grayscale’s high-fee ETHE fund, which has lost $3.1 billion in assets under management since its conversion to a spot ETF in July.

Meanwhile, the 11 spot Bitcoin ETFs in the U.S. recorded a net inflow of $621.9 million on November 6, reversing a trend of outflows over the previous three trading days.

According to preliminary data from Farside Investors, although BlackRock’s iShares Bitcoin Trust experienced its second consecutive day of outflows with a $69.1 million loss, it still recorded its busiest day ever with a trading volume of $4.1 billion. The inflows were led by the Fidelity Wise Origin Bitcoin Fund, which received $308.8 million—the largest inflow since June 4. Bitwise, Ark 21Shares, and Grayscale also saw over $100 million in inflows for their respective products.

Spot crypto markets rose by 4% over the past 24 hours, bringing total market capitalization to $2.64 trillion. Bitcoin hit a new all-time high, surpassing $76,000 in late trading on November 6. Ethereum surged 10% in early trading on November 7, reaching $2,872—its highest price since early August.

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So What’s The Latest Situation in Bitcoin Spot ETF Application?

SEC, Delayed Two Bitcoin ETF Decisions Again!

HashDex applied to convert its Bitcoin futures ETF to a HashDex Spot Bitcoin ETF in September 2023,

After reports in the media suggesting that the SEC may not have examined the initial paperwork thoroughly, Fidelity reapplied for Wise Origin Bitcoin Trust at the end of June.

BlackRock applied for the iShares Bitcoin Trust in June 2023. If approved, this trust will trade on Nasdaq with Coinbase Custody as the crypto custodian and BNY Mellon as the cash custodian.

Grayscale Investments is in the process of converting its spot Grayscale Bitcoin Trust (GBTC.PK) to an ETF. Last August, a federal appeals court decided that the SEC’s rejection of Grayscale’s application to form a spot BTC exchange traded fund was incorrect.

Ark Invest and 21Shares resubmitted the documents for their ARK 21Shares Bitcoin ETF. After the regulator refused the initial prospectus for not meeting fraud and market manipulation prevention requirements on 28 June.

After two previous rejections, WisdomTree submitted a new approval application for the WisdomTree Bitcoin Trust on 20 June.

Valkyrie Digital Assets applied to the SEC to launch the Valkyrie Bitcoin Fund under the acronym BRRR on 21 June.

Invesco and Galaxy Digital reactivated their application for Invesco Galaxy Bitcoin ETF, which they applied for in September 2021.

Finally, Swiss asset management company Pando Asset joined the growing list of companies applying for a Bitcoin Spot ETF.

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Crypto markets experienced quite volatile moments in the last few minutes. The leading cryptocurrency Bitcoin, which recently rose to the level of $30,000, saw a sudden surge in the past few hours, reaching $35,000. This marks the highest level the largest cryptocurrency has reached in over a year.

Why Did Bitcoin Rise to $35,000?

The rise in BTC is attributed to two factors. When we analyze the market both technically and fundamentally, two factors emerge. The first one is the technical aspect. Also the $31,500 level was a very strong resistance level for Bitcoin. The strong breakthrough at this resistance level caused the BTC price to soar to the nearest gap point, which is the next potential reaction point. Unable to withstand at the $35,000 level, BTC quickly retreated to $33,000, filling the gap.

The BlackRock Bitcoin ETF News Stirred the Market!

The fundamental factor behind the sudden surge was the listing of BlackRock’s spot Bitcoin ETF on DTCC, which handles clearing and settlement for Nasdaq. With this news, the likelihood of spot Bitcoin ETF applications being approved by the SEC increased significantly. Bloomberg ETF analyst Balchunas commented on the matter, saying “It’s not difficult to interpret this development as a signal that approval is either definite or imminent.”

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