Bitcoin ETF inflows surge as IBIT leads weekly demand
BlackRock’s IBIT added over $117 million on Friday, helping lift Bitcoin ETF inflows as the funds drew $770 million this month and held $101 billion in assets under management.
American investors are rotating back into Bitcoin (CRYPTO: BTC) as US public debt surges and key artificial intelligence (AI) stocks like Nvidia (NASDAQ: NVDA ) and Micron (NASDAQ: MU ) waver.
This rotation has fueled a sharp rise in ETF inflows and a comeback in Bitcoin’s price.
Bitcoin ETF Inflows are Soaring One of the best measures to assess Bitcoin’s demand among investors is to look at the performance of ETFs.
Data shows that inflows into these funds has continued soaring, with BlackRock’s IBIT being the top driver.
IBIT added over $117 million in inflows on Friday, bringing its total assets to over $62 billion.
It is followed by Fidelity’s FBTC, which added $57 million in assets, and now has $14 billion in assets.
In total, these funds have added $770 million in assets this month after adding $3.52 billion in August.
They now hold $101 billion in assets under management.
The same growth is happening among Bitcoin treasury companies.
Strategy (CRYPTO: MSTR) surprised investors by buying Bitcoin last week, bringing its total holdings to 845,050.
Strive (NASDAQ: ASST ), which is associated with Vivek Ramaswamy, has continued accumulating and now holds 23,156 coins.
Read Also: XRP Price Prediction as Ripple USD (RLUSD) Hits $2.4 Billion Milestone The ongoing Bitcoin demand has coincided with the rising jitters about the state of the American economy as the public debt surges.
It crossed the $40 trillion mark recently, and this growth will continue amid a surge in deficits.
As a result, bond yields have continued rising in the past few months.
At the same time, the top AI companies that attracted attention among traders have started to waver.
For example, in South Korea, one of the most active crypto trading countries, Samsung Electronics and SK Hynix stocks have dropped into a bear market.
The same is happening in the US, where companies like Micron and SanDisk have retreated.
Bitcoin Price Has Encouraging Technicals BTC price chart | Source: TradingView Technicals suggest that BTC price may have a strong bullish breakout in the near term.
The spread of the 50-day and 200-day Exponential Moving Averages (EMA) has narrowed, suggesting that a golden cross pattern is about to form.
Bitcoin has formed a bullish flag pattern, which is made up of a vertical line and a horizontal channel.
It is now in the flag section.
The coin also remains above the Supertrend indicator.
Therefore, the most likely scenario is where Bitcoin stages a strong comeback, potentially to $90,000 followed by $100,000.
Read Also: Mark Cuban Says Raise Taxes on Any Company That Won’t Give Every Employee Equity — ‘If They Get Rich From the Market, So Do They’ Image: Shutterstock