The High Bitcoin Spot ETF Netflows Showcase Bullish Belief

The weekly price action of BTC remained firmly bullish.

Bitcoin (BTC) saw its spot ETF approved in the U.S. on January 10, 2024.

The U.S. Securities and Exchange Commission approved the trading of the first 11 Bitcoin spot ETFs, marking a key milestone in Bitcoin’s history.

The cryptocurrency, originally envisioned as a decentralized, trustless, peer-to-peer network, has changed vastly over the past decade and a half.

The largest BTC spot ETF, IBIT, has a market cap of $56.66 billion (price x shares outstanding).

The spot ETF netflow table showed that BlackRock’s iShares Bitcoin Trust saw consistent inflows over the past two weeks of trading. Overall, these inflows indicate that sentiment was strongly positive.

Bitcoin ETF Investors Are Making Large Profits

Since it is the largest spot ETF, we can examine the price chart of IBIT. Data shows that trading began on January 11, reaching a high of $30 that day.

If an investor had bought $1,000 worth of shares then, how much profit would they have made by now?

Without accounting for trading commissions, taxes, or maintenance fees, shares bought at the high on January 11 would have appreciated by 100.7% and be worth $2,007.

If bought at $22.02, the low on January 23, the investor would be up 173.46% before costs. The $1,000 investment would now be worth $2,734.60.

Weekly Chart Hints at $152k

Fibonacci retracement levels suggest that more gains are likely. On the weekly chart, the market structure is strongly bullish. Nearly a month’s worth of consolidation was seen below the $100k mark.

Read Bitcoin’s (BTC) Price Prediction 2024-25

Over the past week, BTC has climbed higher and appeared to turn the $103.8k level into support. A weekly close above this mark would be a strongly bullish sign.

The next bullish targets are $122.4k, $133.9k, and $152.5k. Bitcoin investors, whether in spot ETFs or the coin itself, are likely to be even more excited in the coming months.