Bitcoin Faces Flat Trading as ETFs and Corporates Show strong Interest
On July 5,Bitcoin’s price hovered around $108,000. The digital currency saw a slight dip from its recent peak of $110,000. despite this, it remains 10% above its monthly low.
Spot Bitcoin ETFs have been performing well. They attracted $769 million this week, though this is less than the $2.2 billion influx from the previous week. The drop is partly due to the shortened trading week caused by the U.S. Independence Day holiday. These etfs have seen a total inflow of $49 billion. BlackRock’s iShares Bitcoin Trust (IBIT) leads with $52.6 billion in inflows. IBIT now holds over $76.5 billion in assets, making it one of the top U.S. ETFs. It ranks eighth among all BlackRock ETFs. The fund is on track to hit $80 billion soon. It’s the fastest-growing ETF ever and is closing in on the SPDR Gold Trust, which has $101 billion in assets. The ETFs’ popularity shows growing investor interest in Bitcoin.
Corporate adoption is also on the rise. Companies are increasingly adding Bitcoin to their treasuries. Strategy, a tech firm, holds 597,325 coins. This trend reflects a bullish sentiment. The ETFs’ assets coudl soon surpass $50 billion.
Bitcoin’s supply on exchanges has fallen to 1.2 million coins, down from 1.5 million earlier. This drop suggests a strong demand for the asset. Vanadi Coffee shareholders approved a plan to buy more Bitcoin. The coffee chain aims to become Spain’s largest bitcoin holder.
Simultaneously occurring, gaming firm Fragbite Group is setting up a Bitcoin treasury. They hired a director to manage it. This move highlights the growing corporate interest in Bitcoin. The total corporate holdings stand at 848,902 coins. This interest is driving the price. The supply on exchanges is shrinking, supporting the price.
Technical analysis hints at a potential price surge. The daily chart shows two bullish patterns: a cup-and-handle and a bullish flag. If these patterns hold, Bitcoin could reach $144,000. however, a dip below the flag’s lower boundary could negate this outlook.
bitcoin ETFs are a key driver.
Bitcoin’s price has been steady around $108,000. It’s down from the week’s high of $110,000 but still 10% above the month’s low.
Spot Bitcoin ETFs have been doing well. They attracted $769 million this week, though less than the $2.2 billion from the previous week. The drop is partly due to the shortened trading week caused by the U.S. Independence Day holiday. These ETFs have seen a total inflow of $49 billion. BlackRock’s iShares Bitcoin Trust (IBIT) leads with $52.6 billion in inflows.IBIT now holds over $76.5 billion in assets,making it one of the top U.S. ETFs.It ranks eighth among all BlackRock ETFs. The fund is on track to hit $80 billion soon.
Corporate adoption is also on the rise. Companies are increasingly adding Bitcoin to their treasuries. Strategy, a tech firm, holds 597,325 coins. This trend reflects a bullish sentiment. Vanadi Coffee shareholders approved a plan to buy more Bitcoin. The coffee chain aims to become Spain’s largest Bitcoin holder.
Bitcoin ETFs are a key driver. The daily chart shows two bullish patterns: a cup-and-handle and a bullish flag. If these patterns hold, Bitcoin could reach $144,000. However, a dip below the flag’s lower boundary could negate this outlook.
