What the Record Inflows of BTC and ETH ETFs Say About the Market
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- Investors are reaffirming their confidence in BTC with ongoing purchases.
- Ethereum-related ETFs experienced significant net inflows on November 7.
The election results in the United States triggered a global economic boom, influencing the crypto market as well. Bitcoin, the leading cryptocurrency, enjoyed a substantial price increase accompanied by an unprecedented surge in ETF purchases.
Bitcoin ETFs have reached an all-time high.
A prominent crypto analyst, CRYPTOBIRD, shared a tweet indicating a significant advancement in BTC ETFs. The tweet revealed that over 17,000 BTC were acquired recently, with total net inflows reaching 406,000 BTC by November 7.
The highest level of net inflows on that day came from ETFs. This was particularly remarkable as it occurred shortly after the US presidential election results were announced.
Source: Heyapollo (19659017). This significant rise in ETF net inflows reflected strong market confidence in the premier currency. Should this trend persist, BTC may experience greater price appreciation moving forward.
As of press time,BTC had gained nearly 10% over the past seven days and was trading span > close to its historical peak. p >
We then analyzed alternative data sets to check for signs of heightened buying pressure within the market. Glassnode’s analysis indicated that BTC accumulation trend values surged from 0.04 to 0.8 within just one month. p >
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