Bitcoin ETF volumes are gaining significant momentum, with the seven largest ETFs recording a combined $5.65 billion, marking the highest daily volume since March 24th.
This surge indicates a shift in market dynamics, moving beyond the days when whales predominantly accumulated Bitcoin on-chain.
📈 #BitcoinETF volume is picking up major steam, with the 7 largest #ETF‘s hitting $5.65B, the highest day since March 24th. Gone are the days of whales only accumulating #onchain. Keep a close eye on whether momentum stays high with our free dashboard: https://t.co/fyI2IS1U79 pic.twitter.com/77ZD0e7gpz
— Santiment (@santimentfeed) May 16, 2024
Bitcoin recently overcame substantial on-chain resistance levels, pushing past $66,000. This upward movement, coupled with minimal selling, reflects strong market confidence in Bitcoin’s prospects.
According to on-chain reports, a whale purchased an additional 102 BTC, equivalent to $6.72 million, just eight hours ago.
This whale has accumulated a total of 3,385 BTC, valued at approximately $232.15 million since March 6th, with an average buying cost of $68,579 per Bitcoin. Despite the current price, this whale is still facing an unrealized loss of $8.08 million.
Bitcoin overcame some massive on-chain resistance levels with its move past $66k.
The lack of selling during this move up shows the market’s confidence in $BTC. Is a new ATH coming next? pic.twitter.com/0IvJz5uxfR
— IntoTheBlock (@intotheblock) May 16, 2024
Analyst Ali Martinez, commenting on X, highlighted that the TD Sequential indicator has presented a sell signal on the Bitcoin 4-hour chart. This signal suggests a potential short-term correction of one to four candlesticks for Bitcoin.
The TD Sequential presents a sell signal on the #Bitcoin 4-hour chart, anticipating a one to four candlesticks correction for $BTC. pic.twitter.com/OC9Clv0Tat
— Ali (@ali_charts) May 16, 2024
Bitcoin ETF Net Inflow Remains Positive For The Third Consecutive Days
Moreover, Bitcoin ETF net inflows for May 15, 2024, summed to an impressive $303 million, marking the third consecutive day of positive net inflows.
Nine out of the ten US Bitcoin ETFs, including those managed by Grayscale, reported single-day inflows. Notably, the BlackRock BTC ETF has experienced zero inflows for the third day in a row, indicating a stagnant trend for this particular ETF.
🚨 $BTC #ETF Net Inflow May 15, 2024: +$303M!
• The net inflow has been positive for 3 trading days.
• 9 out of the 10 US Bitcoin ETFs, including #Grayscale, experienced single-day inflows.
• The #BlackRock BTC ETF continues to have zero flow for the third day in a row.… pic.twitter.com/7yKB85CEcM
— Spot On Chain (@spotonchain) May 16, 2024
The increasing volume in Bitcoin ETFs and the recent price movement past critical resistance levels are signs of a robust market outlook.
However, the potential short-term correction as indicated by the TD Sequential and the unrealized losses by significant holders like the aforementioned whale underscore the market’s inherent volatility. Investors will need to navigate these fluctuations carefully, keeping an eye on both technical indicators and broader market trends.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bitcoin-etf-volume-surges-hitting-highest-levels-since-march/