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Bitcoin surged past the $110,000 mark on Wednesday, supported by yet another bout of strong ETF flows. Spot Bitcoin exchange-traded funds experienced over $600 million in net inflows, the sixth day in a row that these products have seen inflows.
According to data from SosoValue, the total inflows hit $608.99 million, up 85% from Tuesday’s $329 million. This steady rise shows growing investor trust in Bitcoin as it pushes to new highs.
BlackRock’s iShares Bitcoin Trust (IBIT) led the charge, bringing in $530.63 million in a single day. This pushed its total net inflows to $46.68 billion. Coming in second to this was Fidelity’s Bitcoin ETF (FBTC), with $23.53 million, with a total of $11.83 billion in history.
On Thursday, Bitcoin reached a new high of $111,880 in the early trading hours of Asia. At the time of writing, the price had fallen slightly to $111,618. But as indicated by analysts, the trend continues to run.”.
In the derivatives market, traders are reducing their bullish. In Bitcoin, the funding rate increased to 0.018%—the highest since February 22, reports Coinglass. This shows that more traders are moving long, expecting the price to increase.
Still, some investors are staying cautious. Data from Deribit shows nearly equal demand for call and put options. This suggests that while many believe in further gains, others are preparing for a possible pullback.
Despite mixed signals, market momentum appears strong as Bitcoin tries to hold above the key $110,000 level.
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