Crypto Daily – Two buys totalling nearly $1 billion each on Friday and Monday by the U.S. Spot ETFs have helped to push Bitcoin over $100,000 again.
Heavy buying from the U.S. Spot Bitcoin ETFs
As much as the charts say that Bitcoin is overbought right now, heavy institutional buying is keeping the price aloft. $BTC is currently just below $202,000 on Tuesday, and if the heavy buying continues into the rest of this week, a new all-time high may not be out of the reckoning.
On Monday, the U.S. Spot Bitcoin ETFs bought big again. A total of 9.95 BTC was the total inflow, amounting to almost $1 billion. This was the 5th biggest daily inflow on record, just beating Friday’s purchase of 9.36K BTC.
The difference in the buying share over these last two purchases was that for once, Blackrock’s IBIT fund did not take the lion’s share. Instead, Fidelity’s FBTC fund bought most, with 3.68K BTC and 3.76K BTC on Friday and Monday respectively.
