Bitcoin’s Price Remains Under $70,000 Despite Strong ETF Flows
The second-largest daily inflows into spot bitcoin ETFs could not sustain bitcoin prices above $70,000. Despite the strong inflows, bitcoin’s price has only flirted with a new all-time high and not yet hit the $73,000 mark seen in March.
Bitcoin’s price remains rangebound
The influx marked sixteen consecutive days of net inflows for these ETFs, which has since been extended to nineteen days. It was a strong week overall for bitcoin ETF inflows, as nearly $1.6 billion of flows came into the market from Tuesday to Thursday alone.
“The cumulative net inflows for U.S. Bitcoin ETFs have now reached $15.6 billion, with IBIT overtaking Grayscale Bitcoin Trust (GBTC) as the largest player in the market.” - Farside Investors
However, traders are now betting on arbitrage. Hedge funds and commodity traders are buying spot bitcoin ETFs while selling CME futures, or basis trading, aiming to profit from the futures market premium relative to spot prices.
Bitcoin ETF inflows reach new highs
Robinhood’s Acquisition of Bitstamp
Robinhood announced an agreement to purchase crypto exchange Bitstamp. This expansion comes roughly six months after Robinhood began offering crypto trading to clients in the European Union.
Bitstamp’s extensive spot exchange offers over 85 tradable assets
Semler Scientific Follows Microstrategy’s Bitcoin Playbook
Semler Scientific announced last Thursday that it will bolster its existing bitcoin holdings with a recent $17 million purchase, while also planning to raise $150 million.
Semler Scientific diversifies its strategy with bitcoin
The company now possesses 828 bitcoins in total. Semler’s stock jumped in the immediate aftermath of the announcement and is trading roughly 27% higher compared to the close last Thursday.
What to Expect in the Markets This Week
Markets watchers, across traditional finance and cryptocurrency markets, will be keeping a close eye on the Consumer Price Index (CPI) data and Federal Reserve Chair Jerome Powell’s press conference on Wednesday for cues on when the central bank could move towards cutting interest rates.
Federal Reserve Chair Jerome Powell’s press conference
Hotter-than-expected inflation data in the past has led to a decline in bitcoin prices as it creates uncertainty about when the Fed will lower rates and by how much.
