Monday saw net inflows of $532.21 million into US spot Bitcoin ETFs, as the price of bitcoin rose back over $80,000 on the strength of improved risk sentiment after the US-Iran ceasefire accord.
SoSoValue data shows that the top two bitcoin investment trusts by daily inflow amount were iShares Bitcoin Trust (IBIT) by BlackRock with $335.49 million and Wise Origin Bitcoin Fund (FBTC) by Fidelity with $184.57 million. Only one other fund had positive flows that day; $12.16 million went into Morgan Stanley’s Bitcoin ETF (MSBT). There were no further contributions to the remaining funds.
With Monday’s inflows, a three-day winning run was extended. Funds received a more respectable $14.76 million on Thursday, but $629.73 million on Friday. Following the most heavy continuous redemption period in recent weeks—three days in a row—during which funds lost $490.63 million—the streak began.
Bitcoin’s Ongoing Recovery
This influx of capital coincides with Bitcoin’s first price increase in almost three months, which puts it over $80,000. According to statistics from CMC, the top cryptocurrency is presently trading at roughly $81,149, which is an increase of 2.14% from the previous day.
Crypto analysts have recently noted that the spike coincides with Bitcoin’s ongoing recovery in risk appetite after the truce. The analyst claims that after a concentrated short-side liquidity squeeze in the $79,500-$81,000 area, Bitcoin has recovered and is presently trading back above the $80,000 psychological mark, with leveraged longs finding strength around the $77,000-$78,000 zone.
The analysts did note, however, that economic and geopolitical factors are becoming more influential in determining the course of cryptocurrency prices. With Iran expressing concern that the US military’s deployment of 15,000 troops to defend shipping channels via the Strait of Hormuz might breach the current ceasefire framework, the commencement of “Operation Freedom” has caused tensions to rise.