Bitcoin rises on net inflows from US spot ETFs

US BTC Spot ETF Records Total Net Inflow of About $9.313 Billion on the 19th
BTC Breaks Through $105,000 Again on the 20th... Altcoins Rebound
Experts: "BTC Will Surpass $110,000 with US Institutional Funds Inflow"

Bitcoin (BTC) rose on the 20th due to net inflows of spot ETFs in the United States.

According to data released by the financial data platform Soso Value on the 20th, the US Bitcoin spot ETF recorded a net inflow of approximately $667.44 million (about 931.3 billion won) on the 19th (local time). This is about three times the amount compared to the previous trading day, the 16th.

Including BlackRock's 'IBIT' recording a net inflow of about $305.92 million (about 426.7 billion won) and Fidelity's 'FBTC' recording a net inflow of about $188.08 million (about 262.3 billion won), multiple Bitcoin spot ETFs were found to have recorded unprecedented net inflows.

On the 20th, due to the net inflow of US Bitcoin spot ETFs, Bitcoin rose by about 2.5% and broke through $105,000 again. Along with Ethereum (ETH) rising by more than 6%, multiple altcoins rose by more than 3%.

◇Bitcoin = The Bitcoin price at 4 PM on the 20th on Upbit is 149.13 million won. Bitcoin's dominance is 63.82%.

According to the on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 34.88% and 65.12%, respectively.

Pointing to the fact that US institutional funds are flowing into Bitcoin, a forecast was raised that Bitcoin will break its all-time high again.

The cryptocurrency media Coindesk said, "Typically, Bitcoin products on the Chicago Mercantile Exchange (CME) are formed at a lower price than the previous Friday's closing price when the market opens on Monday, but this was not the case in the third week of May," and analyzed that "institutional investors using CME may have led the recent rise."

Another cryptocurrency media Cointelegraph said, "Bitcoin is showing a double bottom pattern and buying sentiment on the network, and accordingly, it can break through $110,000 this week," and "A sharp rise occurred after forming a box range at the end of last month, and a similar structure is currently forming. However, caution is needed if it falls below $103,500."

◇Rising Coins = As of 4 PM on the 20th on Upbit, the cryptocurrency with the largest increase from the previous trading day was Aave (AAVE), rising by about 8%.

Aave is a decentralized non-custodial liquidity protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn income, while borrowers can borrow through over-collateralization or under-collateralization methods.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is 71 points, entering the 'Greed' stage. The greed stage is a period where price volatility and trading volume increase, indicating a price rise. There is a high possibility of forming a short-term peak, so caution is advised when selling.

The cryptocurrency Relative Strength Index (RSI) provided by Sigbit recorded 57.8, in a 'neutral' state. RSI determines the relative strength between upward and downward pressure on a specific asset price and is an indicator showing the overbought and oversold scale of a specific asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr