On Tuesday, US spot Bitcoin ETFs saw inflows with a total of $886.6 million. This is the second-best day for joint net inflows into US spot Bitcoin ETFs. Crypto analysts say this is a bullish sign for Bitcoin.
Bitcoin Hits $71,200
The Fidelity Wise Origin Bitcoin Fund was leading with $378.7 million in inflows. BlackRock’s iShares Bitcoin Trust followed with $274.4 million. The ARK 21Shares Bitcoin ETF also reported $138.7 million in net inflows.
Bitcoin’s price surged to $71,200 in early Wednesday trading, now at $71,166. The Grayscale Bitcoin Trust (GBTC) saw $28.2 million in inflows, one of its few since converting to a spot ETF.
On the other hand, ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex had no new inflows on June 4, according to Farside Investors.
Community Optimism and Analyst Insights
Fortunately, the crypto community is optimistic. Bloomberg ETF analyst Eric Balchunas noted the large inflows, suggesting a bullish trend. Balchunas said that the third wave is going to be tidal.
Hash Ribbons Indicator Signals Opportunity
The hash ribbons indicator from Capriole Investments recently signaled a capitulation period for miners. This happens when Bitcoin’s hash rate’s 30-day moving average drops below the 60-day moving average, which often indicates long-term buying opportunities.
Charles Edwards, founder of Capriole Investments, stressed the indicator’s importance. “Every time we get a Hash Ribbon buy; it gets ridiculed. But the last one occurred when Bitcoin was in the $20,000 range. Time to pay attention,” Edwards said.
After the Bitcoin halving, miners faced challenges. That’s where block rewards dropped, and the profitability was reduced for less efficient miners. Hash Ribbons’ historical performance supports its reliability as a metric for predicting Bitcoin’s long-term value.
