- Hong Kong and Australia Bitcoin ETFs record substantial inflows, with Hong Kong reserves reaching 4,941 BTC.
- Australia’s Monochrome Bitcoin ETF (IBTC) approaches 100 Bitcoin threshold, highlighting increasing investor interest in Bitcoin ETFs.
Bitcoin ETFs in Hong Kong and Australia have recorded significant inflows, coinciding with a bullish turn in Bitcoin’s market behavior. Notably, the Hong Kong Bitcoin ETF saw its reserves increase to 4,941 BTC, valued at over $310 million. This marked a substantial 28.6% increase from its previous holdings, signaling growing investor interest in the region.
Similarly, Australia’s Monochrome Bitcoin ETF (IBTC) has also seen notable activity, amassing an influx of 83 BTC since its inception, nearing a total holding of 100 Bitcoins. These developments highlight a robust interest in Bitcoin ETFs outside the United States, where such financial products have historically dominated the market.
Despite the overall positive inflow, a closer examination by ETHNews using Dune Analytics data indicated a decline in net flows over recent weeks. However, the enduring higher net inflows suggest sustained demand and confidence in Bitcoin as a leading cryptocurrency.
On the trading front, Bitcoin has demonstrated a strong performance, according to ETHNews analysis, with its price increasing by more than 4% in the last 24 hours, reaching $62,810.22. This upward trend has pushed Bitcoin’s market capitalization to over $1.23 trillion.
Further analysis from Coinglass revealed an uptick in Bitcoin’s Long/Short Ratio, indicating a predominant bullish sentiment among traders, with more long positions being held compared to short positions.
Despite these positive indicators, not all metrics forecast continued upward momentum. The Network Value to Transactions (NVT) ratio, which helps assess the asset’s valuation by comparing its market cap to the total transaction volume, has shown an increase. Typically, a rising NVT ratio can suggest that the asset is becoming overvalued, potentially signaling an impending price correction.
Looking ahead, if the bullish market control persists, Bitcoin could potentially approach the $68,000 mark in the near term.
However, should the trend reverse as hinted by the NVT ratio, prices might retract to around $56,000.
The current price of Bitcoin (BTC) is $64,634, reflecting a slight decrease of 0.22% in the past 24 hours. With a 24-hour trading volume of $30.91 billion, Bitcoin has increased by 14.00% over the last week but decreased by 2.34% over the past month.
