Bottom in Sight? Bitcoin Spot ETF Sees Whales Re-Entering the Market as Repurchasing Begins
- After weeks of turmoil, there are signs that Bitcoin could be approaching a major turning point.
- The resumption of inflows suggests growing interest among professional investors.
- “Net inflows have turned positive after eight days of significant outflows.
Bitcoin’s Turning Point: ETF Inflows and Whale Activity Signal Potential Rebound
After weeks of turmoil, there are signs that Bitcoin could be approaching a major turning point. U.S.-listed Bitcoin exchange-traded funds (ETFs) recorded net inflows of $28.7 million on September 9, the first net inflow since the market lost $1.2 billion. This was the first net inflow since late August, and coincided with a 6% rally in the Bitcoin price.
Bitcoin Buy Order Fills, Signaling Local Low
The resumption of inflows suggests growing interest among professional investors. While ETFs have struggled since August 27, the recovery in inflows could be an early indicator of changing sentiment. September is traditionally a bearish month for Bitcoin, but the increased demand for ETFs offers a potential countervailing argument.
“Net inflows have turned positive after eight days of significant outflows. Yesterday’s outflows were exclusively from Grayscale (GBTC) and BlackRock (IBIT), the two largest Bitcoin ETFs in the US,” SpotOnChain analysts said.
Meanwhile, there is a notable whale on Bitfinex accumulating around 450 BTC per day. This movement occurs when the price of Bitcoin moves below $60,000, and whales are showing confidence in the long-term potential of the asset.
These trades on Bitfinex demonstrate dominance in the order book and suggest strong confidence in Bitcoin’s resilience.
