US Spot Bitcoin ETF Attracts Over $2.1 Billion Inflows, Pushing BTC Price Towards $130K

The recent surge in the U.S. Spot bitcoin Exchange-Traded Fund (ETF) market has attracted considerable attention, with an impressive influx of nearly $2.1 billion this week. This influx, indicative of heightened investor interest, appears to be influencing the broader cryptocurrency market sentiment positively. Bitcoin’s price has seen a significant increase, reaching close to $68,000, signaling a possible bullish trend for the leading cryptocurrency. A prominent market analyst has even suggested that Bitcoin might be on track for a rally to an unprecedented $131,000.

The U.S. Spot Bitcoin ETF has been a focal point for investors, witnessing a substantial inflow over the past few days. This marks the sixth consecutive day of positive inflows, reflecting growing confidence from institutional investors. Recent data from Farside Investors revealed that on Friday, the Spot Bitcoin ETFs experienced an influx of approximately $275 million, with no outflows reported. For the week, the total inflow reached nearly $2.2 billion, with a cumulative six-day inflow of around $2.4 billion.

Among the ETFs, BlackRock’s IBIT led the week with a notable $1.15 billion inflow, followed by Ark’s ARKB, which attracted $307 million. The consistent interest from institutional investors has contributed to the cumulative inflow of Spot Bitcoin ETFs reaching $21.3 billion since its inception in January 2024. This robust inflow is also reflecting positively on the cryptocurrency market, with Bitcoin’s price climbing near the $68,000 mark. Additionally, several top Altcoins have mirrored this trend, further indicating growing investor confidence in digital assets.

The question now is whether Bitcoin could soon reach a new all-time high. Historically, the cryptocurrency market has shown positive trends in October, often carrying momentum into the final quarter of the year. The upcoming U.S. Presidential Election could further bolster market sentiment, as the influence of cryptocurrencies in the political sphere continues to grow.

In the midst of this, Peter Brandt, a veteran trader and well-known crypto market analyst, has drawn attention to an analysis by the analyst internbrah. This analysis suggests a potential rally for Bitcoin to $131,000, based on the re-emergence of the “McRib” indicator—a pattern that historically precedes a significant price rally. According to internbrah, this indicator often leads to a doubling of Bitcoin’s price, suggesting that a new high might be on the horizon, especially given Bitcoin’s current trading range between $65,000 and $69,000.

Currently, Bitcoin’s price has increased by approximately 0.6%, reaching $68,348, although its 24-hour trading volume has decreased by 15% to $30.5 billion. The cryptocurrency touched a high of $69,000 in the last 24 hours. This analysis aligns with predictions from other experts who foresee Bitcoin potentially reaching $110,000 in the near term, attributing this to various favorable market conditions.

As the market continues to respond to these developments, the future trajectory of Bitcoin remains a topic of keen interest among investors and analysts alike. The interplay of institutional investments, market trends, and broader economic factors will likely shape Bitcoin’s path forward in the coming months.