Bitcoin ETF Inflows Surge to $556M as BTC Eyes Potential Breakout

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Confidence in Bitcoin’s future keeps on growing more and more among traders. For instance, on the prediction platform Polymarket, 64% of traders now believe that BTC will reach a new all-time high in 2024, up 9% in just a week. On Kalshi, bettors are giving a 46% chance that Bitcoin reaches $75,000 by the end of this year, up 7% from its current position. 

At the moment, Bitcoin’s all-time high sits above $71,000, reached earlier in March. 

Still, for historical comparison, Glassnode indicates that there might be a cautionary signal: historically, larger inflows than $450 million have pretty often marked local market tops. For example, on March 12, there was an inflow of $905 million just before Bitcoin reached its all-time high. Similar patterns were seen on dates such as June 3 and September 27, when inflows of over $450 million aligned with market peaks. 

Investors are keenly watching if Bitcoin will continue to stretch higher backed by growing market optimism, or another top is coming on the back of soaring BTC ETF inflows. 

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