Published on mei 31, 2024, 1:09 am
Image source: Fox News
```json { "TLDR": "Investors are capitalizing on the current consolidation phase to accumulate digital assets through Altcoin ETF inflows. Bitcoin has seen significant net inflows into ETFs, with institutional players and whales actively accumulating. Long-term investors are re-collecting coins, as evidenced by over 600 US investment firms acquiring 855,619 Bitcoins post-launch of spot Bitcoin ETFs since January. Analysts suggest potential price movements for Bitcoin and other top cryptocurrencies based on technical analysis charts." } ```
Altcoin ETF inflows show that investors are seizing the opportunity presented by the current consolidation phase to accumulate digital assets. Bitcoin has been a focal point of this trend, with data reflecting a consistent increase in net inflows into spot Bitcoin exchange-traded funds over the past 11 days.
In fact, recent reports from CoinShares reveal that Bitcoin investment products observed a significant influx of over $1 billion just last week, indicating a strong investor appetite for the leading cryptocurrency. Notably, institutional players and whales are also actively involved in accumulating Bitcoin.
Analysts at Glassnode have highlighted in their recent report that long-term investors are beginning to re-collect coins, marking a shift since December 2023. This accumulating behavior is further evidenced by more than 600 United States investment firms investing in spot Bitcoin ETFs since January, collectively acquiring 855,619 Bitcoins post-launch.
The persistent purchasing activity within Bitcoin ETFs raises questions about potential price movements in Bitcoin’s value and its impact on other cryptocurrencies, including altcoins. Observing the technical analysis charts of the top 10 cryptocurrencies provides insights into potential scenarios.
For instance, as Bitcoin’s price hovers around the 20-day exponential moving average after failing to sustain levels above $70,000, it forms a symmetrical triangle pattern. A downward breakout could signal bearish momentum pushing towards $64,600 and even $59,600. Conversely, an upward breakout might propel prices towards $73,777 and potentially $80,000.
In contrast, Ether (ETH) faces resistance near $4,000 – $4,100 levels while BNB (BNB), Solana (SOL), XRP (XRP), Dogecoin (DOGE), TON Coin (TON), Shiba Inu (SHIB), Cardano (ADA), and Avalanche (AVAX) are all exhibiting specific price actions that traders and investors will closely monitor for potential trends and market sentiment shifts.
It is crucial to note that this article does not provide investment advice but emphasizes independent research before making any financial decisions in the volatile cryptocurrency market.
Original article posted by Fox News
