BitcoinETFs in the United States, which launched a month ago, are gaining more capital flow. In the last three days of trading, they generated entries of almost 1.5 billion dollars (USD). In this way, they accumulated in this short period almost the same as in the previous 19 days since its launch (USD 1.7 billion).
Such entries, displayed in the following table from data firm BitMEX Research, led them to acquire more than 30,000 bitcoins in just three days. This is despite the fact that the Grayscale ETF (GBTC) continued to sell its holdings in the currency due to daily capital outflows, something to which Invesco (BTCO) added.
Like every day since these instruments came onto the market, the BlackRock (IBIT) and Fidelity (FBTC) ETFs were the best performers. The entries they hoarded in the last three days led them to buy more than 17,000 BTC and 8,000 BTC each .
With the increase in demand for ETFs, these instruments took a key role in the market by exerting upward pressure on the price of bitcoin .
Precisely, in the midst of this panorama, the currency began to trade above $50,000, its highest in more than two years. This movement fueled the rise of cryptocurrencies in general.
As long as demand for these ETFs continues like this, it will continue to create upward pressure for bitcoin . However, every upward trend has downward corrections. The relative strength index (RSI) showed an overbought zone. At the time of this publication, the BTC price has fallen slightly below $49,000.
