Bitcoin ETF Inflows Top $240M, BTC Price Holds Above $72K

Key Insights:

• The U.S. spot Bitcoin ETF saw inflows of over $240 million on Friday.
• The institutional influx coincided with a rebound in the BTC price.
• However, analysts remain divided on the future trajectory for BTC.

Institutional BTC demand splurged with the U.S. spot Bitcoin ETF registering over 240 million in daily inflows. The influx strengthens the bullish mood around BTC price despite analysts cautioning of possible volatility in the future.

Spot Bitcoin ETF Record $240M Inflows

Farside Investors data indicates that net Bitcoin ETF inflows were about $240 million on April 10. The BlackRock IBIT ETF led all with a single-day inflow of $137.6 million.

Fidelity’s FBTC recorded an influx of $78 million, followed by smaller flows into Bitwise, ARK, and other issuers.

The latest inflow was among the highest single-day flows lately, indicating further institutional buying in the face of market skepticism. The constant demand for a Bitcoin ETF has enabled the BTC price to stay in support above the $72,000 mark.

As of writing, BTC price was hovering around the $72,700 level on Saturday, April 11. It has recovered following recent lows amid the U.S. ceasefire, which indicates that buyers are vigorously protecting the important areas.

Technical Scenario for BTC Price

However, despite the Bitcoin ETF inflow, the market structure is weak. Crypto analyst Ted Pillows believes that the Bitcoin price is at a crossroads. He wrote, “$BTC is hovering around the $73,000 level.

A reclaim of the $73,000–$74,000 level could give one final push to Bitcoin,” he wrote on X. He added a note of caution: “After that, I’m expecting a reversal to new lows.

Bitcoin Price Chart | Source: Ted Pillows, X

The TradingView chart provided by Pillows shows an apparent range-bound design. Bitcoin had earlier fallen under the $80,000-82,000 level. Now, BTC price has now recaptured the $72,000-74,000 level, which is now flipped and has become a major point of conflict.

The chart also indicates several support areas below, especially at $66,000 and at $60,000. It indicates that inability to support the current areas might cause a more significant correction.

On the other hand, a successful reclaim would lead to the possibility of $76,000 and higher in the short-term. In such cases, Bitcoin ETF inflows and corporate BTC accumulation could help sustain the momentum.

Bitcoin ETF & BTC Derivatives Data Shows Mixed Sentiment

Moreover, Michaël van de Poppe shared data on derivatives positioning, which indicates the increase in speculative trading.

His chart comparing “Commercials’ Net Position” and “Large Speculators’ Net Position” shows a familiar setup:

• Large speculators are heavily net long.
• Meanwhile, commercial traders are net short.

Bitcoin ETF & BTC Derivatives Data in Focus | Source: Michaël van de Poppe, X

“Speculators are net long on #Bitcoin,” Poppe noted. The analyst added, “Very similar to previous cases where we’ve seen the same before a big breakout in 2023.”

However, he emphasized that this setup does not guarantee an immediate rally. “This doesn’t guarantee that we’re going to be breaking upwards massively. It does say that there’s a significant chance for volatility.”

A smaller range of consolidation is also another aspect that Poppe emphasized in Bitcoin over almost a year and a half. “Markets refused to fall down,” he said as he suggested underlying strength, implying internal strength.

According to this structure, he expects a greater likelihood of an increase in the direction of the $80,000-85,000 range prior to a major reversal.

The confluence of robust Bitcoin ETF inflows and mixed derivatives indicative places BTC at a critical juncture. The institutional purchasing by companies like MicroStrategy and Metaplanet still offers a strong backbone.

However, the highly speculative positions are creating the risk of significant price fluctuations.

The important level is the $72K-74K zone at the moment. The breakout above might prolong the rally, while a rejection could signal a pullback in the near future.

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