Bitcoin Bitcoin
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Bitcoin has been stuck at the significant resistance level of $107,000 for the past three days. It has jumped by nearly 10% from its lowest point this week.
What’s fueling the latest rally?
U.S. spot Bitcoin ETFs drew $2.2 billion in inflows this week alone—the third consecutive week of net additions. According to SoSoValue data, which represents a substantial increase from the $1.02 billion Wall Street investors accumulated last week.
These ETFs have had net inflows of $4.5 billion this month, down from $5.2 billion in May and $2.9 billion in April. They have had cumulative inflows of $48.87 billion, meaning that the figure could cross the $50 billion milestone in July.
With supply on exchanges at its lowest since 2017, market momentum appears to favor the bulls, setting the stage for a possible breakout above the $111,900 peak.