Bitcoin Continues to Trade Around $91,000

Bitcoin traded either side of $91,000 after recovering from a dip to just above $89,000. BTC is 2% lower than its all-time high of $93,445, which it reached during the U.S. afternoon on Wednesday, but remains over 4% higher in the last 24 hours. Bitcoin ETFs recorded another $510 million of inflows Wednesday, taking the total for the last six days to $4.7 billion. “The Bitcoin ETFs are by far the majority driving force of bitcoin demand right now, soaking up almost all of the selling by Long-Term Holders. CME open interest is not growing meaningfully, reinforcing that this is a spot-driven rally,” analyst Checkmate said in a post on X.

Bitcoin’s Price Movement

Despite the recent dip, Bitcoin continues to show resilience and remains in an upward trajectory. The cryptocurrency market has been volatile, but Bitcoin’s price stability around the $91,000 mark indicates strong support from investors.

Bitcoin ETF Inflows

The influx of $510 million into Bitcoin ETFs on Wednesday highlights the growing interest in cryptocurrencies among institutional investors. The total inflows of $4.7 billion in the last six days demonstrate the significant role that ETFs play in driving demand for Bitcoin.

Analyst Insights

Analyst Checkmate’s observation that Bitcoin ETFs are the primary driver of demand for Bitcoin at the moment sheds light on the current market dynamics. The fact that CME open interest is not growing significantly further emphasizes the impact of ETFs on the cryptocurrency’s price movement.

Overall, Bitcoin’s resilience in the face of market fluctuations and the continued interest from institutional investors signal a positive outlook for the cryptocurrency in the near future.