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Prominent on-chain data aggregator Glassnode has published a report commenting on Bitcoin’s recent price jump, which was triggered by several big factors, including stabilizing inflows into the spot Bitcoin ETFs.
Meanwhile, an analyst expects that funds may start flowing soon from gold into Bitcoin.
Bitcoin jumps above $70,000 amid recovering BTC ETF inflows
Glassnode shared a chart showing that inflows into Bitcoin ETFs from financial institutions have been getting more stable after the recent decline over the past two weeks. This coincides with the Bitcoin price curve shown on the chart as well.
Glassnode stressed that this is a sign that the distribution pressure is getting easier as Bitcoin has surged above the $74,000 level. The report also stresses that while the Bitcoin demand from financial institutions remains “tentative,” there are definite early signs that institutions have begun reaccumulating Bitcoin after the recent sell-off.
Bitcoin might start pulling funds out of gold: Analyst
A pseudonymous analyst @CryptosBatman has published a tweet, sharing that he sees signs of potential rotation of capital from gold back into the world’s largest cap cryptocurrency.
The analyst shared a BTC/GOLD chart, commenting that Bitcoin trading against gold is going back to bearish market levels. The RSI is confirming this bottom, he emphasized. Currently, BTC/GOLD is moving within the trendline that marked bear market lows back in 2019 and 2022.
While the RSI here is deeply oversold, the analyst says he will not be surprised if investors begin moving money from gold into Bitcoin, as eventually happened in 2019 and 2022.
Dan Burgin
Vladislav Sopov
