Solid buying in spot Bitcoin ETFs suggests that traders anticipate a breakout to the upside over the coming days.
Traders have been eagerly waiting for Bitcoin (BTC) to break out of its range, but that has not yet happened. The longer the price remains inside the range, the greater the force needed for the breakout. A bullish sign is that the spot Bitcoin exchange-traded funds have witnessed net inflows for 19 days in a row. This shows solid buying in anticipation of the resumption of the uptrend.
Other than Bitcoin ETFs, firms are also directly investing in Bitcoin. A June 6 S-3 filing by Nasdaq-listed medical manufacturer Semler Scientific shows that it owns 828 Bitcoin, having purchased its first lot of 581 Bitcoin on May 28. The firm said it has kept its options open to raise an additional $150 million of debt securities, primarily for general corporate purposes, including Bitcoin purchases.
In addition to the growing demand for Bitcoin ETFs, the institutions seem to be showing interest in investing in altcoins. According to a June 6 report from The Information, asset manager Franklin Templeton is considering a private fund that will expose institutional investors to altcoins.
