- Bitcoin Spot ETF inflow hit its highest level in over 50 days with $263 million positive net flow on Friday, September 13.
- Bitcoin dominance makes news highs almost everyday, climbs past 57% on Saturday.
- BTC fear and greed index flashes neutral after asset breaks past $60,000 psychological barrier.
- BTC trades at $60,134 at the time of writing.
Bitcoin (BTC) Spot ETFs are considered a marker of institutional interest in the asset. Spot ETF inflows ended a negative streak with record net flows to the asset class on Friday, September 13.
Bitcoin’s dominance relative to other altcoins hit a new high, crossed the 57% level on Saturday.
These factors could catalyze gains in Bitcoin
The top three market movers for Bitcoin are institutional capital inflow, dominance and supply of the asset on exchanges. These factors determine the demand for the asset, its relevance among market participants, compared to other cryptocurrencies (altcoins) and the selling pressure on BTC, eventually influencing Bitcoin price.
Data from crypto intelligence tracker Sosovalue shows that Bitcoin Spot ETFs ended the week with record inflows, $263.07 million on Friday. This is the highest capital inflow since July 2024, in nearly 50 days.
Institutional capital inflow to Bitcoin is key since it represents demand among large wallet investors and higher inflow and demand typically fuel gains in BTC.
Bitcoin Spot ETF inflows
The fear and greed index measures the sentiment among Bitcoin traders. The index reads neutral on Saturday, as Bitcoin makes a comeback above the psychological barrier of $60,000.
Bitcoin fear and greed index
The asset’s supply on exchanges is now at its lowest point since 2018. Declining exchange supply is considered a positive sign for the cryptocurrency since it reduces the available tokens for sale on exchange platforms and reduces selling pressure.
Bitcoin supply has dropped to 1.86 million, down from 3.21 million in March 2020, per Santiment data.
 [13.23.11, 14 Sep, 2024]-638618982688107961.png)
Bitcoin supply on exchanges
The asset’s dominance is the ratio of BTC market capitalization to the rest of the cryptocurrencies, namely altcoins. Dominance has hit a new high every few days, climbs to 57.78% on September 13.
While this yields negative returns for traders holding altcoins (Bitcoin pairs), it is considered a bullish sign for Bitcoin.
Bitcoin dominance
Bitcoin eyes $65,000 target
Bitcoin made a comeback above $60,000, trades at $60,134 at the time of writing. The asset could extend gains by 8% to target the $65,000 level. The Moving Average Convergence Divergence (MACD) indicator flashes green histogram bars above the neutral line, suggesting an underlying positive momentum in BTC price trend.
BTC could find support in the Fair Value Gap (FVG) between $58,588 and $59,900.
BTC/USDT daily chart
A daily candlestick close under $59,900, the upper boundary of the FVG, could invalidate the bullish thesis for Bitcoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.