Bitcoin remains stable amid capital inflows into ETFs

Bitcoin remains stable amid capital inflows into ETFs

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Author: Robert Strickland (crypto-journalist)
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Bitcoin remains stable amid capital inflows into ETFs

Bitcoin rate remains stable amid capital inflows into ETFs



Leading cryptocurrencies are trading in a narrow range amid the continued inflow of funds into exchange-traded bitcoin funds in the United States

Bitcoin rate at 10:00  on June 4 at the crypto exchange Binance is $69.037 thousand paired to the stablecoin USDT with capitalization of $1.3 trillion. Over the past day the rate of the first cryptocurrency has not changed. The trading volume amounted to $100 million.

The inflow of funds into bitcoin-ETF continues for 15 consecutive days. On June 3, net inflow of investors' funds into bitcoin funds amounted to $105 million. Grayscale Bitcoin Trust (GBTC) did not record outflows. At the same time, the inflow to Fidelity Bitcoin Trust (FBTC) and Bitwise Bitcoin ETF (BITB) amounted to $77 million and $14 million, respectively.

Bitcoin could get a boost if the US Federal Reserve (Fed) follows in the footsteps of the Bank of Canada. Analysts at 10x Research believe that a possible rate cut by the Bank of Canada on June 5 could prompt the U.S. Fed to take similar actions, which in turn would impact risk assets.

The rate of Ethereum, the second most capitalized cryptocurrency, has consolidated at $3755. “Ether” is trading in a narrow range after the regulator approved the launch of exchange-traded funds for the second cryptocurrency in the United States.

 

The rest of the largest cryptocurrencies by capitalization, including BNB from Binance, XRP from Ripple, cryptocurrency Toncoin (TON), Cardano (ADA), Solana (SOL), generally repeat the movements of the market flagship - bitcoin.

According to the Coinglass service, which tracks the activity of traders on the largest platforms, 52 thousand positions of traders were liquidated on crypto exchanges over the day, their total amount amounted to $107 million. This means that traders trading with leverage did not have enough funds to secure previously opened positions. Of the total liquidations, about $28 million was for bitcoin. In Ethereum, $36 million worth of positions were liquidated.

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