Bitcoin (BTC) spot exchange-traded funds (ETFs) are experiencing their highest daily inflow in almost eight months.
Analyst TedPillows informs his 314,300 followers on X that the funds purchased $730.87 million worth of Bitcoin on September 3rd.
He cautions that on the two previous occasions when daily ETF inflows exceeded $700 million, Bitcoin saw a local peak shortly after.
“The last two times Bitcoin ETFs had over $700,000,000 in daily inflow; BTC shortly reached a peak. Yesterday, ETFs acquired $730,870,000 in BTC, the largest inflow in almost eight months. Is Bitcoin’s local peak near?”
On-chain analyst Alex Adler Jr. points out that Bitcoin ETFs contribute significantly to the net flows over the last 30 days.
“Out of the ~105K BTC equivalent net capital inflow in the past month, US spot ETFs contributed ~42.8K BTC in net flows, accounting for 41% of that total.”
Meanwhile, the pseudonymous analyst DonAlt, known for accurately timing Bitcoin movements, believes BTC is in a bullish phase as the leading crypto asset by market cap resists a significant corrective move.
“Massive pullbacks are unlikely in a bullish market.
Shallow? Yes.
Deep? No.
Deep corrections occur when bullish sentiments are proven wrong, in which case you can buy, but only for a rebound, not a continuation.”
DonAlt predicts that Bitcoin could reach as high as $90,000 before experiencing a significant pullback.
“I’m not ruling out pullbacks. I could see a range of $90,000 to $70,000, for instance.
It’s uncommon to have a strong initial surge followed immediately by weakness.
I’m pretty confident that at $90,000, even those criticizing in my comments would turn bullish.”
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