Bitcoin ETF sees net inflows for two consecutive weeks, 10x Research issues buy signal again

The Bitcoin ETF has seen a two-week consecutive inflow of $1.3 billion, completely offsetting the outflows in April. Coupled with the recent slightly slower inflation data in the U.S. driving risk assets like stocks to new highs, Bitcoin has rebounded from its low point above 56K in early May, with the price reported at $67,201 at the time of writing. The trading model based on the Bitcoin ETF by 10x Research has once again issued a buy signal, raising the possibility of Bitcoin challenging its historical high of $73,777 in the near future.

Bitcoin ETF Sees Two Consecutive Weeks of Inflows

According to a tweet by ETF analyst Eric Balchunas from Bloomberg, as of May 16, Bitcoin ETF has seen two consecutive weeks of inflows totaling $1.3 billion, completely offsetting the outflows in April and bringing it back near its all-time high of $12.3 billion in net inflows since its launch.

Balchunas pointed out that it's best not to get too emotional about the inflow and outflow of funds as it's just a part of ETF's daily operations, but he believes:

• They will continue to see net inflows in the long term
• The amount of money flowing in now only represents 1-2% compared to the assets under management (AUM)

Balchunas optimistically stated: "With that in mind, it will never end or retreat!"

Bitcoin Holds Firm at 67K

In fact, the recent inflows into Bitcoin ETF have also driven the price of Bitcoin higher. Coupled with the slight slowdown in recent U.S. inflation data, which has led to continuous highs in risky assets such as stocks, Bitcoin has rebounded from above $56,000 at the beginning of May to $67,201 at the time of writing. From a technical perspective, it has crossed multiple moving averages.

10x Research's Buy Signal Triggered

According to a tweet from 10x Research, their trading signal based on the Bitcoin ETF GBTC model has been triggered. Although not every trading signal from this model is successful, generally, they provide timely alerts for investors with a 70-80% probability of ending in a flat trading range. The last time this model was triggered was on January 30, 2024, when GBTC rose by 68.7%.

Will Bitcoin have the opportunity to challenge its all-time high of $73,777 again this time?