TLDR
- Bitcoin surged to a new all-time high of $126,198 on Monday before a slight pullback
- US spot Bitcoin ETFs recorded $1.18 billion in inflows, marking the second-best day since launch
- BlackRock’s IBIT led with $967 million in inflows and holds nearly $98.5 billion in assets
- October ETF inflows total $3.47 billion in just four trading days
- BTC is trading above $124,000 with key resistance at $125,500
Bitcoin reached a new all-time high on Monday, surging past $126,000. The cryptocurrency peaked at $126,198 before experiencing a minor correction.
The rally came as US spot Bitcoin ETFs posted their second-largest day of inflows ever. The 11 funds collectively saw $1.18 billion in net inflows.
Bitcoin is currently consolidating above $124,000. The price remains above the 100-hour simple moving average with support at $124,200.
The cryptocurrency broke through multiple resistance levels during its climb. BTC pushed past $123,500, $125,000, and $125,500 before clearing $126,000.
Technical indicators suggest continued bullish momentum. The hourly MACD is gaining pace in the bullish zone while the RSI sits above 50.
Record ETF Inflows Signal Strong Institutional Demand
Monday’s ETF inflows were second only to November 7, 2024. That day saw $1.37 billion flow into Bitcoin ETFs after Donald Trump won the presidential election.
BlackRock’s iShares Bitcoin Trust captured the largest share of inflows. IBIT recorded $967 million in net inflows on Monday alone.
Fidelity’s Wise Origin Bitcoin Fund saw $112 million in inflows. Bitwise Bitcoin ETF brought in $60 million while Grayscale’s Bitcoin Mini Trust added $30 million.
October has been a strong month for Bitcoin ETF inflows. The funds have accumulated $3.47 billion in just four trading days.
Since launching in January 2024, Bitcoin ETFs have brought in approximately $60 billion total. The strong institutional demand highlights the growing acceptance of Bitcoin among professional investors.
Retail investors remain largely on the sidelines. The current bull market appears driven primarily by institutional capital.
BlackRock’s IBIT Approaches Major Milestone
BlackRock’s IBIT is closing in on $100 billion in assets under management. The fund currently holds $98.5 billion in Bitcoin and cash.
IBIT’s holdings include 783,767 BTC. The fund is set to reach the $100 billion threshold in under 450 days from launch.
By comparison, the Vanguard S&P 500 ETF took over 2,000 days to hit that mark. Only 18 of more than 4,500 trading ETFs have surpassed $100 billion in assets.
Since October began, IBIT has recorded $2.6 billion in net inflows. The fund continues to dominate the Bitcoin ETF market.
Price Outlook and Key Levels
Bitcoin faces immediate resistance near $125,250. The first key resistance level sits at $125,500.
Additional resistance zones exist at $126,200 and $126,500. A break above these levels could push BTC toward $128,000.
The next major target for bulls would be $130,000. This level represents a psychological barrier for the cryptocurrency.
On the downside, support exists at $124,200 where the trend line sits. The first major support level is at $123,250.
Further support can be found at $122,500. The main support zone sits at $120,500.
Bitcoin ETFs have cumulatively attracted around $60 billion since their launch, with BlackRock’s IBIT holding 783,767 BTC worth nearly $98.5 billion.
