Bitcoin Price Bounces Back as ETF Inflows Surge
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 3h ago- Price Recovery: Bitcoin traded at $78,659 on February 3, marking a 3.8% increase from the previous day, yet it remains nearly 40% below its historical peak of $126,080, indicating market volatility and cautious investor sentiment.
- ETF Inflows: U.S. spot Bitcoin ETFs recorded net inflows of $561.89 million on February 3, ending a five-day streak of outflows, reflecting renewed interest from institutional investors in current price levels, particularly with BlackRock's IBIT and Fidelity's FBTC attracting $141.99 million and $153.35 million, respectively.
- Market Stability Signals: Although total trading volume fell by 18.7% to $78.9 billion, open interest slightly increased to $52.19 billion, suggesting traders are cautiously reopening positions, which may indicate a gradual stabilization of market sentiment.
- Technical Analysis: Bitcoin's relative strength index has dropped below 30, indicating an oversold condition; while sellers still dominate, a reduction in selling pressure could lead to a rebound, especially within the $76,000 to $78,000 demand zone.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
