News View Non-AMP

Bitcoin Bounce Back: Will It Break $63K Level As $253.6M in BTC ETFs Spark Bullish Hopes!

Published by
Qadir AK

Bitcoin is on its way to making a strong comeback. After dropping to $59,000, BTC has climbed back above the crucial $62,000 level, capturing everyone’s attention again! Meanwhile, data from On-chain data provider CryptoQuant shows that the number of Short-Term Holders (STH) has fallen from 55%. 

Besides this, spot Bitcoin ETFs have recorded a big net inflow of $253.6 million after three days of losses. 

Bitcoin At Crucial Level: Will It Hold $62.7K?

As Bitcoin’s price continues to trade sideways, the spotlight is now on short-term holders (STH) and how they affect market movements. Recent analysis from CryptoQuant shows a notable drop in the realized share of STH, falling from 55% three months ago to 40% today. 

This change suggests that short-term holders are becoming more sensitive to price fluctuations, especially those who have held Bitcoin for one week to six months.

CryptoQuant further highlights that the key price level for STH is currently $62.7K. This level has been steady over the past three months, showing its importance in guiding market trends. 

Meanwhile, if Bitcoin can break above $62.7K, it may signal a more positive market. Specifically, if it rises above $63K with strong trading volume,  it may trigger short-term bullish momentum, encouraging more buying activity among traders

Bitcoin ETF Saw Net Inflow After 3 Days

Adding optimism into the market, on October 11, spot Bitcoin exchange-traded funds (ETFs) experienced a significant turnaround, recording net inflows of $253.6 million after three days of outflows. This inflow was largely driven by the Fidelity Wise Origin Bitcoin Fund, which led with an impressive $117.1 million. 

Additionally, the ARK 21Shares Bitcoin ETF saw $97.6 million in inflows, while the Bitwise Bitcoin ETF attracted $38.8 million.

Notably, BlackRock’s iShares Bitcoin Trust (IBIT) saw no inflow that day, marking it as the third-largest inflow day without any contribution from IBIT.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Bitcoin Price Surpasses $104K Ahead of U.S.-China Trade Talks on June 9th

Bitcoin price has recovered from intraday lows and surpassed the $104,000 mark after the US…

June 7, 2025

Cardano Bulls Defend $0.61 Support, But the Bearish Structure Remains Intact-What’s Next for the ADA Price Rally?

Cardano has managed to find temporary support above the $0.6 mark, a level where buyers…

June 7, 2025

XRP News Today: Ripple Transfers $498M to Unknown Wallet

Ripple recently moved over 230 million XRP, valued at around $498 million, to an unknown…

June 7, 2025

Donald Trump Earns $1.2B From Crypto

Donald Trump, often called “The Crypto President,” has reportedly earned over $1 billion from crypto…

June 7, 2025

SUI Price Gears Up for a Breakout: Here are the Key Levels to Watch Following the Golden Cross

The SUI price triggered a strong reversal before the daily close, pushing the levels back…

June 7, 2025

Ethereum (ETH) Price Prediction: Can Rising Demand from BlackRock Fuel Bullish Momentum?

Ethereum (ETH) price experienced a similar volatility to Bitcoin (BTC) in the past 24 hours,…

June 7, 2025