• Bitcoin trading at $67K, above the Spot ETFs average price.
• BTC’s Open Interest was at its highest since 2020.

Bitcoin [BTC] has once again surged above $67K, drawing the attention of traders and institutions to key support levels that could play a crucial role in the ongoing bull rally.

One such level is the average cost of Bitcoin Spot ETFs, excluding Grayscale’s (GBTC). Throughout 2024, this price level has emerged as a significant support, providing stability during volatile periods.

Despite minor dips, Bitcoin has consistently rebounded, underscoring the resilience of Spot ETF investors who have maintained their positions even during market corrections.

The $57K level, representing the average cost of Bitcoin Spot ETFs, has proven to be a crucial support throughout the year.

It has only been tested twice—during the sell-off on the 5th of August and the sharp correction on the 6th of September. However, instead of panic selling, Spot ETF investors held their ground, with only minor outflows.

This demonstrated a strong belief in Bitcoin’s long-term potential, as investors showed no signs of capitulating despite temporary unrealized losses.

BTC Spot ETFs inflows and OI

This resilience has helped solidify the $57K level as a foundation for the ongoing bull rally, with the rise of Bitcoin Spot ETFs providing a regulated entry point for institutional investors, boosting confidence in the market.

This integration of traditional financial products with Bitcoin has opened the door to wider adoption.

In the last three trading days alone, Bitcoin ETFs have seen inflows exceeding $1 billion, indicating that institutional investors are accumulating BTC at an unprecedented rate.

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Author: Lennox Gitonga

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