What happened: Bloomberg Intelligence senior ETF analyst Eric Balchunas has spotted a bullish pattern in the daily flow data of BlackRock’s spot Bitcoin ETF (IBIT). Dubbed ‘Flipping the Bird,’ this chart formation features a towering middle bar surrounded by smaller bars, a trend Balchunas notes has historically preceded upward price action. This comes alongside massive U.S. spot Bitcoin ETF inflows hitting roughly $2 billion last week—the highest since October of the previous year.
Why it matters: These staggering inflows prove that institutional interest in regulated crypto exposure is skyrocketing. While chart patterns aren't a crystal ball, sustained institutional demand provides vital liquidity and price support, signaling a strong market appetite for absorbing new supply.
