Investor confidence in Bitcoin (BTC) appears to be on the rise as spot Bitcoin exchange-traded funds (ETFs) experienced a significant influx of funds last week, signaling renewed interest in the digital asset and its potential.

Renewed Interest in Spot Bitcoin ETFs

According to the Bitfinex Alpha report, spot Bitcoin ETFs collectively saw a net inflow of $948.3 million last week, a stark increase from the $228.5 million recorded the previous week. This surge in investments comes after a period of outflows and minimal inflows, indicating a shift in sentiment towards BTC.

Coinciding with BTC's Bullish Trajectory

The reversal in ETF flows aligns with Bitcoin's recent bullish trajectory, marked by its highest daily close in five weeks. The cryptocurrency experienced a notable rebound from its range lows, propelled by favorable regulatory developments and a softer-than-expected Consumer Price Index report in the U.S.

Bitfinex suggests that Bitcoin's price dynamics are closely tied to macroeconomic indicators, highlighting its sensitivity to economic shifts and policy changes. The influx of funds into spot Bitcoin ETFs, primarily driven by systematic investment plans, is expected to sustain this positive trend in the near term.

Maintaining Bitcoin's Trajectory

Bitfinex's analysis reveals that Bitcoin's current on-chain support level stands at $60,000. As long as the passive inflows into spot ETFs continue, the asset is likely to maintain a range above $60,000-$62,000. Analysts anticipate either a ranging market or further price increases from this level.

Moreover, Bitcoin's stability is bolstered by the reduced distribution of holdings by long-term investors at current prices. Additionally, both newly emerging whales and long-standing whales have been acquiring BTC around the $60,000 mark, indicating strong support at this price level.

Looking Ahead

The surge in investments in spot Bitcoin ETFs reflects growing confidence in Bitcoin's potential and its role as a hedge against economic uncertainty. As the cryptocurrency market evolves, sustained investor interest and positive market sentiment are expected to contribute to Bitcoin's continued growth and stability.

At the time of writing, Bitcoin is trading at $69,750, up 13% over the past week. Bitfinex believes that this rally could signal that the asset has established a market bottom, further reinforcing optimism among investors.

As Bitcoin continues to demonstrate resilience and attract institutional interest, the cryptocurrency's trajectory remains a focal point for analysts and investors alike.