Bitcoin inflows hit a record high

Inflows into bitcoin products and funds have reached a record $6.4 billion this year. Investors purchased the cryptocurrency due to increased government acceptance and positive momentum.

Bitcoin inflows totaled $95 million last week, the highest of any digital asset. Moreover, inflows during the cryptocurrency’s eight-week bull run totaled $2.8 billion, according to CoinShares data released on Monday. Overall, cryptocurrency products and funds received $174 million in inflows from institutional investors, marking the 12th week in a row.

Bitcoin increased by more than 4% to $66,555 on Monday, closing in on the $67,016.50 record high set on Oct. 20. Ether, which underpins the Ethereum blockchain, reached an all-time high of $4,796.44. The BTC price increase confirms a solid market setup that has been developing since October.

Too few bitcoins are available to meet demand, with bitcoin exchange balances at a three-year low and long-term holder supply at an all-time high. Tron, a digital platform focused on hosting entertainment applications, has received $79 million in recent inflows, making it the eighth largest virtual asset by AUM.

 

Ethereum

The newly airdropped governance token $ENS from Ethereum Name Service is the talk of the town today. The price oracle and how to allocate existing and future community treasury funds are the first issues holders can vote on in the new ENS DAO.

Users of Ethereum wallets who have previously created an ENS domain can claim $ENS from the claims site by May 4, 2022. After establishing a base above $4,000, ethereum began a new upward trend against the US dollar. The price of ETH has risen above the $4,400 mark and the 55-day simple moving average.

 

The price has risen above the resistance levels of $4,450 and $4,500. On the 4-hours chart, there was a break above a key bearish trend line with resistance near $4,500. It even traded above $4,700, setting a new all-time high near $4,825.

It is currently consolidating gains above $4,700. The $4,710 level provides immediate support. It is close to the 23.6 percent Fib retracement level of the upward move from the swing low of $4,329 to the high of $4,825. The first significant support is now near $4,650. The next major support is around $4,600. If the price falls below the $4,650 and $4,600 support levels, it may retest to $4,500.

Any further losses could push the price up to $4,400. Near the $4,840 level, there is immediate resistance. The primary resistance is currently forming near $4,850. A close above $4,850 could pave the way for another increase.

The next significant resistance for the bulls could be around $5,000. Any further gains could push the price up to the $5,200 mark.