Bitcoin Price Grinds Higher as ETF Inflows Offset CLARITY Act Setback

Bitcoin (CRYPTO: BTC) has moved higher and moved above the crucial resistance level of $65,000 as American investors continued their accumulation. BTC has risen from this month’s low of $62,148. 

Bitcoin ETF Inflows Despite CLARITY Act Setback

American investors continued buying Bitcoin ETFs, a sign that they expect the price will continue doing well in the near term. 

Spot Bitcoin ETFs recorded more than $98 million in inflows on Friday, bringing their total weekly inflows to $857 million. The strong buying marked a sharp reversal from the previous week, when the funds saw more than $61 million in outflows. They also attracted $172 million in inflows last month, with BlackRock’s IBIT remaining the largest spot Bitcoin ETF by assets.

Bitcoin ETFs added inflows as investors embraced a risk-on sentiment after the US halted its planned attacks against Iran. As a result, crude oil prices dropped, while the stock market bounced back.

This price action continued after the US published a weak non-farm payrolls (NFP) report, which showed that the economy shed 23k jobs last month. Analysts were expecting the economy to add over 85k jobs during the month. These numbers mean that the Federal Reserve will likely not hike interest rates this year.