Bitcoin ETF Daily Inflow Hits $556M as BTC Appears Primed for Breakout

• BTC posted inflows of $555.86 during the Monday trading day, which is a multi-month high.
• Traders are becoming increasingly optimistic that BTC will challenge its all-time high by the end of the year.

Bitcoin {{BTC}} exchange-traded funds (ETFs) posted inflows of $555.86 million on Monday, according to data provider SoSoValue , amid signs of a possible bitcoin rally.

This is a multi-month record for ETF inflows, as the last time the asset class posted higher inflows was on June 4, when it hit $886.75 million.

BTC is up 2.2% in the last 24 hours, according to CoinDesk Indices data , matching the CoinDesk 20 , an index tracking the performance of the largest digital assets.

As CoinDesk reported earlier , one technical indicator called the "three-line break chart" shows Bitcoin could be on track to break past $73,000, signaling a return to an upward trend after months of back-and-forth price movement.

Prediction market traders have become more optimistic about BTC's price potential in the last week. On Polymarket, the 'yes' side of a contract that asks if BTC will hit a new all-time high in 2024 is trading at 64% up 9 percentage points in the last week.

On Kalshi, bettors are giving a 46% chance that bitcoin's price hits $75,000 this year, up 7 percentage points. Bitcoin hit an all-time high of over $71,000 in March of this year.

However, historical data from Glassnode shows that when bitcoin ETF inflows exceed $450 million, it signals a local top in the market.

For example on Mar. 12, there was an inflow of $905 million before bitcoin reached its all-time high. Other dates include Mar. 29 ($760 million), June 3 ($1.2 billion), July 22 ($579 million) and Sept. 27 ($454 million), where inflows over $450 million coincided with local tops.

UPDATE (Oct. 15, 08:23 UTC): Adds additional details on bitcoin local tops.