Spot Bitcoin ETF Volume Tops $5 Billion as Price Breaks $120K – ATH Next?

Spot Bitcoin ETF trading volume surpassed $5 billion on October 1 as the cryptocurrency broke through $120,000, posting a 10% weekly gain from late September lows around $109,000.

Institutional investors drove the rally with $676 million in net inflows on October 1, with BlackRock’s iShares Bitcoin Trust recording $405 million and Fidelity acquiring 1,570 BTC valued at $179 million in a single day.

Bitcoin surpassed $120,500 today with trading volume exceeding $50 billion across all markets.

BlackRock’s IBIT now holds 773,000 Bitcoin, worth approximately $93 billion, reinforcing its position as the largest institutional custodian, with 3.88% of the total Bitcoin supply.

Spot Bitcoin ETFs have accumulated $58.44 billion in net inflows since the January 2024 launch, with total net assets reaching $155.89 billion, representing 6.66% of Bitcoin’s market capitalization.

Vanguard Reverses Course as BlackRock Files Premium Income ETF

Vanguard, the world’s second-largest asset manager with $11 trillion in funds, is reconsidering its stance on crypto ETFs after removing a key blog post that dismissed Bitcoin as having “no inherent economic value.”

The company is reportedly evaluating whether to allow its 50 million customers worldwide to access Bitcoin and Ethereum ETFs through its platform.

The potential reversal comes under the new CEO, Salim Ramji, who previously worked at BlackRock and has spoken about the promise of cryptocurrency.

Vanguard finds itself in an awkward position as the largest owner of Strategy stock, primarily through funds tracking the Nasdaq 100, despite adopting a skeptical tone about Bitcoin.

A Vanguard spokesperson told Bloomberg that the company “continuously evaluates our brokerage offer, investor preferences, and the evolving regulatory environment,” although they declined to confirm whether crypto ETFs are imminent.

Even if just 1% of Vanguard’s 50 million customers decided to invest in Bitcoin ETFs, that would represent 500,000 new investors entering the market.

BlackRock Expands Product Suite With Premium Income Strategy

Additionally, BlackRock filed an application for a Bitcoin Premium Income ETF, designed as a covered-call strategy that offers a yield on Bitcoin holdings.

Bloomberg analyst Eric Balchunas noted that the firm registered the name iShares Bitcoin Premium ETF as a “33 Act spot product,” positioning it as a sequel to its $87 billion IBIT.

The $12.5 trillion asset manager’s Bitcoin and Ethereum ETFs are generating more than $260 million in annual revenue, with $218 million from Bitcoin products and $42 million from Ethereum.

Including smaller crypto holdings, BlackRock’s total digital asset custody now exceeds $101 billion.

BlackRock’s Ethereum fund recorded $512 million in net capital inflows last week, according to Farside Investors.

The firm disclosed $14.1 billion in digital asset inflows in its second-quarter earnings report, making the category one of its fastest-growing product lines despite representing only 1% of total assets under management.

Technical Analysis Points to $128K Target With Consolidation Risk

Bitcoin’s weekly chart displays systematic consolidation zones followed by impulsive advances throughout 2023-2025, with current positioning at $120,953 placing the crypto at the upper boundary of what analysts label “Price Discovery Uptrend 3.”

Each consolidation phase has lasted several weeks to months before resolving with breakouts.

The pattern reveals consistent behavior where Bitcoin establishes base-building periods within horizontal ranges before breaking higher into new price discovery phases.

However, diminishing percentage gains between each uptrend phase suggest potentially slowing momentum, with moves from $70,000 to $120,000 representing approximately 71% gains compared to 75% gains in the previous phase.

The simplified price structure shows even a key break-and-retest pattern around the $110,000 level.

Bitcoin appears to have broken above resistance, pulled back to retest this level as support, and is now positioned for potential continuation higher.

Technical evidence supports a potential advancement toward $128,000-$135,000.

However, the extended nature of the move suggests that this would likely occur with increased volatility and deeper pullbacks.

The key support level for maintaining a bullish structure appears at $110,000-$112,000, where previous resistance is expected to provide support.

Failure to hold this zone could trigger retracement toward $103,000-$105,000 channel support, while sustained breaks above $128,000 would open the path toward $135,000-$140,000 before testing upper channel resistance near $173,000.

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