Eight Bitcoin Exchange Traded Funds (ETFs) Have Joined aggregate 13,460 BTC, worth approximately $701.8 million, added to their holdings in a single day, as reported by on-chain data provider Lookonchain.
Eight Bitcoin Exchange Traded Funds (ETFs) Have Joined aggregate 13,460 BTC, worth approximately $701.8 million, added to their holdings in a single day, as reported by on-chain data provider Lookonchain.
This move contrasts with Grayscale’s declining holdings, which reduced its BTC position by 2,555 BTC, valued at $133 million.
Leading this influx were iShares (Blackrock) and Fidelity, which added 6,380 BTC ($332.7 million) and 3,228 BTC ($168 million) respectively, showing growing confidence and interest in cryptocurrencies by of traditional financial institutions.
Potential impact on Bitcoin prices
According to CryptoQuant, an on-chain data provider, continued entry into Bitcoin spot ETFs could significantly influence the trajectory of Bitcoin price.
Analysis suggests that if the current buying pressure persists, the price of Bitcoin could reach $112,000 this year.
The least optimistic scenario, according to CryptoQuant CEO Ki Young Ju, would see BTC at least reach $55,000.
This optimistic forecast is based on the effect of ETF inflows on Bitcoin’s market capitalization and a specific ratio that historically indicates whether prices are overvalued or undervalued.
Eclipsing traditional investments
Bitcoin ETFs are not only reshaping the cryptocurrency landscape; They are also having a profound impact on traditional investment benchmarks, notably outperforming gold. The cumulative net flows of the top ten Bitcoin ETFs have doubled in the past three days to more than $3 billion, a milestone that took nearly two years for gold ETFs to reach.
This shift shows a growing preference among investors for digital currencies over traditional precious metals, and Bitcoin ETFs are now considered a legitimate and increasingly popular asset class. The rise in Bitcoin ETF investments reflects broader acceptance and enthusiasm for cryptocurrencies, challenging gold’s long-standing status as a safe haven asset.
