Bitcoin exchange-traded funds (ETFs), in a show of investor confidence, are seeing a significant increase in inflows. On June 7, it was reported that a total net inflow of 1,901 Bitcoin worth $132 million was added to the ETFs in just 24 hours. According For Julian Fahrer, the entries mark 19 consecutive days of such moves.
Bitcoin exchange-traded funds (ETFs), in a show of investor confidence, are seeing a significant increase in inflows. On June 7, it was reported that a total net inflow of 1,901 Bitcoin worth $132 million was added to the ETFs in just 24 hours. According For Julian Fahrer, the entries mark 19 consecutive days of such moves.
Based on the distribution of inflows, BlackRock had the largest inflow with a whopping 2,450 BTC worth $169.2 million. Grayscale recorded an outflow of 524 BTC valued at $36.3 million, while Ark recorded a double-digit outflow, securing an inflow of 99 BTC worth $6.9 million.
Despite these huge inflows indicating a substantial increase in investor interest, Bitcoin price fell below the $70,000 mark to $69,428.07, down 2.56%. The lack of price reaction has sparked speculation by the broader cryptocurrency community.
Bitcoin speculations, market sentiment and future predictions.
In particular, there is a general air of uncertainty about Bitcoin’s performance given its slow rise after the halving. Some fear that a bearish session is still looming. However, the amount of capital inflows to these investors points in the opposite direction.
Based on historical precedents, the lack of price movement despite massive inflows is indicative of an incoming bull run, since the longer it lasts, the more prices rise.
Therefore, prices may reach new highs, as predicted by industry leaders such as Mike Novogratz, Robert Kiyosaki and Tom Lee. Novogratz firmly believes that Bitcoin could enter a six-digit zone before the end of this year, while Kiyosaki is even bolder with a surprising BTC price prediction of $350,000 by August.
Interestingly, analysts suggest that Bitcoin price follows similar patterns after halving events, with previous cycles showing significant price spikes.
If the price predictions are correct, the huge inflows and accumulations by BlackRock, Grayscale and other investors would have positioned them for huge profit taking when the largest cryptocurrency asset soars.
