- Bitcoin ETFs record inflows over 3,500 BTC, 7x daily mined supply.
- Grayscale’s GBTC sees $9.35M in a day, marking five days of gains.
- CryptoCon projects Bitcoin could hit $149,000 by the end of 2024.
Bitcoin ETFs are currently experiencing unprecedented inflows, far surpassing the daily BTC supply from mining, signaling institutional interest as the price of Bitcoin escalates to $72,000. In a single day, spot Bitcoin ETFs recorded inflows of over 3,500 BTC, nearly seven times the bitcoins mined daily.
Grayscale and Other Major ETFs Lead the Charge
Despite recent executive shifts at Grayscale, where CEO Michael Sonnenshein stepped down, the firm’s Bitcoin ETF, GBTC, continued to attract significant capital, with $9.35 million recorded in a single day. This marks the fifth consecutive day of net inflows for GBTC.
Other key players, including ARKB and BlackRock’s IBIT, have also seen substantial inflows, collectively drawing in over $134 million in a single day, highlighting the growing investor confidence in Bitcoin’s market prospects.
Moreover, the aggregated U.S. Bitcoin ETF inflows amounted to $235 million for the day, amounting to 3,518 BTC. This remarkable accumulation by U.S. funds is complemented by active buying from Hong Kong Bitcoin ETFs, which were net buyers, further emphasizing the global bullish stance on Bitcoin.
Potential for a Major Bitcoin Rally
The convergence of high inflows and stable prices above $70,000 has set the stage for a potential rally towards the $100,000 mark. Market analysts from CryptoCon project Bitcoin to reach as high as $149,000 by the end of 2024, based on Log Regression Curves, which have historically predicted significant market tops with high accuracy.
The strong institutional backing, evidenced by the heavy inflows into Bitcoin ETFs, underscores a positive outlook for Bitcoin’s price trajectory. With the crypto community eyeing the next major resistance level, the stage is set for an exciting phase in Bitcoin’s journey towards potentially record-breaking highs.
