ETFs
1,901 Bitcoin (BTC) added to ETFs in a single day, why no price rise?
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Bitcoin exchange-traded funds (ETFs), demonstrating investor confidence, are seeing a significant increase in inflows. On June 7, a total net inflow of 1,901 Bitcoins worth $132 million was reportedly added to ETFs in just 24 hours. According to For Julian Fahrer, these influxes mark 19 consecutive days of such movements.
According to the distribution of influxes, black rock recorded the highest inflow with 2,450 BTC worth $169.2 million. Grayscale saw an outflow of 524 BTC valued at $36.3 million, while Ark saw a double-digit outflow, securing an inflow of 99 BTC at $6.9 million.
Despite these massive inflows signaling 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 from the broader cryptocurrency community.
Bitcoin speculation, market sentiment and future predictions
Notably, there is a general sense of uncertainty about Bitcoin’s performance given its slow rise following its halving. Some fear that a bearish session is still looming. However, the amount of inflows to these investors is going in the opposite direction.
Consistent with historical precedent, the lack of price movement despite massive inflows is indicative of an impending uptrend, given that the longer this trend continues, the more prices will skyrocket.
Therefore, prices could reach new highs, as predicted by industry leaders like Mike Novogratz, Robert Kiyosaki and Tom Lee. Novogratz strongly believes that Bitcoin could enter a six-figure zone before the end of this year, while Kiyosaki is even bolder with a striking BTC Price Prediction of $350,000 by August.
Interestingly, analysts suggest that Bitcoin price follows similar trends after halving events, with past cycles showing significant price spikes.
If the price predictions are accurate, the huge inflows and accumulations from BlackRock, Grayscale and other investors would have positioned them for huge profits when the largest cryptocurrency asset soars.
About the Author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was born when, as a former banker, he discovered the clear advantages of decentralized money over traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been featured on Blockchain.news, Cryptonews, and Coingape, among others.