ETFs
Bitcoin ETFs Witness Outflows of $900 Million in a Week
- Spot Bitcoin exchange-traded funds (ETFs) recorded a 5-day straight outflow after amassing $4 billion in 19 days.
- According to analysts, institutional investors are expected to get involved to push the price of Bitcoin to $200,000 by 2025.
The US-based spot Bitcoin (BTC) Exchange-traded funds (ETFs) extended their outflow streak to five days ending Thursday, June 20, after losing more than $900 million this week. According to data from SoSoValue, the 11 spot Bitcoin ETFs saw a staggering $140 million loss on Thursday alone, with $1.1 billion in trading volume. Grayscale’s GBTC, for example, saw an outflow of $53 million, followed by Fidelity’s FBTC which also lost $51 million.
As the report reveals, only BlackRock’s IBIT saw a net inflow of $1 million, with other products seeing no net inflow or outflow activity. According to our data, this exit activity is the worst on record since the end of April. From April 24 to May 2, a total net outflow of $1.2 billion was recorded. After this period, inflows took over with $4 billion recorded in the following 19 days.
Our review of market activity on June 21 shows another net outflow, with total Bitcoin ETF net assets at $55.5 billion. From Crypto News Flash reported After the ETFs launched on January 11, the products saw a total net inflow of $14.56 billion.
Amid the continuing series of outflows, analysts Gautam Chhugani and Maihka Sapra predict that Bitcoin ETFs will be approved by major warehouses and large private banking platforms in the third and fourth quarters of this year.
We view Bitcoin ETFs as being poised to be approved by major wire companies and large private banking platforms in Q3 and Q4.
Bitcoin expected to reach $200,000
According to analysts, the Bitcoin ETFs Capital inflows are expected to be better during this period, with the next stage of adoption expected to be driven by large advisors approving ETFs, coupled with allocation margin from existing portfolios.
A review of our market data also shows that Bitcoin is struggling to maintain its position above the $64,000 area after breaking through this support level yesterday. At press time, BTC was up slightly by 0.3% over the past 24 hours, but was down 2% over the past seven days.
The price could rebound to $200,000 by 2025, $500,000 by 2029 and $1 million by 2033, according to investment research firm Bernstein.
Crypto analyst Kevin Svenson also provides short-term analysis, envisioning Bitcoin reaching $90,000 under certain conditions. The first condition is that the asset ends the week above the trend line of the parabolic curve.
In explaining this, Svenson revealed that a miraculous rally engulfing the candles could definitely lead to a price increase of around 42%. Furthermore, he expects the price to close above $67,000 to initiate this scenario. According to him, Bitcoin is close to its all-time high and is only 13-14% away from setting a new record. To him, this proximity suggests that the asset is still in the uptrend and is positioned to reinforce the parabolic trend through the formation of an exponential high-low.
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