Bitcoin exchange-traded-funds (ETF) are currently experiencing a surge in investor confidence, with a significant increase in inflows. On June 7, a total net inflow of 1,901 Bitcoin worth $132 million was added to the ETFs in just 24 hours. This marks the 19th consecutive day of such movements, as reported by Julian Fahrer. BlackRock had the highest inflow with 2,450 BTC worth $169.2 million, while Grayscale recorded an outflow of 524 BTC valued at $36.3 million, and Ark saw an inflow of 99 BTC at $6.9 million.
Despite the large inflows indicating increased interest from investors, the price of Bitcoin dropped below $70,000 to $69,428.07, down 2.56%. This lack of reaction in price has led to speculation within the cryptocurrency community about the future performance of Bitcoin. There is uncertainty regarding whether a bearish session might be on the horizon, despite the significant inflows from investors pointing towards a different direction.
Historically, the lack of price movement despite massive inflows has been seen as a sign of an imminent bullish run. Industry leaders such as Mike Novogratz, Robert Kiyosaki, and Tom Lee have predicted that Bitcoin’s price could soar to new highs. Novogratz believes Bitcoin could reach six digits by the end of the year, while Kiyosaki has a bolder prediction of $350,000 by August. Analysts suggest that Bitcoin tends to follow similar patterns after halving events, with past cycles showing significant price peaks.
If these price predictions come true, the large inflows and accumulations by companies like BlackRock and Grayscale would position them for significant profit-taking when Bitcoin’s price surges. The current market sentiment and future predictions indicate a potential bullish trend for Bitcoin, despite the recent drop in price. Investors and analysts are closely watching the market to see how these inflows will impact the price of Bitcoin and the overall cryptocurrency market in the coming months.
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