As a seasoned crypto investor with over a decade of experience navigating the wild west of digital assets, I find myself both exhilarated and cautiously optimistic about the recent inflows into Bitcoin ETFs. Having witnessed the meteoric rise and fall of countless altcoins, I’ve learned to appreciate the resilience and potential of Bitcoin more than ever.
The total amount of money flowing into Bitcoin (BTC) exchange-traded funds (ETFs) has surpassed $20 billion, with U.S.-based ETFs experiencing four straight days of increased investments.
A total of $20.26 billion has been collectively invested into Bitcoin Exchange-Traded Funds (ETFs) since they debuted in the United States on January 11, as per data from Farside Investors.
Over the last four days, approximately $1.64 billion has been invested into 11 Exchange-Traded Fund (ETF) offerings from ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton.
Significantly, on October 16th, BlackRock, the world’s biggest asset manager, experienced a record daily inflow of $393.4 million. This is the highest daily inflow since July 22nd, when it recorded a staggering $526.7 million.
Market participants are ‘bullish’ on the inflows figure
Anonymous cryptocurrency trader known as Crypto Lord advised his 344,500 followers on social media that they might not be optimistic enough. He highlighted that the surge of Bitcoin ETFs surpassing $20 billion was a “remarkable pace of growth” and a historical milestone in the development of such funds.
ETF store president Nate Geraci commented on the news, declaring that the products are “just vacuuming up $$$.”
Chetan Kaul, a proponent of Bitcoin, mused in a recent post on October 17th, whether it could be feasible for Bitcoin’s market capitalization to reach $30 billion by the end of the year.
A few analysts are still skeptical
Reaching a total of $20 billion in inflows for Bitcoin ETFs comes after Bitcoin’s price exceeded the significant $65,000 mark, a milestone that investors have been eagerly awaiting ever since Bitcoin fell below this level on September 30.
According to a note by analyst Amr Taha, published on October 17th, it’s important to note that significant influxes of funds do not necessarily guarantee sustained price increases.
According to Taha, having more than 400 million dollars flowing into Bitcoin ETFs doesn’t guarantee continuous price growth, and often these influxes have been linked with price decreases instead.
On October 17th, as per CryptoMoon’s report, Bitcoin’s substantial weekly advancements have sparked concerns among some investors that the market could experience a final dip before Bitcoin moves forward to hit unprecedented peak levels again.
Bitcoin data firm, TheKingfisher pointed out that:
“Current trading activity around $68.4k is linked to earlier volatility from July 29, when prices dropped to 49k just five days later.”
Read More
- DOGS PREDICTION. DOGS cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- STG PREDICTION. STG cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- QUINT PREDICTION. QUINT cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
2024-10-17 19:47