According to U.Today, the cryptocurrency ecosystem, particularly Bitcoin ETF buyers, is expected to experience a significant boost toward the end of this year. This prediction is based on the anticipation of a $5 trillion model portfolio that might be allocated to spot Bitcoin ETFs later this year.
Adam Back, Blockstream CEO, indicated in a post on X that institutional investors with substantial buying power are likely to dominate the market. With $5 trillion worth of funds, Bitcoin ETF whales are expected to invest a majority of the capital into Bitcoin acquisition and consolidating their positions. Analysts suggest that BlackRock, with its over $10 trillion Assets Under Management (AUM), will probably take the lead among asset managers in spot Bitcoin ETFs. Although other areas such as healthcare, tech, and artificial intelligence could interest these investors, the prediction favors digital assets more. BlackRock sees enormous potential in Bitcoin and has consistently bet on the digital asset to go bullish. Recently, Larry Fink, BlackRock’s CEO, lauded Bitcoin as a “portfolio diversified” and compared it to gold, following the asset manager's recording of $525 million in Bitcoin ETF inflows.
Given this awareness update, market watchers predict stakeholders might soon begin consolidating their positions ahead of time to profit from the expected price rally. Although Bitcoin's price almost breached the $70,000 level on Monday, July 29, 2024, market volatility has seen its price drop 4.13% within the last 24 hours to $66,547.13, according to available data. Analysts maintain that Bitcoin’s bullish run is due, and the price fluctuations are normal. They opine that investors could take advantage of the price drop to acquire more assets ahead of the anticipated price rally. A notable institutional investor, such as MicroStrategy, with Bitcoin enthusiast Michael Saylor as chairman, remains focused on massive accumulation regardless of fluctuations.
