According to U.Today, Bitcoin exchange-traded funds (ETFs) have seen a significant surge in inflows, indicating strong investor confidence. On June 7, ETFs reportedly added a net inflow of 1,901 Bitcoin, valued at $132 million, within a 24-hour period. This marks the 19th consecutive day of such movements, as noted by Julian Fahrer.
In terms of inflow distribution, BlackRock recorded the highest with an impressive 2,450 BTC, worth $169.2 million. Conversely, Grayscale experienced an outflow of 524 BTC, valued at $36.3 million, while Ark secured a double-digit inflow of 99 BTC, amounting to $6.9 million.
Despite these substantial inflows indicating a significant increase in investor interest, the price of Bitcoin fell below the $70,000 mark to $69,428.07, a 2.56% drop. This lack of price reaction has led to speculation within the wider cryptocurrency community.
There is a general sense of uncertainty surrounding Bitcoin's performance, particularly given its slow rise post-halving. Some fear a bearish session may be imminent. However, the volume of inflows suggests the opposite. Historically, the absence of price movement despite massive inflows has signaled an upcoming bullish run. As such, prices may reach new highs, as predicted by industry leaders like Mike Novogratz, Robert Kiyosaki, and Tom Lee.
Novogratz is confident that Bitcoin could reach a six-digit figure before the end of the year, while Kiyosaki predicts a striking BTC price of $350,000 by August. Analysts suggest that Bitcoin’s price tends to follow similar patterns after halving events, with past cycles showing significant price peaks. If these predictions prove accurate, the substantial inflows and accumulations by BlackRock, Grayscale, and other investors could position them for significant profit-taking when the value of the largest cryptocurrency asset soars.