🚀Bitcoin spot ETFs have seen inflows for 17 consecutive days, totaling $15.3 billion! 📈💸
What the hell, Bitcoin spot ETFs have been performing well recently
📊17 consecutive days of inflows, totaling $15.3 billion
On June 5, Bitcoin spot exchange-traded funds (ETFs) saw another net inflow of $488 million. This marks the 17th consecutive day of positive inflows, bringing the historical cumulative net inflow to a staggering $15.338 billion.
💼Big institutions are entering the market
Major ETFs such as Grayscale's GBTC, Fidelity's FX, BlackRock's international investment positions, and Ark Investments have all shown huge inflows. For example, Grayscale's GBTC saw a single-day inflow of up to $14.58 billion, Fidelity's FX recorded $221 million, BlackRock's international investment positions reached $155 million, and Ark Investments attracted $71 million in inflows.
🧐QCP Capital's bullish forecast
The appeal of Bitcoin ETFs remains strong, according to a QCP Capital report. Net inflows on June 5 amounted to $488.1 million. They observed an increase in buying activity for July call options with a target price of $100,000.
📈 Market drivers
This optimistic outlook was driven in part by low unemployment reports and the upcoming Consumer Price Index (CPI). Market speculation about possible interest rate cuts also added momentum to Bitcoin's rally.
🆚 Ethereum underperformed slightly
In contrast, Ethereum underperformed slightly behind Bitcoin. SEC Chairman Gensler said the approval process for the Ethereum spot ETF may "take some time." However, analysts at QCP Capital believe that Ethereum will eventually outperform Bitcoin once the ETF begins trading. They recommend accumulating Ethereum at a discount now to benefit from future price appreciation.
Summary
The strong performance and large inflows of Bitcoin spot ETFs show investors' confidence in the crypto market. In a positive market environment and potential expectations of interest rate cuts, the future performance of Bitcoin and Ethereum is worth looking forward to. Investors should pay attention to market dynamics and seize investment opportunities.
