The post Bitcoin ETFs See 9 Days of Surging Inflows Analyst Predicts BTC To Reach $100K appeared first on Coinpedia Fintech News
The U.S. spot Bitcoin exchange-traded funds (ETFs) have seen nine straight days of net inflows, indicating robust investor interest. Although there was a notable decrease in inflows from the previous day, top funds such as BlackRock’s IBIT and Fidelity’s FBTC remain popular choices for investors.
Meanwhile, analysts are optimistic about this trend, predicting that Bitcoin’s price could soon reach the coveted $100,000 milestone.
Consistent Inflows for Bitcoin ETFs
Yesterday on July 17, the 11 U.S. spot Bitcoin ETFs saw a combined net inflow of $53.35 million, extending the positive streak to nine days. This figure, however, is a notable decrease from Tuesday’s impressive $422 million in net inflows.
BlackRock’s IBIT led the pack, drawing in $110.37 million in net inflows and recording a trading volume of $1.21 billion. Fidelity’s FBTC also posted net inflows, albeit smaller, at $2.83 million.
Not all ETFs fared as well. Grayscale’s GBTC experienced net outflows of $53.86 million, and Bitwise’s BITB saw $6 million in outflows. The remaining seven funds, including Ark Invest and 21Shares, reported zero flows for the day.
Despite these mixed results, the total trade volume for U.S. spot Bitcoin funds on Wednesday reached $1.79 billion, although this remains significantly lower than the peaks observed in March when daily volumes exceeded $8 billion. Perhaps since their launch in January, these ETFs have accumulated a total net inflow of $16.59 billion
Bitcoin Eyeing For $100K Mark
Looking at the increasing net inflow in Bitcoin ETF renowned crypto analyst Michael van de Pop has highlighted growing institutional interest. Meanwhile, recent data shows that Bitcoin has seen its largest net inflow since June.
The largest amount of net inflow for #Bitcoin since the end of June!Despite the negative news, Bitcoin’s price is stable at $65K with consistent institutional inflow.It’s only a matter of time before we see Bitcoin at $100K. pic.twitter.com/f46xvn7SkJ
— Michaël van de Poppe (@CryptoMichNL) July 17, 2024
Van de Pop remains optimistic about Bitcoin’s future, predicting that it won’t be long before the cryptocurrency reaches the $100,000 mark. Despite these encouraging signs, Bitcoin’s price dropped slightly by 0.42% over the past 24 hours, currently trading at $64,776.
